BimaPe shuts, rebranded itself as Verak
- ByStartupStory | September 16, 2021
BimaPe, Engaged InsureTech Pvt Ltd’s flagship brand, and product is shutting down,10 months after building it and Rahul Mathur, Insuretech startup founder announced the launch of a new brand called Verak Insurance on Wednesday. He said that the new insure tech platform, Verak will arrive in March 2022, although it will open to limited users for beta testing.
BimaPe, aimed to simplify insurance for working professionals and helps users manage their family’s insurance, Verak Insurance, Rahul said the product has recently crossed the $20,000 monthly net revenue milestone.
The team that developed BimaPe will shift its attention to Verak, and all investor capital will be used to growing the new brand, Rahul tweeted.
Despite BimaPe organically growing at 30 percent month-on-month for the past half-a-year with 500 plus users, was decided to be scrapped down because the company was not able to hit the product-market fit metrics it set out in March 2021.
“After receiving customer feedback we realised that many well-wishers and users care more about us as a team, rather than us as a company offering a product— which is nice but not enough to build a real business,” Rahul wrote in a blog post.
Finding a bigger problem to solve — which is what its new pivot, Verak Insurance, is largely about, he added.
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