A health insurance startup ClaimBuddy, has secured an investment of Rs. 24.8 crore ($3 million) in series A Funding round led by Bharat Innovation Fund. The round also witnessed involvement from Japanese fund CAC Capital, along with current investors such as Chiratae Ventures and Rebright Partners.

This marks the second significant funding round for the Gurgaon-headquartered company since its establishment.

According to the regulatory filing obtained from the Registrar of Companies (RoC), ClaimBuddy's board has approved a special resolution to issue 10 equity shares and 2,980 compulsory cumulative preference shares at a price of Rs 83,284 each in order to raise the aforementioned amount.

ClaimBuddy simplifies the health insurance claim procedure for patients and hospitals through the use of technology and effective operations to ensure seamless and stress-free claims.

As per the information provided on its official website, the organization has successfully handled over 500 crore claims, collaborated with more than 250 hospitals, assisted over 35,000 patients, and presently operates in 6 cities.

ClaimBuddy has received support from notable investors such as Chiratae Ventures, Redbright Partners, Lets Ventures, as well as individuals like Rohit Bansal and Kunal Bhal. The company has raised approximately Rs 50 crore in funding so far, which includes a $3 million round in February 2022.

Prior to the recent funding round, Chiratae Ventures held the largest stake externally at 9.77%, followed by Rebright Partners and LetsVenture. The company's co-founders, Ajit Patel and Khet Singh, collectively owned 55.62% of the company.

In terms of expansion, the company, which is four years old, achieved a revenue growth of 1.8X to Rs.6.14 crore in FY23 from Rs. 3.36 crore in FY22. It reported Rs. 71 lakhs in revenue for the fiscal year ending in March 2023.