Insurtech startup ClaimBuddy has raised $5 Mn (INR 41.7 Cr) in its Series A funding round led by Bharat Innovation Fund (BIF).The round also saw participation from Japanese investment firm CAC Capital as well as existing investors such as Chiratae Ventures and Rebright Partners.The startup will use the fresh proceeds to strengthen its tech stack, expand workforce and sales network, and shore up product portfolio.Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy positions itself as a one-stop platform for all medical insurance claims. With this significant investment, we are well-positioned to introduce innovative financial tools and scale our operations and continue driving meaningful impact in the healthcare industry, said ClaimBuddy CEO Rajpurohit.Commenting on the fundraise, BIF cofounder and partner Ashwin Raguraman said, Patients still face very basic problems in their speed of discharge and settlement of a health insurance claim Khet and Ajit are poised to bring a very positive impact in the patient experiences across the country. We look forward to providing a tailwind to their efforts.ClaimBuddy last raised $3 Mn in its pre-Series A funding round from Chiratae Ventures, Rebright Partners, Titan Capital, Relentless Ventures, among others.With the latest funding, the startup has raised $8 Mn till date.ClaimBuddy competes with the likes of ClaimTherapist, Bima Garage, ClaimKar, Instic Technologies, and Easeclaim.The startup is looking to disrupt the Indian insurtech space which continues to be plagued by legacy issues such as low penetration rates, archaic systems and siloed operations. However, a slew of new players are emerging in the space which offer digital-first insurance products, tailored services and better options.As a result, the Indian startup ecosystem was home to around 300+ active insurtech startups at the end of 2022. These startups also continue to attract investors.In January, insurtech startup Riskcovry netted $4.5 Mn in a bridge funding round led by Morphosis Venture Capital, with participation from IIFL.In November last year, Y Combinator-backed Bimaplan also raised $3.5 Mn in its pre-Series A round led by Orios Venture Partners.The startups are vying for a larger pie of the burgeoning Indian insurtech space, which is projected to corner around $307 Bn of the total $2.1 Tn Indian fintech opportunity by 2030.