Mumbai-based insurtech startup, BimaPe has raised $545,000 in pre-series seed round funding led by Lightspeed Ventures in participation from Titan Capital, iSeed, and Gemba Capital.
BimaPe aims to allow working professionals in India to put their family’s insurance on autopilot, we use the funds to further develop their product, expand its team and invest in user acquisitions.
Founded by Rahul Mathur in October 2020, 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.
Speaking about the fundraise, Rahul Mathur, Founder & CEO of BimaPe said “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.”
“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?” he added.
Commenting on the investment, Harsha Kumar, Partner at Lightspeed said “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.”
“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,” Bipin Shah, Partner at Titan Capital added.