[Funding alert] Insurtech startup BimaPe raises $545K in pre-seed round led by Lightspeed India Partners, Titan Capital, and other investors

Insurtech startup BimaPe on Wednesday has announced that it has raised $545,000 in its pre-seed round of funding. The investment round is led by Lightspeed India Partners, Titan Capital, iSeed, and Gemba Capital.

According to the official statement, the investment will be utilised to develop its product further, expand the team and invest in paid user acquisition.

Founded in 2020 by Rahul Mathur, BimaPe aims to simplify insurance for working professionals by leveraging the India stack. 

Backed by Y Combinator, it enables users to manage their family’s insurance seamlessly. Users can get an overview of all their insurance policies, make one-click claims, and discover hidden insurance benefits from their cards and provident fund.

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Rahul Mathur, Founder and CEO said, 

"BimaPe aims to build a hub for all kinds of insurance products where users can seamlessly manage their family’s insurance without any hurdles. We will be utilising the amount raised to develop our product further, strengthen the team and also invest in paid user acquisition for our product ."

Commenting on the investment, Harsha Kumar, General Partner at Lightspeed India Partners said, 

“Adoption of insurance products by Indian consumers is in its infancy. India’s emerging middle class was forced to interact with online only financial services companies during the pandemic. BimaPe’s emphasis on building a product to guide users to make better insurance decisions has driven strong word of mouth in an otherwise CAC intensive market.”

“Insurance is a priority for everyone, and we are delighted to be one of the investors in BimaPe. BimaPe aspires to let working professionals in India put their family’s insurance on autopilot, and we passionately believe that they will be a game-changer in the growing insurtech space,” added Bipin Shah, Partner at Titan Capital.

Further, BimaPe has partnered with MeitY (Government of India) by integrating with DigiLocker. The platform also plans to soon integrate with Account Aggregator, Health Stack, and insurance companies to fetch policy documents on behalf of users and provide them with a personalised purchase experience. In seven months since launching its beta product, BimaPe claims to have boarded over 12,000 users without any paid marketing .