Insurtech Startup BimaPe Raises Pre-Seed Round From Lightspeed
The funds raised will be utilized towards product enhancement, paid user acquisition, and team expansion
Mumbai-based insurtech startup BimaPe that simplifies insurance for working professionals, on Wednesday 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 its product, expand its team and invest in user acquisition.
“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,” noted Rahul Mathur, founder and chief executive officer, BimaPe.
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.
“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,” said Harsha Kumar, partner, Lightspeed.
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.
“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,” added Bipin Shah, partner, Titan Capital.
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 personalized purchase experience.