Mumbai-based startup ‘Bimaplan’ raised a $500,000 seed round from Titan Capital and other marquee investors. The insurance platform intends to use the funds to strengthen its team and develop its product, which will facilitate it to attain $1 million ARR within the next twelve months.
The participants from the round included RaSa Future Fund, Y Combinator, Finsight Ventures, 2 a.m. Ventures, Y Combinator, Anupam Mittal of Shaadi.com, Rajesh Sawhney of GSF Accelerator, Kunal Shah of Cred, Jitendra Gupta of Jupiter, Ritesh Malik of Innov8, Ramakant Sharma of Livspace, Roshan Abbas, Abhishek Rungta, Pallav Nadhani, Nisarg Shah, and Yash Jain, Shanti Mohan and Nimesh Kampani of Sparrow Capital.
Founded by Vikul Goyal, Bimaplan is a platform that works with insurers to create over-the-counter, inexpensive insurance products, catering to the needs of the low and middle-income population.
“More than 150 million Indian households do not have access to formal risk protection or social security. Unexpected events such as illness, accident, job loss, or death of an earning member can push a household into a poverty trap. At Bimaplan, we are creating contextual and affordable insurance plans in partnership with insurers, and building a unique distribution using digital channels,” said Vikul Goyal, Founder and CEO, Bimaplan. He added, “At Bimaplan, we are building an affordable insurance platform for the next billion Indians. Unexpected events such as illness, accident, job loss, or death of an earning member, can push a household into a poverty trap. Having adequate insurance is critical for these vulnerable households with low domestic savings and poor social security.”
The startup also added that most insurance companies do not target the low and middle-income Indian population due to high operational costs that make the business unprofitable.
Commenting on the investment, Bipin Shah, Partner at Titan Capital, said, “The growth in internet users and the evolution of India stack has made it possible to reach the masses in Tier II and III cities in India. These new-to-internet customers are making payments using UPI and adopting digital apps for running their businesses. Bimaplan has the opportunity to leverage this digital literacy and vernacular content to educate the customer, and create a seamless and transparent insurance experience.”
Any person can work with Bimaplan and earn money even with no prior experience. Bimaplan pays its agents up to Rs. 20K per month for identifying potential leads and selling them micro-insurance policies using the Bimaplan app. This can be done from anywhere in India by registering as an agent with the company.