The company also became profitable in FY 20 which is the 2nd full year of operation.
GramCover is de-risking rural India and making insurance accessible for all by leveraging technology and its point of sale (POS) network. The year 2020 for the company, was a year of three-fold growth in terms of revenue and six-fold growth in terms of the number of insurance proposals. The company also became profitable in FY20 which is the second full year of operation. Despite the Covid 19 scenario, Gramcover raised a Pre-Series A round in May 2020 (FY 21). GramCover also worked with 4 lakh farmers in Kharif 2020 which is almost 30 per cent spike as compared to Kharif 2019.
Accounting for 68 per cent of India’s population, rural India has little or no access to insurance beyond certain government programmes. Despite efforts from the insurance regulator, 60 per cent of the gross cropped area and 90 per cent of the livestock is not insured, 70 per cent of the two-wheeler insurance is not renewed, 65 per cent of the health expenses are still out of pocket and life insurance cover is either not available or woefully inadequate.
