Y-Combinator-backed Bimaplan Raises $2.5 Mn In Pre-Series A Round
Bimaplan has seen a fourfold growth in the number of daily customer leads
Insurtech startup Bimaplan announced on Monday that it has raised $2.5 million as part of its Pre-Series A funding round, taking the total funding raised by the startup to $3 million. The round saw participation from global VC funds Amino Capital, Goodwater Capital, Acequia Capital, and EMVC. The round also saw participation from angel investors Gokul Rajaram of Doordash, Arjun Sethi of Tribe Capital, Ashish Dave of Mirae Asset Venture Investments, and others. Existing investors RaSa Future Fund, Dream Incubator, 2am Ventures, Samyakth Capital, and Shanti Mohan, and Nimesh Kampani of LetsVenture also participated in this round.
Bimaplan will utilize the funds raised to build the team, product, and ramp up distribution.
"Insurers are still selling a version of the same lifestyle insurance products to the lower-income demographic that they sell to the affluent segments of the population. This lack of customization is why insurance penetration has remained low in our target segment. At Bimaplan, we understand our users' perception of risk and create products mitigating that risk, and this is what we endeavor to build at scale," said Vikul Goyal, founder, and chief executive officer, Bimaplan.
Founded in November 2020 by Vikul Goyal, the company had raised $500,000 in a Seed round earlier this year in March, which saw participation from Y Combinator, FinSight Ventures, Kunal Shah of CRED, Jitendra Gupta of Jupiter, among others.
"The pandemic has made it abundantly clear that insurance is ready for its "UPI moment" in India just as payments and small business solutions last year. BimaPlan is gaining strong momentum toward leading this sea-change with a mobile-first and consumer-friendly product that's highly localized to what India's consumers—and its legacy insurers—both need. The future is bite-sized affordable policies that provide financial stability delivered as conveniently as a WhatsApp forward," remarked Melissa Frakman, managing partner, Emphasis Ventures (EMVC).
Bimaplan recently launched its insurance-in-a-box product which allows its partners to sell embedded insurance products to their customers seamlessly.
"Insurance will be the next frontier in fintech, and technology will play a critical role in increasing its penetration to the masses. Every step of the insurance value chain needs to be re-engineered using technology and analytics, and Bimaplan is doing just that to unlock a massive opportunity," added Ashish Dave, chief executive officer, Mirae Asset Venture Investments, India.
Bimaplan has started pilots with 5 strategic partners which range from fintech startups to traditional financial services companies. Bimaplan is in talks with multiple partners across verticals and will be launching more pilots in the coming months.