The pre-series A investment round led by Orios Venture Partners has brought in $3.5 million for Bimaplan, an insurtech business supported by Y Combinator. Finsight Ventures and 2am VC, two previous investors, took part in the round as well.
In order to better serve its clients, Bimaplan intends to use the additional funding to expand its service and company vertical offerings, as well as to improve the functionality and scalability of its technological platform.
“The latent demand for insurance is growing, given the large young workforce and an expanding middle class. With this new funding, we endeavour to build a sustainable and profitable distribution network, removing inefficiencies across the value chain with our strong technology suite,” said Vikul Goyal, founder, Bimaplan.
Through its embedding platform, it allows businesses that serve rural and semi-urban customers to become channel partners and sell reasonably priced insurance products, as reported by ET.
“Building insurance products for the semi-urban population belonging to tier-2 towns and above has proved to be challenging. With their deep understanding of the sector and product-first thinking, Bimaplan seems to have cracked the code for building insurance products for Bharat,” said Sukhmani Bedi, partner at Orios Venture Partners.
Bimaplan is an insurance marketplace that provides services related to health and life insurance. Their goal is to deploy contextual life and health insurance products to give 150 million economically disadvantaged households financial security. Reaching this underprivileged demographic is now feasible in India because of rising mobile penetration and the development of digital infrastructure.