Pazcare’s cap table values the company at ₹371 crore as of August 2026, according to Tracxn. Its June 2022 Series A had valued it at roughly ₹370 crore, as per the filings Entrackr reported at the time. Four years, one small follow-on round in April 2026, and the price of the company moved by about one crore. That looks like a company standing still, and the top line agrees: revenue grew from ₹11.9 crore in FY24 to ₹15.4 crore in FY25, as per Inc42, which is respectable but not the kind of curve that gets an insurtech re-priced.
The bold claim is that the flat valuation hides the most important thing that has happened to the business. Between FY24 and FY25 Pazcare’s net loss fell from ₹27.2 crore (TheKredible, from MCA filings) to ₹15.5 crore (Inc42), while revenue still grew 29.1%. For an employee-benefits broker that had spent ₹3.30 for every rupee it earned in FY24, that is a different company, not a slower one. This piece follows the money through both entities, Get Paz Solutions Private Limited and Get Paz Insurance Brokers Private Limited, to explain what changed, what it costs, and what still has not been proven.
Quick facts
| Company | Pazcare, operated through Get Paz Solutions Private Limited (CIN U72900PN2021PTC198115) and Get Paz Insurance Brokers Private Limited (CIN U66000PN2021PTC200077), an IRDAI direct broker (licence no. 780, life and general, valid to 17 November 2027) |
| Founded | 2020; Get Paz Solutions incorporated 28 January 2021, registered in Pune, headquartered in Bengaluru |
| Founders | Sanchit Malik (CEO; co-founder of Townscript, acquired by BookMyShow) and Manish Mishra (CTO; formerly director of engineering at MindTickle and ClearTax) |
| Businesses | Group health, personal accident and term life insurance for employers; flexible benefits (FLEX); Pazcard tax-saving benefit wallets; wellness; commercial lines such as D&O and cyber |
| FY25 revenue | ₹15.4 crore, up 29.1% on FY24’s ₹11.9 crore (Inc42) |
| FY25 profit/loss | Net loss of ₹15.5 crore (Inc42), narrowed from ₹27.2 crore in FY24 (TheKredible) |
| Listed | Private |
| Last valuation | ₹371 crore per Tracxn’s cap table as of 6 August 2026 (reported); ₹370 crore post-money at the June 2022 Series A (Entrackr, from filings) |
| Key shareholders | Founders 44.65%, institutional funds 37.15% (BEENEXT, 3one4 Capital, JAFCO Asia), angels 13.24%, ESOP pool 4.96% (Tracxn, after the April 2026 round) |
What they do
Pazcare sells and services employee insurance and benefits to Indian companies, mostly startups and small and mid-sized firms, and does it as a licensed insurance broker with a software layer on top. An HR team buys a group health, group personal accident or group term life policy through Pazcare from one of the insurers it lists, which include ICICI Lombard, HDFC ERGO, Care Health, Niva Bupa, Tata AIG, Star Health, Go Digit, Acko, The New India Assurance and Bajaj Allianz, as per the company’s product page. Employees then use the Pazcare app to see their cover, find a network hospital and raise claims. Around that core sit add-ons: FLEX, where employers set a per-employee budget and staff pick their own cover; Pazcard, a prepaid benefits card with food, fuel, telecom, gift and learning wallets; wellness services; and commercial covers such as directors’ and officers’ liability and cyber. The company’s website, as of September 2026, claims 3,000-plus corporate customers and 5 lakh-plus lives covered, with policies available from a minimum of seven employees and a sum insured starting at ₹50,000.
The origin
Sanchit Malik had already built and sold a company before he thought seriously about insurance. Townscript, the do-it-yourself event ticketing platform he co-founded, was processing more than five million tickets a year when BookMyShow bought it and made it a wholly owned subsidiary, as Malik described on the Asia InsurTech Podcast. He has said he spent roughly three years after the acquisition looking for the next problem. The one he kept coming back to came from his own desk at Townscript: even with budget and intent, buying and running employee benefits for a small team was painful. YourStory’s February 2022 profile quotes the question he asked himself, whether it should really be that difficult to provide insurance to your employees when you were willing to pay for it.
