The money will allow the business to grow its footprints in the financial inclusion and insurance ecosystems by utilizing technology. BimaPay, founded by Hanut Mehta, Mohit Gupta, and Mufin Group’s managing director, Kapil Garg, supports digital financing with a real-time procedure, catering to numerous use cases targeted at improving accessibility and affordability in the insurance business. It strives to enable broader penetration of the country’s financial inclusion ecosystem.
Insurtech startup BimaPay has raised $2 million (about INR 16.7 crore) in an undisclosed fundraising round led by LC Nueva Investment Partners.
The business intends to use the new funds to grow its presence in the financial inclusion and insurance ecosystems by utilizing technology. In addition, it intends to grow its operations, improve its technical infrastructure, and target underserved markets.
BimaPay, founded by Hanut Mehta, Mohit Gupta, and Kapil Garg, enables the digital financing in real time and caters to a variety of use cases focused at improving insurance accessibility and affordability. It seeks to enable greater penetration of the country’s financial inclusion ecosystem.
Insurance premium finance is one of BimaPay’s solutions, which offers consumers alternative payment choices to help them manage and afford their insurance payments. The firm also helps insurance intermediaries with their day-to-day cash flow needs. According to the firm, this allows it to efficiently penetrate insurance markets, particularly among underprivileged people, as well as enhance commercial reach, which promotes insurance penetration.
According to Garg, “This investment reaffirms our commitment to leveraging technology to drive insurance penetration and empower individuals and businesses across India.”
Mehta and Gupta went on to say, “This money not only supports our vision, but also feeds our determination to revolutionize the insurance sector through innovation and technology. With this additional financing, we will accelerate our expansion and have a long-term influence on insurance coverage in India.”
BimaPay claims to provide financing services to hospitals, garages, and individual policyholders. According to the firm, it bridges the gap between the acceptance and receipt of insurance claims, guaranteeing that policyholders are not financially burdened during this time. It enables consumers and organizations to obtain insurance services without straining their budgets, resulting in a more inclusive and sustainable insurance environment.
Last month, ClaimBuddy, another insurtech startup, received $5 million in capital to develop its tech stack, increase its team and sales network, and to strengthen its product range.
