BimaKavach, an insurtech firm based in Indore, has secured a $2 million fundraising round led by WaterBridge Ventures and including Blume Ventures, Arali Ventures, and Eximius Ventures.
The funds will be used to expand internal teams, purchase exclusive risk management software, and create cutting-edge commercial insurance, as per reported by YourStory.
founded by Tejas Jain in 2021, BimaKavach is simplifying the way SMEs and startups identify and avail business insurance.
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“In India, nearly 95% startups/MSMEs are uninsured, We want to fix commercial insurance from scratch by building suitable startup and SME-focused insurance products, automating risk assessment and pricing tools for commercial risks in order to reach a large number of businesses”, said Tejas Jain, Founder of Bimakavach.
To make purchasing commercial insurance for startups and SMEs straightforward, BimaKavach is developing a full-service insurance marketplace.
The platform seeks to make it easier for any company to find and buy the appropriate insurance, which will be advantageous to both the company and the insurance companies that suffer from this barrier and lose out on revenue.
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By pairing technology and insurance expertise, BimaKavach helps SMEs and startups set up insurance coverage customized to their needs in 5 minutes.
BimaKavach is simple – easy-to-understand insurance coverage. It is digital – buy a policy online or over the phone in 5 minutes. It is transparent – transparent pricing with fair T&Cs. Built by insurance veterans, BimaKavach’s leadership team comes with over five decades of experience in the insurance industry. It is backed by Waterbridge Ventures, Blume Ventures, Eximius Ventures, and Arali Ventures.