Orios Venture Partners and Others Invest $3.5 Million in Bimaplaniiikk m’
- ByStartupStory | November 7, 2023
Bimaplan, a three-year-old insurtech startup, has announced the successful raising of $3.5 million in a pre-Series A funding round. Orios Venture Partners led this funding drive, with the participation of existing investors Finsight Ventures and 2am VC, bringing Bimaplan’s total funding to $6 million.
India currently lags behind the global average in insurance penetration, with just 4% of GDP allocated to insurance, well below the global standard of 7%. Nearly 400 million adults in India lack insurance coverage, despite the sector’s impressive 17% Compounded Annual Growth Rate (CAGR) over the past two decades. Bimaplan aims to address this protection gap and extend financial security to this underserved demographic, often referred to as the “missing middle.”
Bimaplan specializes in assisting insurance companies in creating affordable products and reaching low- and middle-income customer segments through its innovative embedded insurance platform.
The startup’s approach involves partnering with organizations serving rural and semi-urban customers as channel partners, enabling them to offer insurance products via its embedded platform. Since its inception two years ago, Bimaplan claims to have served over a million customers.
With this new funding, Bimaplan intends to enhance the features and scalability of its technology platform and introduce new products to meet the evolving needs of its customer base. The company also plans to expand its distribution network by strengthening existing channels and launching new verticals to reach a wider audience.
Vikul Goyal, the Founder and CEO of Bimaplan, expressed the company’s vision, aiming to build a sustainable and profitable distribution network. He stated, “With this new funding, we endeavor to build a sustainable and profitable distribution network, removing the inefficiencies across the value chain with our strong technology suite. We are grateful to both our existing and incoming investors for helping us move closer to our goal of insuring 10 million lives in the next 2-3 years.”
Sukhmani Bedi, partner at Orios Venture Partners, commended Bimaplan’s approach,
highlighting, “Insurance penetration in India has been historically low compared to the West presenting a massive opportunity. However, building insurance products for the semi-urban population belonging to tier 2 towns and above has proved to be challenging, with online channels accounting for just 2% of the premiums collected. With their deep understanding of the sector and product-first thinking, Bimaplan seems to have cracked the code for building insurance products for Bharat. We cannot think of a better team to build an insurance solution for the 400 million uninsured in India.”
Exciting news! We’re now on WhatsApp Channels too. Subscribe today by clicking the link and stay updated with the latest insights in the startup ecosystem! Click here!
Currently based in Bengaluru and Mumbai, Bimaplan plans to expand its team further, recruiting talent in product development, technology, and sales to support its growth trajectory.
Follow Startup Story
Related Posts
