# Gramcover Insurance Brokers Private

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/gramcover-insurance-brokers-private

- Industry: Insurance
- Headquarters: Noida, India
- Website: http://www.gramcover.com
- Total disclosed funding: $8.2M
- Latest round: Series A (Oct 4, 2021)
- Investors on record: 7

## About

Gramcover Insurance Brokers Private Limited is an innovative insurance provider focused on delivering tailored solutions to underserved agricultural markets, particularly helping farmers mitigate risks through advanced parametric insurance.Gramcover Insurance Brokers Private Limited, founded in 2016 in Noida, India, specializes in providing insurance solutions for the agricultural sector. The company was co-founded by Dhyanesh Bhatt and Jatin Singh, who have experience in developing insurance products that cater to the specific needs of farmers. As of October 2021, Gramcover successfully raised USD 7 mn in Series A funding, aimed at enhancing its technological infrastructure and product offerings to scale operations effectively. The company has completed a total of 3 deals to date, with its headquarters located in Noida.Gramcover offers a range of innovative insurance solutions tailored to meet the unique needs of underserved markets, particularly in the agricultural sector. Their core product is a parametric insurance policy designed to provide farmers with rapid financial support in response to adverse weather conditions, enabling them to mitigate risks associated with crop failure. This product leverages real-time data and technology to assess environmental variables, triggering automatic payouts when predefined conditions are met. Gramcover serves a diverse client base that includes smallholder farmers and agricultural cooperatives primarily in emerging markets across Africa and Asia. By focusing on these regions, Gramcover addresses significant gaps in traditional insurance coverage, allowing farmers to secure their livelihoods and invest in sustainable practices.In the most recent fiscal year, Gramcover reported a revenue of USD 4,128,980.70, with an EBITDA of USD -38,638.10. The company generates revenue through a combination of direct-to-consumer sales and B2B partnerships with agricultural cooperatives and organizations. The transaction structure involves offering insurance products on a subscription basis, where clients pay premiums that correspond to their policies. This model not only fosters customer loyalty but also enhances Gramcover's position in the insurance market by creating a scalable and accessible service tailored for the agricultural community.In October 2021, Gramcover Insurance Brokers Private Limited raised USD 7 mn in Series A funding, co-led by Siana Capital and Inflexor Ventures, with participation from Stride Ventures and returning investors. The company plans to utilize these funds to strengthen its technology and product offerings significantly, enabling a scale-up of operations. Gramcover aims to expand its market reach into new countries across Africa and Asia by 2023, introducing additional innovative insurance products designed specifically for local agricultural challenges.

## Funding rounds

- Series A, Oct 4, 2021, $7M — Omidyar Network, Inflexor Ventures, Emphasis Ventures, Flourish Ventures, Siana Capital Management, Stride Ventures
- Seed, May 26, 2020 — Omnivore, Omidyar Network, Emphasis Ventures, Flourish Ventures
- Seed, Nov 3, 2016, $1.2M — Omnivore

## Investors

- Omnivore (https://capitalatlas.ai/funds/omnivore) — Seed
- Omidyar Network (https://capitalatlas.ai/funds/omidyar-network) — Seed, Series A
- Emphasis Ventures (https://capitalatlas.ai/funds/emphasis-ventures) — Seed, Series A
- Flourish Ventures (https://capitalatlas.ai/funds/flourish-ventures) — Seed, Series A
- Inflexor Ventures (https://capitalatlas.ai/funds/inflexor-ventures) — Series A
- Siana Capital Management (https://capitalatlas.ai/funds/siana-capital-management) — Series A
- Stride Ventures — Series A