“Redefining employee-employer relationships for the world”

Identifying and solving a niche problem in the insurance sector is what it took for Pazcare from being just an idea to one of the fastest-growing startups

An entrepreneur is always looking to solve problems efficiently. Soon after entrepreneur Sanchit Malik’s erstwhile events startup Townscript got acquired, he began working to address the challenges in the Indian insurance sector. “The memory of a difficult experience using insurance for the first time in my life at 19 always stood out for me. I realised that B2B insurance in India still remained where B2C insurance was a decade ago. I found a gap that needed to be addressed as a majority of B2B insurance had been taking place manually until recently,” recalls Sanchit. Along with his co-founder Manish Mishra, Sanchit built Pazcare to bridge that gap. The duo has now made it their mission to redefine employee-employer relationships everywhere. 

BEECommunity founder Sanchit talks about how Pazcare went from an idea to become one of the fastest-growing startups in the employee benefits and insurtech sector in India. 

Building from the ground up 

From an employer-employee perspective, Pazcare sees there is a lot to be done in the country. “We want to make sure the experience of providing and accessing employee benefits is easy for both the employee and the employer. Whether a company provides insurance, Provident Fund (PF), internet allowance or advanced salaries as part of its benefits to the employees, we want to make the process of availing these benefits simplified for both the employees and the employer,” notes Sanchit. 

Using technology, Pazcare has enabled personalised employee benefits with real-time user experience for managing the benefits for employees and employers. Within 11  months since its inception, Pazcare grew to work with more than 170 employers, touching the lives of more than 45,000 users. The startup now aims to be the one-stop shop for all kinds of employee benefits. 

Framework to entrepreneurial success 

His past experience as an entrepreneur helped significantly in building and scaling Pazcare, remarks Sanchit. “As I have already been part of the startup ecosystem, I am aware of how companies are made. I am much more experienced than I was when I started my first company. Therefore, it was easier for me to hire the right set of talent and delegate the work to the right set of people. As a result, we became one of the most prominent players in the insurtech industry in a short period of time,” he adds. 

A few frameworks came in handy while setting up the business, shares Sanchit. First, whatever the problem an entrepreneur is solving, it has to be big with a sizable market. Second, the business has to be scalable. Third, to have the ability to build the company in the chosen sector. And fourth, to consider if everyone has pulled it off well in that space. “If there are big companies in the chosen sector already, then it can be challenging. An entrepreneur needs to find his/her own niche space in order to succeed,” he elaborates. 

Having BEENEXT on their journey has helped accelerate their growth, Sanchit adds. “The team were the first ones to take a bet on us.”

The road ahead 

The Pazcare team is now working hard to scale the business. “We want to double our business in the next three months and expand,” he signs off.