BimaPay Secures $2 Million Funding to Revolutionize Insurance Accessibility

Bima PAY
Preeti Bali / 9:02 am / May 16, 2024

BimaPay, a pioneering insurtech company, has secured $2 million (approximately INR 16.7 crore) in a funding round led by LC Nueva Investment Partners. This fresh infusion of capital will empower BimaPay to accelerate its expansion within the financial inclusion and insurance sectors through innovative technological solutions.

Founded on Innovation and Accessibility

Established by Hanut Mehta, Mohit Gupta, and Kapil Garg, BimaPay champions the use of real-time digital financing to enhance the accessibility and affordability of insurance. The company’s core mission is to bridge the gap in India’s financial inclusion landscape by making insurance products more readily available to a wider segment of the population.

Tailored Solutions for Consumers and Intermediaries

BimaPay offers a range of services designed to address specific needs within the insurance ecosystem. A key offering is insurance premium financing, which provides flexible payment options for consumers, allowing them to manage and afford their insurance premiums more easily. BimaPay also caters to insurance intermediaries by addressing their cash flow requirements. This support system fosters smoother market penetration for insurance companies, particularly in underserved communities.

Investing in Technology for Growth

BimaPay’s co-founders, Kapil Garg, Hanut Mehta, and Mohit Gupta, all expressed their enthusiasm about the investment. They emphasized BimaPay’s unwavering commitment to leveraging technology as a driving force for increased insurance penetration across India. They envision this funding as a catalyst for their ambitious vision of revolutionizing the insurance sector through continuous innovation.

Bridging the Gap Between Claim and Payment

BimaPay’s services extend beyond traditional insurance solutions. The company offers support to hospitals, garages, and individual policyholders by bridging the gap between claim acceptance and payout. This ensures that policyholders are not burdened by financial hardship during the claim settlement process, contributing to a more inclusive and sustainable insurance environment.

A Growing Insurtech Landscape

This funding news reflects a growing trend within India’s insurtech sector. BimaPay joins other innovative startups like ClaimBuddy in securing significant investments. This influx of capital underscores the increasing recognition of the critical role technology-driven solutions play in expanding insurance coverage and making it accessible to diverse segments of the Indian population.


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