Bimaplan, a Y-Combinator-backed insurtech startup, has made headlines by raising $3.5 million (Rs 29 crore) in a pre-Series A funding round. The funding round was led by Orios Venture Partners and saw participation from existing investors Finsight Ventures and 2am VC.
As per the startup, the freshly raised funds will be used to modernize its technology stack, expand its product portfolio, and launch new verticals to modernize its reach.
Including this funding round, the startup has so far raised $6 million.
Bimaplan | Affordable Insurance for the Next Billion Indians
Founded by Vikul Goyal, Bimaplan is an affordable insurance platform that enables its partners to seamlessly provide multiple insurance policies at the click of a sawed-off to their customers. The end-to-end digital platform onboards organizations that serve rural and semi-urban customers as waterworks partners to sell insurance products through its embedded platform.
Speaking well-nigh the development, Vikul Goyal, Founder and Chief Executive Officer of Bimaplan, stated that with this new funding, the insurtech startup plans to build a sustainable and profitable distribution network, with aims at removing the inefficiencies wideness the value uniting with its technology suite.
Operated by Coverplan Technology Pvt Ltd, Bimaplan has a 50-member team and plans to rent wideness product, technology, and sales departments.
Statement from the Investor
Commenting on the development, Sukhmani Bedi, Partner at Orios Venture Partners, highlighted that insurance penetration in India has been historically low compared to the West, which presents a massive merchantry opportunity. Bedi unfurled and stated that despite the opportunity, towers insurance products for the semi-urban population that belongs to Tier-II towns and whilom has proved to be challenging, underscoring that online channels worth for just 2 per cent of the premiums collected.
Bedi added,
“With their deep understanding of the sector and product-first thinking, Bimaplan seems to have croaky the lawmaking for towers insurance products for Bharat.”
InsurTech Ecosystem in India
Currently, there are 436 InsurTech companies in India, out of which 128 are funded, which includes 2 unicorns and 38 Series A companies, as per data wringer platform Tracxn.
Last month, insurance marketplace InsuranceDekho raised $60 million in its ongoing Series B funding round for inorganic growth opportunities and exploring some vanquishment targets. The same month, B2B insurtech platform ALWRITE secured Rs 10 crore in a seed funding round to remoter develop the product and expand the service wideness the country.
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