BEENEXT’s December 2021 note on the investment adds the other half of the insight. Malik’s view was that B2B insurance in India was where consumer insurance had been a decade earlier: sold on relationships, serviced over email and spreadsheets, and almost entirely manual behind the scenes. He also traces his interest to a bad personal insurance experience at 19. Manish Mishra, his co-founder and CTO, had spent the previous years building platforms at MindTickle and ClearTax, two companies whose entire pitch was replacing manual, compliance-heavy work with software. That pairing, a founder who had felt the buyer’s pain and an engineer who had shipped workflow tools at scale, is the whole founding thesis. Pazcare was set up in 2020, incorporated Get Paz Solutions Private Limited on 28 January 2021 in Pune, and by BEENEXT’s count had 170-plus employers and 45,000-plus users on the platform within 11 months of starting.
The struggle years
The early numbers moved fast and the plans moved faster. When Pazcare announced its $3.5 million (₹25 crore) seed round in October 2021, led by BEENEXT with 3one4 Capital and angels including Kunal Shah, Ashneer Grover, Aprameya R of Koo and Zishaan Hayath, the company told Inc42 it had 150 employer customers and intended to onboard more than 500 corporates over the next two quarters and reach three million employees within three years. The first target was met, a little late: by the Series A in June 2022 the company said it served 500-plus companies and 130,000-plus members, as per The Hans India. The second was not. Three years on from that seed round would have been October 2024; the company’s own website in September 2026 claims 5 lakh-plus lives, roughly one-sixth of the number promised. Business India reported in March 2022 that the company expected 1,500-plus customers in the coming fiscal year; the 3,000-plus figure now on the site took until well after that.
The costlier problem was the cost base. In FY23, as per TheKredible’s reading of the MCA filings, Pazcare earned ₹6.27 crore and spent ₹29.37 crore, for a net loss of ₹23.10 crore. FY24 was better on revenue and worse on the bottom line: revenue rose 89.8% to ₹11.90 crore, expenses rose 33.8% to ₹39.30 crore, and the loss widened to ₹27.20 crore. Employee benefit costs were 84.37% of all spending that year, up from 74.41% in FY23. TheKredible put the FY24 EBITDA margin at minus 225.9% and the return on capital employed at minus 68.5%. A broker’s revenue is a thin slice of the premium it places, so this was a headcount-heavy sales and service organisation being paid like a software company and earning like a distributor.
Then the money stopped. Pazcare’s last primary round before 2026 closed in June 2022. Nothing followed in 2023, 2024 or 2025, a gap of roughly 46 months, across a period in which direct competitor Onsurity raised a $26.1 million Series B-II in September 2024 and took its total to $66.1 million, as per CB Insights, more than five times what Pazcare has raised in its lifetime. Pazcare had to do what a company with a ₹27 crore annual loss and no new capital must do: shrink the burn or die. Glassdoor reviews from the period allege quiet layoffs and a long stretch without funding; those are anonymous and we treat them as colour rather than fact, but the FY25 accounts show a company that cut hard.
The turning point
The event is FY25, the year ending 31 March 2025, and it shows up on both sides of the ledger. Going in, per TheKredible: FY24 revenue of ₹11.90 crore, expenses of ₹39.30 crore, a loss of ₹27.20 crore, and roughly ₹3.30 spent per rupee of revenue. Coming out, per Inc42: FY25 revenue of ₹15.4 crore, total expenses of ₹22.1 crore, a net loss of ₹15.5 crore and a net margin of minus 221.4%. The two publications compute expenses on slightly different bases, so we do not stack their expense lines into a single growth rate, but the direction on the two like-for-like lines is unambiguous. Revenue grew 29.1%. The loss fell by about 43%. Total assets fell 26% to ₹36.7 crore, which is what a company drawing down its cash to fund a smaller loss looks like.
