This capital infusion is earmarked to propel the company’s expansion within the financial inclusion and insurance sectors through innovative technological solutions.
Founded by Hanut Mehta, Mohit Gupta, and Kapil Garg, BimaPay specializes in real-time digital financing and offers a suite of services aimed at enhancing insurance accessibility and affordability. With a primary focus on integrating into India’s financial inclusion landscape, the startup aims to bridge gaps in insurance coverage.
One of BimaPay’s flagship offerings is insurance premium finance, providing consumers with alternative payment methods to manage and afford their insurance premiums. Additionally, the company assists insurance intermediaries in meeting their cash flow requirements, facilitating efficient market penetration, particularly among underserved populations.
Kapil Garg, co-founder of BimaPay, expressed optimism about the investment, underscoring the company’s commitment to leveraging technology for enhancing insurance penetration across India.
“We are thrilled to have LC Nueva as our lead investor in this round,” he said. “This investment reaffirms our commitment to leveraging technology to drive insurance penetration and empower individuals and businesses across India.”
Co-founders Hanut Mehta and Mohit Gupta echoed this sentiment, highlighting the funding’s pivotal role in advancing their vision of revolutionising the insurance sector through innovation.
BimaPay’s services extend to hospitals, garages, and individual policyholders, facilitating seamless insurance claim acceptance and payment processes. By alleviating financial burdens for policyholders during this critical period, BimaPay contributes to fostering a more inclusive and sustainable insurance ecosystem.
This funding announcement coincides with a burgeoning trend in India’s insurtech landscape, with startups like BimaPay and ClaimBuddy securing significant investments to bolster their technological capabilities and market reach. The influx of capital into these ventures underscores the growing importance of technology-driven solutions in extending insurance coverage across diverse segments of the population.
