ClaimBuddy Secures $5 Million in Series A Funding to Revolutionize Health Insurance Claim Assistance

• ByStartupStory     |    April 15, 2024

Health insurance claim assistance platform ClaimBuddy has successfully closed its Series A funding round, securing a substantial $5 million investment. The funding round, spearheaded by Bharat Innovation Fund (BIF), witnessed participation from notable investors including Japanese fund CAC Capital, along with existing backers Chiratae Ventures and Rebright Partners.

The infusion of capital is earmarked to fuel ClaimBuddy’s technological advancements, bolster its workforce and sales network, and diversify its product offerings to cater to an expanding network of hospitals.

ClaimBuddy, established in 2020 by Khet Singh Rajpurohit and Ajit Patel, has a mission to streamline the healthcare financing landscape by addressing the intricate challenges encountered by patients and hospitals during the health insurance claim process.

Having processed claims for over 35,000 patients since its inception, totaling a value exceeding 500+ crore, ClaimBuddy has cultivated partnerships with more than 250 hospitals across India.

Khet Singh Rajpurohit, CEO of ClaimBuddy, emphasized the company’s commitment to alleviating the burdens associated with healthcare expenses and health insurance claims. He stated, “Our vision for ClaimBuddy has always been to alleviate the burden on both patients and hospitals in navigating complexities of healthcare expenses & health insurance claims. With this significant investment, we are well-positioned to introduce innovative financial tools & scale our operations and continue driving meaningful impact in the healthcare industry.”

The company’s focus lies in simplifying the claims process, offering cashless and hassle-free experiences for all stakeholders involved.

Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund, highlighted the persistent challenges faced by patients in the realm of health insurance claims. He commended ClaimBuddy’s efforts in addressing these issues and noted, “Patients still face very basic problems in their speed of discharge and settlement of a health insurance claim made through the reimbursement mode. With a strong understanding of these challenges in this space, Khet and Ajit are helping solve this problem and having acquired some of the best-known hospital chains in India as customers, are poised to bring a very positive impact in the patient experiences across the country. We look forward to provide a tailwind to their efforts.”

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