What it cost is visible in the growth rate. FY24 growth of 89.8% became FY25 growth of 29.1%. In an industry where the sales cycle runs through HR calendars and renewals, cutting salespeople and support staff is felt within two or three quarters. The company chose the loss line over the growth line. That is not the usual venture playbook, and it is why the valuation did not move: an investor pricing the April 2026 round was looking at a business that had proved it could survive, not one that had proved it could compound. Tracxn’s cap table, dated 6 August 2026, puts the post-round value at ₹371 crore, effectively the ₹370 crore of June 2022. A flat round after four years is a survival certificate, not a victory lap, but for a company whose FY24 loss was 2.3 times its revenue it is the more important document of the two.
The money behind it
Pazcare has raised a modest amount by insurtech standards, in a small number of rounds, from investors who kept coming back rather than new names arriving. Tracxn counts $12 million across three priced rounds and 58 investors, nine of them institutions; Inc42’s tally is $11.43 million and CB Insights’ $11.5 million.
- Angel round, June 2021: amount undisclosed, led by Haresh Chawla of True North with seven others (Inc42 funding profile). Chawla and BookMyShow founder Ashish Hemrajani, who had bought Townscript, were the earliest cheques.
- Seed, October 2021: $3.5 million (₹25 crore), led by BEENEXT with 3one4 Capital and angels including Kunal Shah of CRED, Ashneer Grover, Aprameya R and Zishaan Hayath (Inc42). BEENEXT, in Malik’s words, “were the first ones to take a bet on us”; it is the investor that turned a founder-with-a-thesis into a funded company.
- Series A, June 2022: ₹62 crore, about $8 million per the filings Entrackr reviewed ($8.2 million in the press release). JAS Fund, the JAFCO Asia vehicle, led with ₹26.6 crore; 3one4 Capital put in ₹22.88 crore and BEENEXT ₹11.45 crore; angels Haresh Chawla, Ashish Hemrajani and Vaibhav Jain added ₹1.29 crore. The company issued 3,755 Series A CCPS at ₹1,65,705 each for a post-money valuation of about ₹370 crore ($48 million at 2022 rates; roughly $38.5 million at today’s ₹96.0 to the dollar). Inc42 records the same round at $46.84 million. After the round the founders held 47.48%, BEENEXT 15.79%, 3one4 14.42% and JAS Fund 7.65%. JAFCO’s arrival mattered because it brought a Japanese institutional name into a Bengaluru B2B insurance startup, and its Supriya Singh framed the thesis publicly: B2B insurance is “a large white space in Asia”.
- Series A2, 24 April 2026: led by 3one4 Capital with three participants (Tracxn). The size is contested: Inc42’s profile reports $395,000, while Tracxn’s funding page shows $2.78 million. We have not seen the filing and give both. Either way it was an insider round at a flat price; Tracxn shows the founders’ stake slipping from 45.1% to 44.65% and funds rising to 37.15%. Post-round the cap table reads founders 44.65%, funds 37.15%, angels 13.24%, ESOP pool 4.96%, and Tracxn puts the founders’ paper stake at about ₹166 crore.
What each backer changed: BEENEXT gave the company its first institutional legitimacy and, with 3one4, the seed that let it hire an insurance and sales team; JAFCO Asia priced the business as an Asia-scale insurtech at ₹370 crore; and 3one4 Capital, by leading the 2026 round when no outside investor did, is the reason the company did not have to raise a down round or sell.
How it makes money
Pazcare describes itself as a two-sided marketplace and “an insurance tech company” rather than a broker, as Malik put it on the Asia InsurTech Podcast. The licence says otherwise, and the licence is what pays the bills. Get Paz Insurance Brokers Private Limited holds IRDAI direct broker registration no. 780 for life and general insurance, valid to 17 November 2027. That is the entity where 182 of the group’s 215 staff sat on 1 April 2026, as per Tracxn, against 33 in Get Paz Solutions, the technology company. The money flows in the shape a broker’s money flows.
