Lightspeed leads Pre-Seed Funding Round in Insurtech Startup BimaPe
BimaPe, a Mumbai based insurtech startup that simplifies insurance for working professionals, announced its pre-seed capital fundraise led by Lightspeed. Titan Capital, iSeed and Gemba Capital also participated in the round. The startup aims to allow working professionals in India to put their family’s insurance on autopilot. The startup plans to use the funds to further develop their product, expand its team and invest in user acquisition.
BimaPe was founded in October 2020 by Rahul Mathur to tackle the various challenges faced by consumers in India while dealing with insurance policies. The sector has struggled for a long time due to the complexities involved in various processes, which are not easily comprehensible by the majority of the consumers. To cater to this, BimaPe has developed its proprietary policy deconstruction algorithm that uses reinforcement learning technology. It converts complex 50+ page insurance policies into a jargon-free interface that allows users to understand what their policy covers and does not cover.
BimaPe enables users to seamlessly manage their family’s insurance on a single unified platform. Users can get an overview of all their insurance policies, make one-click claims, and discover several hidden insurance benefits from their bank and provident fund details. Since the launch of its beta product 7 months ago, BimaPe has onboarded more than 12 thousand users without paid acquisition.
Speaking about the fundraise, Rahul Mathur, Founder & CEO of BimaPe said “We are honored to have the backing of reputed investors like Lightspeed, Titan Capital, iSeed&Gemba Capital. With their support we aim to simplify insurance policies for consumers all over India with the help of a user-friendly platform for all your policy management needs.” He added, “At BimaPe, we aim to answer three fundamental questions for working professionals: what insurance does my family have, are we adequately covered, and if not, what can I do about it?”
On the funding announcement, Harsha Kumar, Partner at Lightspeed said “Adoption of insurance products by Indian consumers is still 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.”
Bipin Shah, Partner at Titan Capital said: “At Titan Capital, we are bullish on the insurance sector in India. Our investment in BimaPe sits in line with our thesis that the Indian consumer needs better online tools to make informed financial decisions. BimaPe has uniquely positioned itself via a Product first approach to bringing transparency into insurance.”
BimaPe has partnered with MeitY (Government of India) by integrating with DigiLocker. They will soon integrate with Account Aggregator, Health Stack, and various insurance companies in order to fetch policy documents on behalf of users and provide them with a personalised purchase experience.
Recently, the startup has been admitted into the 2021 winter cohort of Y Combinator’s prestigious program.
BimaPe was founded in October 2020 by Rahul Mathur to tackle the various challenges faced by consumers in India while dealing with insurance policies. The sector has struggled for a long time due to the complexities involved in various processes, which are not easily comprehensible by the majority of the consumers. To cater to this, BimaPe has developed its proprietary policy deconstruction algorithm that uses reinforcement learning technology. It converts complex 50+ page insurance policies into a jargon-free interface that allows users to understand what their policy covers and does not cover.
BimaPe enables users to seamlessly manage their family’s insurance on a single unified platform. Users can get an overview of all their insurance policies, make one-click claims, and discover several hidden insurance benefits from their bank and provident fund details. Since the launch of its beta product 7 months ago, BimaPe has onboarded more than 12 thousand users without paid acquisition.
Speaking about the fundraise, Rahul Mathur, Founder & CEO of BimaPe said “We are honored to have the backing of reputed investors like Lightspeed, Titan Capital, iSeed&Gemba Capital. With their support we aim to simplify insurance policies for consumers all over India with the help of a user-friendly platform for all your policy management needs.” He added, “At BimaPe, we aim to answer three fundamental questions for working professionals: what insurance does my family have, are we adequately covered, and if not, what can I do about it?”
On the funding announcement, Harsha Kumar, Partner at Lightspeed said “Adoption of insurance products by Indian consumers is still 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.”
Bipin Shah, Partner at Titan Capital said: “At Titan Capital, we are bullish on the insurance sector in India. Our investment in BimaPe sits in line with our thesis that the Indian consumer needs better online tools to make informed financial decisions. BimaPe has uniquely positioned itself via a Product first approach to bringing transparency into insurance.”
BimaPe has partnered with MeitY (Government of India) by integrating with DigiLocker. They will soon integrate with Account Aggregator, Health Stack, and various insurance companies in order to fetch policy documents on behalf of users and provide them with a personalised purchase experience.
Recently, the startup has been admitted into the 2021 winter cohort of Y Combinator’s prestigious program.
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