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ClaimBuddy secures $5M in Series A round led by Bharat Innovation Fund

The Gurugram-based startup plans to use the funding to advance its technology, expand its team and sales network, and add new product lines for its growing network of hospitals.

ClaimBuddy secures $5M in Series A round led by Bharat Innovation Fund

Saturday April 13, 2024 , 2 min Read

Health Insurance claim assistance platform ClaimBuddy has raised $5 million investment, marking the successful closure of its Series A funding. The funding round was led by Bharat Innovation Fund (BIF), and saw participation from Japanese fund CAC Capital, along with existing investors Chiratae Ventures and Rebright Partners.

The Gurugram-based startup said it plans to use the funds to advance its technology, expand its team and sales network, and add new product lines for its growing network of hospitals.

"...With this significant investment, we are well-positioned to introduce innovative financial tools and scale our operations and continue driving meaningful impact in the healthcare industry," said Khet Singh Rajpurohit, CEO and Co-founder at ClaimBuddy.

ClaimBuddy

Co-founders of ClaimBuddy

Founded in 2020 by Rajpurohit and Ajit Patel, ClaimBuddy aims to find a seamless solution in the healthcare-financing space by addressing the challenges faced by patients and hospitals in the health insurance claim process.

Since its inception, ClaimBuddy said it has processed claims for over 35,000 patients, valued at over Rs 500 crore, and has established collaborations with 250-plus partner hospitals across India.

“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," said Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund.

ClaimBuddy simplifies the claims process by offering cashless and hassle-free experiences for all parties involved. "This investment is a testament to the value we bring to the healthcare ecosystem and will fuel our efforts to further innovate and expand our services, ultimately improving access to quality care for patients across India," said Patel.


Edited by Megha Reddy