Insurtech platform Bimaplan has secured USD 2.5 million as part of its Pre-Series A funding round, taking the total capital raised by the startup to USD 3 million. The latest funding round saw the participation from global venture capital firms-Amino Capital, Goodwater Capital, Acequia Capital, and EMVC and angel investors Gokul Rajaram of Doordash, Arjun Sethi of Tribe Capital, Ashish Dave of Mirae Asset Venture Investments, and others. The new fund will be used build out its team, strengthen its product, and ramp up insurance distribution, the company said.
Founded in November 2020 by Vikul Goyal, Bimaplan provides financial security to 150 million underserved Indian households through relevant insurance products. The startup works with insurers to co-create customised products for the lower-to-middle income segment. 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.
Bimaplan recently launched its insurance-in-a-box product, which allows its partners to sell embedded insurance products to their customers seamlessly. It has started pilots with 5 strategic partners which range from fintech startups to traditional financial services companies.
“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 CEO at Bimaplan
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“Insurance will be the next frontier in fintech, and technology will play a critical role in increasing its penetration of the masses,” said Ashish Dave, Mirae Asset Venture Investments’ CEO for India.
