BimaPay Nets $2 Mn To Offer Tech-Based Insurance Solutions
Summary
Insurtech startup BimaPay has secured $2 Mn (around INR 16.7 Cr) in an undisclosed funding round led by LC Nueva Investment Partners.The startup plans to deploy the fresh proceeds to expand its footprints in the financial inclusion and insurance ecosystem by leveraging technology. Besides, it also plans to scale up its operations, enhance its technology infrastructure and expand its reach to underserved markets.Founded by Hanut Mehta, Mohit Gupta and Kapil Garg, BimaPay facilitates digital lending with a real-time process, catering to various use cases aimed at enhancing accessibility and affordability in the insurance sector. With this infusion of capital, we will accelerate our growth and make a lasting impact on insurance penetration in India.BimaPay also claims to offer financing services to hospitals, garages and individual policyholders. As per the startup, it bridges the gap between the approval and receipt of insurance claims, ensuring that policyholders do not bear the financial burden during this period. It empowers individuals and businesses to access insurance services without straining their finances, ultimately promoting a more inclusive and sustainable insurance ecosystem.Last month, yet another insurtech startup ClaimBuddy bagged $5 Mn funding to strengthen its tech stack, expand workforce and sales network, and shore up product portfolio.According to Inc42s State Of Indian Fintech Report Q4 2023, the insurtech segment is expected to reach a market size of $304 Bn+ by 2030 at a 17% CAGR from $87 Bn+ in 2022.