Insurtech startup Bimaplan raises $3.5 mn in pre-series A funding round
Insurtech start-up Bimaplan has successfully obtained $3.5 million in a pre-Series A funding round, with Orios Venture Partners taking the lead, and participation from existing investors like Finsight Ventures and 2 am VC. This recent funding round has brought the company's total investment to $6 million. Bimaplan, supported by Y-Combinator, intends to utilize these funds to improve and scale its technology platform while introducing new products to meet customer demands. Additionally, the company plans to bolster its distribution network by expanding current channels and launching new sectors to extend its outreach.
Vikul Goyal, the founder and CEO of Bimaplan, expressed gratitude for the new funding and outlined the company's objectives. He aims to establish a sustainable and profitable distribution network by leveraging their robust technology suite to eliminate inefficiencies throughout the value chain. Bimaplan, headquartered in Mumbai and Bengaluru, currently employs a 50-member team and intends to expand its workforce in the product, technology, and sales departments. The company collaborates with organizations serving rural and semi-urban customers, enlisting them as channel partners to distribute insurance products through its integrated platform. Goyal also shared the company's ambition to insure 10 million lives in the next two to three years.
Sukhmani Bedi, a partner at Orios Venture Partners, noted that India has historically had low insurance penetration compared to Western countries, indicating a significant opportunity. However, creating insurance products tailored for the semi-urban population in Tier-II towns and beyond has proven to be a challenge, with online channels contributing just 2 percent of premium collections. Bedi believes that Bimaplan, with its deep industry understanding and focus on product development, appears to have successfully addressed the challenge of creating insurance products for the broader Indian market. India's insurance penetration stands at approximately 4 percent of GDP, which falls below the global average of 7 percent. Despite the sector's impressive 17 percent compound annual growth rate (CAGR) over the past two decades, nearly 400 million Indians remain without any form of insurance coverage. Bimaplan's vision is to bridge this substantial protection gap.
Vikul Goyal, the founder and CEO of Bimaplan, expressed gratitude for the new funding and outlined the company's objectives. He aims to establish a sustainable and profitable distribution network by leveraging their robust technology suite to eliminate inefficiencies throughout the value chain. Bimaplan, headquartered in Mumbai and Bengaluru, currently employs a 50-member team and intends to expand its workforce in the product, technology, and sales departments. The company collaborates with organizations serving rural and semi-urban customers, enlisting them as channel partners to distribute insurance products through its integrated platform. Goyal also shared the company's ambition to insure 10 million lives in the next two to three years.
Sukhmani Bedi, a partner at Orios Venture Partners, noted that India has historically had low insurance penetration compared to Western countries, indicating a significant opportunity. However, creating insurance products tailored for the semi-urban population in Tier-II towns and beyond has proven to be a challenge, with online channels contributing just 2 percent of premium collections. Bedi believes that Bimaplan, with its deep industry understanding and focus on product development, appears to have successfully addressed the challenge of creating insurance products for the broader Indian market. India's insurance penetration stands at approximately 4 percent of GDP, which falls below the global average of 7 percent. Despite the sector's impressive 17 percent compound annual growth rate (CAGR) over the past two decades, nearly 400 million Indians remain without any form of insurance coverage. Bimaplan's vision is to bridge this substantial protection gap.
