Founded in 2020, Bengaluru-based Pazcare is an employee benefits and insurtech startup enabling employers—startups and SMEs—to manage group health and term insurance policies through its flagship product, Paz Insurance. Its additional offerings, Paz Wellness and Paz Finance, cater to corporate wellness and employee benefits, including a dedicated Pazcard. With a focus on personalization and tech-driven simplicity, Pazcare ensures employees can claim and utilize their benefits effortlessly through its app, while employers enjoy seamless coordination and transparency.
Pazcare reported a 89.8% revenue growth in FY24, reaching Rs 11.90 crore compared to Rs 6.27 crore in FY23. However, net losses widened to Rs 27.20 crore in FY24, up from Rs 23.10 crore in FY23. The EBITDA margin improved to -225.92% in FY24 from -364.63% in FY23, but the ROCE declined further from -37.48% to -68.46. Its revenue from operations increased to over 73% of total income in FY24, up from over 59% in FY23.
The company’s expenses increased by 33.8% to Rs 39.30 crore in FY24, up from Rs 29.37 crore in FY23. Employee benefit costs accounted for 84.37% of total expenses in FY24, up from 74.41% in FY23. Advertisement costs rose slightly to 5.32% in FY24 from 4.38% in FY23. Depreciation decreased marginally to 0.61% of total expenses in FY24, down from 0.74% in FY23, while finance costs reduced to 0.01% from 0.06%.
Pazcare has raised a total of Rs 90.92 crore across two funding rounds, with its latest Series A round completed in June 2022. Co-founders Sanchit Malik and Manish Mishra hold 28.51% and 19.01% equity, respectively, while Beenext Asia Fund PTE Ltd owns 15.80%.