BimaPe raises $545K in pre-seed round
According to an announcement of BimaPe, an Insurtech startup, they have raised $545,000 in its pre-seed round of funding. The round was led by Gemba Capital, Lightspeed India Partners, Titan Capital, and iSeed.
They say that such an investment will be utilized to expand the team and invest in paid user acquisition while they continue to develop their product. Rahul Mathur founded BimaPe in 2020 and aims to simplify insurance for working professionals by leveraging the India stack.
This company enables users to manage their family’s insurance seamlessly. Moreover, this Y Combinator-backed company shows a customer an overview of all their insurance policies, makes one-click claims, and discovers hidden insurance benefits from their cards and provident fund.
Rahul Mathur, Founder and CEO said, “BimaPe aims to build a hub for all kinds of insurance products where users can seamlessly manage their family’s insurance without any hurdles. We will be utilizing the amount raised to develop our product further, strengthen the team and also invest in paid user acquisition for our product .”
Commenting on the investment, Harsha Kumar, General Partner at Lightspeed India Partners said, “Adoption of insurance products by Indian consumers is in its infancy. India’s emerging middle class was forced to interact with online-only financial services companies during the pandemic. BimaPe’s emphasis on building a product to guide users to make better insurance decisions has driven strong word of mouth in an otherwise CAC intensive market.”
“Insurance is a priority for everyone, and we are delighted to be one of the investors in BimaPe. BimaPe aspires to let working professionals in India put their family’s insurance on autopilot, and we passionately believe that they will be a game-changer in the growing insurtech space,” added Bipin Shah, Partner at Titan Capital.
BimaPe’s recent partnership with MeitY (Government of India) seeks to integrate with DigiLocker. Moreover, BimaPe soon plans to integrate its platform with Health Stack, Account Aggregator, and other insurance companies to fetch policy documents on behalf of users and provide them with a personalized purchase experience. BimaPe claims to have boarded over 12,000 users without any paid marketing, since the launch of its Beta product seven months ago.
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