InsurTech

BimaPay Secures $2 Million Funding to Expand Tech-Driven Insurance Solutions

• ByStartupStory     |    May 15, 2024

Insurtech startup BimaPay has successfully secured $2 million (approximately INR 16.7 crore) in funding led by LC Nueva Investment Partners. This capital injection aims to fuel the company’s expansion within the financial inclusion and insurance sectors through innovative technological solutions.

Founded by Hanut Mehta, Mohit Gupta, and Kapil Garg, BimaPay specializes in real-time digital financing and offers a range of services designed to enhance insurance accessibility and affordability. The startup’s primary goal is to facilitate greater integration into India’s financial inclusion landscape.

One of BimaPay’s key offerings is insurance premium finance, which provides consumers with alternative payment methods to manage and afford their insurance payments. Additionally, the company supports insurance intermediaries with their day-to-day cash flow requirements, enabling efficient market penetration, especially among marginalized populations.

Kapil Garg, co-founder of BimaPay, expressed enthusiasm about the investment, emphasizing the company’s dedication to leveraging technology for driving insurance penetration across India. This sentiment was echoed by co-founders Hanut Mehta and Mohit Gupta, who highlighted the funding’s role in advancing their vision of revolutionizing the insurance sector through innovation.

BimaPay’s services extend to hospitals, garages, and individual policyholders, bridging the gap between insurance claim acceptance and payment. By ensuring policyholders are not financially burdened during this period, BimaPay contributes to a more inclusive and sustainable insurance environment.

This funding news comes amidst a growing trend in India’s insurtech landscape, with startups like BimaPay and ClaimBuddy receiving substantial investments to bolster their technological capabilities and market presence. The influx of capital into these ventures underscores the increasing importance of technology-driven solutions in expanding insurance coverage across diverse segments of the population.

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