Bharatsure, an Infrastructure as a Service (IaaS) solutions company, has become the latest company to raise INR 6 Crores of funding led by Inflection Point Ventures (IPV) as well as Capital A and Atrium Angels. With the power of insurtech, Bharatsure is transforming the insurtech industry in India and opening up a huge market potential, improving health security and insurance penetration.
Bharatsure has nearly doubled its revenues to come to zero in the FY25 at CM3 and is slowly moving towards EBITDA profitability towards the end of this year. Bharatsure, with a clear growth path, has drawn ambitious revenue goals, a key indicator of its ambitious vision and strategic scaling in the market, with INR 100 Cr to be reached by FY28 and INR 1000 Cr by FY34.
Bharatsure has co-founders Anuj Parekh and Sanil Basutkar. As a CA and IIM-Bangalore alumnus, Anuj is a finance whiz and scaling veteran, and Sanil, a CA and an ISB alumnus, balances out the team with his fintech experience in product innovation and product distribution.
Bharatsure has begun the fundraise at the same time as announcing that it has entered into a new partnership with Battery Smart, the largest battery-swapping network in India offering electrically powered two- and three-wheelers, in order to release natural calamity insurance as an exclusive offering to its station partner. Included in the initiative is coverage against the occurrence of fires, floods, earthquakes, and storms, together with personal accident coverages to offer security to the individual livelihoods.
Mitesh Shah, Co-founder, IPV says, “As India moves towards a greener and sustainable future with the widespread adoption of EVs and the infrastructure that supports it, it is time that we adapt our insurance frameworks to suit the changing needs. Bharatsure’s futuristic mindset and farsight offer financial protection and peace of mind in the face of unexpected events. In a world that doesn’t always go according to plan, insurance doesn’t just offer protection; it also carries the burden of social responsibility.”
Anuj Parekh, Co-Founder & CEO of Bharatsure, added, “These station partners play a frontline role in advancing sustainable mobility, and we’re proud to design coverage that genuinely addresses their needs. The funding allows us to further develop our infrastructure too.”
Battery Smart has more than 1,500 stations and 70,000+ drivers throughout 50+ cities, and its station partners are the pillars of the evolving EV infrastructure in India. Through this insurance, the partners will be empowered to counter the unexpected hitches that may occur and still drive the EV transition in the country.
“Our station partners are at the heart of our operations,” said Ms. Sumi Jain, AVP – Network Strategy and Operations, Battery Smart. “This insurance partnership is not just about protecting assets; it’s about empowering the individuals who are driving India’s EV revolution. Together with Bharatsure, we are fortifying the backbone of our network.”
With EV adoption finally gaining momentum in India, especially among the two- and three-wheelers, battery swapping stations are becoming an important element of the ecosystem. This insurance initiative will be implemented to enhance the safety of its partners in addition to the safety system already developed by Battery Smart, which incorporates the 24×7 support helpline, in-app issue reporting, compulsory onboarding training and continuous awareness programs.
