Insurance marketplace GramCover’s scale shot up to Rs 44.85 crore in the fiscal year ending March 2023, an over 20% growth as compared to its preceding fiscal’s Rs 37 crore.
Its revenue from operations followed, recording a similar rise to over Rs 44 crore in FY23 from FY22’s Rs 37 crore.
The Dhyanesh Bhatt and Jatin Singh incorporated firm is a tech-enabled insurance marketplace focused on rural India. It has built a distribution and servicing model for rural customers which minimizes the inefficiencies and transaction costs involved in protecting user’s assets and families.
Headquartered in Noida, the firm’s expenses spiked close to 15% from FY22’s Rs 53 crore to the present Rs 61.5 crore.
While advertising and promotional costs contributed over 40% to this, employee benefit costs pitched in about 13%. Legal charges took up a minimal 2% of the overall expenses incurred.
It last raised its Series A round in 2021, raking in over Rs 52 crore from the likes of Siana, Inflexor, EMVC, Flourish, and Omidyar Network India among others.
While founder Jatin Singh holds close to 30% of the company’s shares, investors Omnivore and Siana Capital own a little over 20% and about 15% each, respectively.
It secured its Seed round from Stride Ventures a couple of months prior as well.
The eight-year-old company’s losses saw a minimal rise of 1% to Rs 16.6 crore in FY23 as compared to FY22’s Rs 16.4 crore. Its current EBITDA improved to -34.85% and its ROCE dipped to -45.95%.