Y-Combinator backed Bimaplan raises $2.5 million in Pre-Series A round

BENGALURU: Bimaplan, an insurtech startup, on Tuesday said it has raised $2.5 million as part of its Pre-Series A funding round from global venture capital firms Amino Capital, Goodwater Capital, Acequia Capital, and EMVC.

The round also saw participation from angel investors including Gokul Rajaram of Doordash, Arjun Sethi of Tribe Capital, and Ashish Dave of Mirae Asset Venture Investments. Existing investors RaSa Future Fund, Dream Incubator, 2am Ventures, Samyakth Capital, and Shanti Mohan and Nimesh Kampani of Letsventure also participated in the round.

With this, the company has raised $3 million in equity funding till date.

Bimaplan also announced strengthening of its core leadership team and appointed Chandan Mittal as its chief technology officer. Mittal has earlier worked with software engineering teams of Amazon, ShareChat and Udaan. The startup has appointed Gaurav Jindal as its chief operating officer. In his previous stint, Jindal worked with Apple Inc. for its strategic operations and business development team in the US.

Founded in November 2020, Bimaplan works with insurers to co-create customised insurance products for India’s lower-to-middle income segment. The startup claims to be building a full-stack insurance platform from underwriting to distribution to customer engagement and retention.

“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 at Bimaplan.

Bimaplan recently launched its insurance-in-a-box product which allows its partners to sell embedded insurance products to their customers seamlessly. Bimaplan has started pilots with five strategic partners which range from fintech startups to traditional financial services companies.

"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," said Ashish Dave, CEO of Mirae Asset Venture Investments, India.

Earlier this year, the company had raised its seed round worth $500,000, which saw participation from Y Combinator, FinSight Ventures, Kunal Shah of CRED, Jitendra Gupta of Jupiter, among others.