- Money in, broking: when an employer buys a group health, accident or term policy through Pazcare, the insurer pays the broker remuneration out of the premium. The employer does not pay Pazcare a fee for the platform; the app, the WhatsApp claims desk and the HR dashboard are the cost of winning and keeping the policy. Pazcare has not published its take rate, and we do not estimate one.
- Money in, benefits: Pazcard, the prepaid benefits card with food, fuel, telecom, gift and learning wallets, and FLEX, where staff shop for cover within an employer budget, sit on the same customer. The company does not disclose what share of revenue they contribute; the website markets Pazcard against Sodexo meal passes and Paytm’s food wallet, which tells you the intended competitor set.
- Money out: people. Employee benefit costs were 84.37% of total expenses in FY24, up from 74.41% in FY23 (TheKredible). Insurance is sold and serviced by humans: account managers, claims coordinators, and an insurance team led by a VP-Insurance and VP-Sales, per CIOL’s January 2023 profile.
- Where the margin sits: in renewals. CIOL reported net revenue retention above 120% in January 2023, and a group health policy renews annually. A customer acquired at a loss in year one earns broking income every year it stays, and the servicing cost per life falls as the app absorbs claims queries. The FY25 loss cut suggests the company finally let that maths work instead of buying the next cohort ahead of it.
- The part people get wrong: “insurtech” implies software margins. Pazcare’s revenue is a commission on other people’s products, its costs are salaries, and its FY25 net margin was still minus 221.4% (Inc42). The technology lowers servicing cost; it does not change who the customer pays.
The numbers
Three years of filed accounts are public through secondary trackers. FY23 and FY24 figures are TheKredible’s from MCA filings; FY25 figures are Inc42’s. Expense lines are not strictly comparable across the two publishers, so the table shows each source’s own numbers.
| Fiscal year | Revenue (₹ crore) | Total expenses (₹ crore) | Net loss (₹ crore) | Source |
|---|---|---|---|---|
| FY23 | 6.27 | 29.37 | 23.10 | TheKredible |
| FY24 | 11.90 | 39.30 | 27.20 | TheKredible |
| FY25 | 15.4 | 22.1 | 15.5 | Inc42 |
- Revenue growth: 89.8% in FY24 over FY23; 29.1% in FY25 over FY24.
- Loss trajectory: ₹23.10 crore (FY23) to ₹27.20 crore (FY24) to ₹15.5 crore (FY25), a fall of about 43% in the latest year.
- Efficiency: EBITDA margin improved from minus 364.6% in FY23 to minus 225.9% in FY24 (TheKredible); net margin was minus 221.4% in FY25 (Inc42).
- Balance sheet: total assets of ₹36.7 crore at 31 March 2025, down 26% year on year (Inc42). Against a ₹15.5 crore annual loss, that is why an insider round in April 2026 was necessary.
- Headcount: 200 as of 31 August 2025, up 20% year on year, and 215 across the two entities on 1 April 2026 (Tracxn).
Where the money comes from
Pazcare does not publish a segment or geography split, and neither Inc42 nor TheKredible break out revenue by line. What can be said with sources is structural.
- By entity: the IRDAI-licensed broker, Get Paz Insurance Brokers, employed 182 of 215 people on 1 April 2026; the software company, Get Paz Solutions, employed 33 (Tracxn). Broking is where the business lives; the platform is a 15% overhead on top of it.
- By product: group health insurance is the anchor and the entry point; group personal accident and group term life attach to it; FLEX, Pazcard, wellness and commercial lines are cross-sold to the same HR buyer. The website lists 15 named insurer partners for group health alone.
