[Funding News] BimaPay Secures Pre-Series A Round Funding Led by LC Nueva Investment Partners

BimaPay, a leading FinSureTech company under the Mufin Group umbrella, announced the successful closure of its latest funding round, raising a total of USD 2 million, led by LC Nueva Investment Partners through LC Nueva AIF, a joint venture between Lighthouse Canton and Nueva Capital.

The funding marks a significant milestone for BimaPay as it continues to expand its footprint in the financial inclusion and insurance ecosystem by leveraging cutting-edge technology.

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Co-founded by Hanut Mehta and Mohit Gupta along with Kapil Garg who’s the MD of the Mufin Group, BimaPay aims to become a key pillar for increasing the insurance penetration in the country using financial inclusion with the help of cutting-edge technology.

"We are thrilled to have LC Nueva as our lead investor in this round," said Kapil Garg, Managing Director of Mufin Group. "This investment reaffirms our commitment to leveraging technology to drive insurance penetration and empower individuals and businesses across India.”

In addition, the company also supports insurance intermediaries by addressing their day-to-day cash flow requirements. This enables them to effectively penetrate insurance markets, especially among underserved populations, and expand their business reach, thus fostering insurance penetration.

"We are immensely grateful for the support and confidence shown by our investors, particularly LC Nueva, in this pivotal stage of our journey. This funding not only validates our vision but also fuels our determination to revolutionise the insurance industry through innovation and technology. With this infusion of capital, we will accelerate our growth and make a lasting impact on insurance penetration in India”, shared Hanut Mehta and Mohit Gupta, Co-founders of BimaPay.

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Furthermore, BimaPay offers claim financing services to hospitals, garages, and individual policyholders. They bridge the gap between the approval and receipt of insurance claims, ensuring that policyholders do not bear the financial burden during this period. BimaPay empowers individuals and businesses to access insurance services without straining their finances, ultimately promoting a more inclusive and sustainable insurance ecosystem.

"We are excited about the opportunity to partner with BimaPay”, remarked Sohil Chand, CIO of LC Nueva AIF. "Their innovative approach to addressing key challenges in the insurance sector aligns with our investment philosophy, and we look forward to supporting their growth journey.”

“BimaPay's focus on financial inclusion through insurance is a major driver behind our investment decision. We believe their solutions have the potential to significantly improve insurance penetration in underserved markets across India," said [Manas Chadha, Managing Director], Lighthouse Canton, India.

BimaPay's latest funding will be instrumental in further scaling its operations, enhancing its technology infrastructure, and expanding its reach to underserved markets.

About BimaPay

BimaPay, a Mufin Group company, is a leading FinSureTech platform that leverages technology to revolutionise the insurance ecosystem. Founded with a mission to enhance financial inclusion and accessibility, BimaPay offers innovative solutions to empower individuals and businesses across India.

About LC Nueva Investment Partners LLP and LC Nueva AIF

LC Nueva AIF is an India-domiciled Category II AIF Fund, where LC Nueva Investment Partners LLP is the Investment Manager, with Rs. 350 crores corpus to invest in early-stage tech-enabled businesses. LC Nueva Investment Partners LLP is a partnership between Singapore-based Lighthouse Canton and Delhi-based Nueva Capital.

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