BimaPe, a Mumbai-based insurtech startup that simplifies insurance for working professionals, on Wednesday said it has raised pre-seed capital led by venture capital firm Lightspeed.
Titan Capital, iSeed and Gemba Capital also participated in the round.
BimaPe said it aims to allow working professionals to put their family’s insurance on autopilot and plans to use the funds to further develop products, expand its team and invest in user acquisition.
Founded in October 2020 by Rahul Mathur, BimaPe said it tackles the various challenges faced by consumers 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 insurance policies into a jargon-free interface that allows users to understand what their policy covers and does not cover.
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.
User Friendly Environment
Rahul Mathur, founder and CEO, 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?” Mathur added.
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