- By customer: startups and SMEs from seven employees upwards. Named clients across company materials include Mamaearth, Vedantu, MindTickle, Cashfree, Chaayos, Dunzo, FarEye, Betterplace, Tredence and greytHR, which is a portrait of the funded-startup ecosystem the founders came from.
- By geography: offices in Bengaluru, Gurugram, Mumbai and Pune (company contact page).
The surprise is on the last line. The company that presents as a Bengaluru startup, and is headquartered there, registered both its legal entities with the Registrar of Companies in Pune, with CINs carrying the PN code, and keeps an office in the city. The brand lives in Bengaluru; the paperwork lives in Pune.
The risks
- Runway and dependence on insiders. Total assets were ₹36.7 crore at the end of FY25 and the year’s loss was ₹15.5 crore (Inc42). The April 2026 round was led by an existing investor, 3one4 Capital, and was small by any reading, $395,000 per Inc42 or $2.78 million per Tracxn. If the loss does not keep narrowing, the company is back in the market within 18 to 24 months without a new lead having validated the price. The mechanism is simple: a broker cannot cut servicing staff below the level its policies need without churn, so the remaining cost lever is sales, and cutting sales caps the growth that would justify the next round.
- Better-capitalised competitors selling the same policies. Every insurer on Pazcare’s list is also on Plum’s, Onsurity’s and Loop Health’s. Onsurity alone has raised $66.1 million (CB Insights) against Pazcare’s roughly $12 million. In a market where the product is identical and remuneration comes from the insurer, the better-funded broker can out-discount on service, bundle telehealth and wellness at a loss, and pay for HR-tech integrations. Pazcare’s answer, retention above 120% net revenue retention as of January 2023 (CIOL), is now three years old and has not been updated publicly.
- Regulatory exposure in a licensed business. Pazcare’s revenue exists because IRDAI licence no. 780 exists, and it comes up for renewal on 17 November 2027. Broker remuneration, disclosure norms and the rules for insurance self-network platforms are set by the regulator, not by the company. A cap, a reclassification of benefit wallets, or a change in how group policies can be sold to small employers would reach Pazcare’s top line directly, and the company is too small to absorb a year of transition costs the way a listed broker could.
- Concentration in venture-funded employers. The named client list reads like a funding-announcement archive. When those employers cut headcount, the number of covered lives, and therefore premium and commission, falls at renewal without Pazcare losing a single logo.
The takeaway
The transferable lesson from Pazcare is that a flat valuation and a fixed cost base are two different things, and the second is the one a founder controls. From June 2022 to April 2026 the company’s price did not move. In the same window its annual loss went from ₹27.20 crore to ₹15.5 crore while revenue grew from ₹11.90 crore to ₹15.4 crore. Nobody wrote a headline about that, because the metric investors were watching, growth, went from 89.8% to 29.1%. But the choice Pazcare made in FY25 is the one that kept the ₹370 crore round from becoming a ₹150 crore one, and it is the one that let an insider re-price the company at par rather than at a discount. If you are running a distribution business dressed as a software business, the honest question is not how fast you can grow but how much of last year’s growth you were buying with next year’s runway. Pazcare took three financial years to answer it. The answer, in the accounts, was ₹11.7 crore of annual loss that turned out to be optional.
Frequently asked questions
What does Pazcare do?
Pazcare is an IRDAI-licensed insurance broker with a benefits platform for Indian employers. It places group health, personal accident and term life policies from insurers such as ICICI Lombard, HDFC ERGO and Care Health, and layers on an employee app, flexible benefits (FLEX), the Pazcard prepaid benefits card and wellness services. As of September 2026 its website claims 3,000-plus corporate customers and 5 lakh-plus lives covered.
Who founded Pazcare and when?
Sanchit Malik, who co-founded the ticketing platform Townscript before its acquisition by BookMyShow, and Manish Mishra, formerly director of engineering at MindTickle and ClearTax, founded Pazcare in 2020. The operating company, Get Paz Solutions Private Limited, was incorporated on 28 January 2021 and is registered in Pune, with headquarters in Bengaluru.
