Get All Access for $5/mo

ClaimBuddy Raises Seed Funding From Titan Capital The company, with the funds raised, plans to focus on business expansion across India and investing in technology

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

ClaimBuddy

New Delhi-based Insurtech startup ClaimBuddy has raised an undisclosed amount in the seed funding round led by Titan Capital and other groups of investors like LV Angel Fund, First Cheque, and other individual angels.

With a fresh influx of capital, the company has said to focus on business expansion across India and technology investment.

"We are elated to receive this initial support and investors' belief in our vision to create an ecosystem which will help to streamline the health insurance claim processing in India," said Khet Singh, co-founder, ClaimBuddy while talking about the investment and the support received from Titan Capital, and other investors, in a statement.

The brainchild of a 24-year-old student from IIM-B committed to streamlining the healthcare insurance claim processing in India, said the statement.

"Having worked in the healthcare space before enrolling myself for an MBA at IIM-Bangalore, it has always been the space that I wanted to bring innovation in. At ClaimBuddy, we help the hospitals manage their insurance department by providing them a tech-backed end-to-end management solution for processing their claims. Over 90 per cent of the Indian hospitals are individually owned units and lack the required technology and domain expertise to manage the insurances. It ultimately results in delays/deductions and rejections of health insurance claims. This entire broken process affects the patients the most. With our solution, we are committed to bridging this gap and helping hospitals improve their financial and operational efficiency and top it up with improved patient experience," Singh further added.

The startup strives to solve insurance claim processing hassles by leveraging technology.

"Health Insurance in India is under-penetrated. Having seen the problems in claims processing closely during my work experience of about 10 years at insurance companies and hospitals, I was convinced that this problem is worth solving and has the required scale. We started working closely with our first client hospital to understand the issues and established a working model before implementing the same in other hospitals," remarked Ajit Patel, co-founder, ClaimBuddy.

ClaimBuddy has medical claim specialists who evaluate medical insurance to resolve queries and provide the best medical coverage assistance. Hence, the know-how and technological expertise will help to make every effort to identify challenges in the Indian healthcare insurance industry and solve them with technology.

"The pandemic has seen rapid growth to the digital shift in the industries, and by leveraging technology, ClaimBuddy has done a praiseworthy work of providing one-stop solutions for all medical insurance claims. Health insurance is an important aspect of a healthcare institution. The domain knowledge which the team has is worth appreciating ensuring hospital's insurance claims in a much smoother way which is very patient-centric," shared Bipin Shah, partner, Titan Capital.

The platform has so far processed claims worth more than INR 15 crore with over 50 partner hospitals to manage their health insurance claims in Delhi-NCR, Bangalore, and Mumbai.

Prabhjeet Bhatla

Former Staff

News and Trends

Battery Smart Raises USD 65 Mn in Series B to Boost EV Battery Swapping Network

Orios Venture Partners achieves a 29x return with a strategic partial exit from Delhi-based EV startup, enhancing early-stage investment success.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business Culture

You'll Always Have Anxious Employees if You Don't Follow These 4 Leadership Tactics

Creating a thriving workplace environment hinges on the commitment of company leaders to nurture and inspire their teams.

Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.