How much has Pazcare raised and who are its investors?
About $11.4 million to $12 million across a June 2021 angel round, a $3.5 million seed in October 2021 led by BEENEXT with 3one4 Capital, a ₹62 crore Series A in June 2022 led by JAFCO Asia’s JAS Fund, and a small Series A2 in April 2026 led by 3one4 Capital. Angels include Kunal Shah, Ashneer Grover, Haresh Chawla and Ashish Hemrajani.
What is Pazcare’s valuation?
Tracxn’s cap table puts it at ₹371 crore as of 6 August 2026, after the April 2026 round. That is essentially unchanged from the roughly ₹370 crore ($48 million at the time) post-money valuation of the June 2022 Series A, as per filings reported by Entrackr.
Is Pazcare profitable?
No. Inc42 reports an FY25 net loss of ₹15.5 crore on revenue of ₹15.4 crore. That is a sharp improvement on FY24, when TheKredible’s reading of the filings showed a ₹27.20 crore loss on ₹11.90 crore of revenue, but the company still spends more than it earns and its total assets fell 26% to ₹36.7 crore during FY25.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Inc42, PazCare company profile and financials (FY25 revenue, expenses, net loss, total assets; April 2026 round), accessed September 2026
- Inc42, PazCare funding rounds profile (June 2021 angel round, October 2021 seed, June 2022 Series A at $46.84 million), accessed September 2026
- TheKredible, “Pazcare achieves 89.8% revenue growth in FY24, losses widen” (FY23 and FY24 revenue, expenses, net loss, employee cost share, EBITDA margin, ROCE), 2025; and TheKredible’s Facebook summary of the same
- Entrackr, “Exclusive: Pazcare raises Series A round led by JAS Fund” (round composition, CCPS pricing, ₹370 crore valuation, post-round shareholding), June 2022
- Inc42, “Employee benefits and insurtech startup Pazcare raises funds from BEENEXT, 3one4 Capital” (seed round, angels, 150 customers, growth targets), October 2021
- The Hans India, “Bengaluru-based insurtech platform Pazcare raises $8.2 million led by Jafco Asia” (500-plus companies, 130,000-plus members, JAFCO quote), June 2022
- Tracxn, Pazcare company profile, funding and investors page, latest shareholding page and Get Paz Solutions legal-entity page (CINs, incorporation date, headcount by entity, cap table, ₹371 crore valuation, April 2026 round), accessed September 2026
- CB Insights, Pazcare profile and Onsurity Technologies financials (competitor set; Onsurity’s $66.1 million raised and September 2024 Series B-II), accessed September 2026
- BEENEXT, “Redefining employee-employer relationships for the world” (founding insight, 170-plus employers and 45,000-plus users at 11 months), December 2021
- YourStory, “How this insurtech startup is redefining the way employee benefits are managed” (founder’s question at Townscript), February 2022
- Asia InsurTech Podcast, episode 160 with Sanchit Malik (Townscript’s five million tickets a year, BookMyShow acquisition, marketplace positioning), 2022
- CIOL, “Startup Circle: Pazcare, one-stop solution for all employee benefits” (1.5 lakh employees, 6x growth, net revenue retention above 120%, leadership team), January 2023
- Business India, “How Pazcare helps all stakeholders” (1,500-plus customer target, client names), March 2022
- Pazcare.com, homepage, group health insurance page, FLEX page, Pazcard blog, about and contact pages (legal entity, IRDAI licence no. 780, insurer list, 3,000-plus customers, 5 lakh-plus lives, office cities), accessed September 2026
- Glassdoor, Pazcare reviews (anonymous employee commentary, treated as unverified), accessed September 2026
Found an error? Write to us and we’ll correct it in the open, dated, on the piece.