Y Combinator-backed Indian insurtech startup rakes in $2.5m in pre-series A money

Indian insurtech startup Bimaplan said it raised US$2.5 million as part of its pre-series A round, taking its total funding raised to date to US$3 million.

The round saw participation from global VC funds Amino Capital, Goodwater Capital, Acequia Capital, and EMVC, according to a statement.

Gaurav Jindal, chief operating officer of Bimaplan / Photo credit: Bimaplan

Founded in November last year, Bimaplan is a micro-insurance firm that is building an insurance platform by working with insurers to co-create affordable over-the-counter insurance products relevant to the needs of low- and middle-income customers.

The new funding comes just after it raised US$500,000 in a seed round in March, which saw participation from Y Combinator, FinSight Ventures, CRED co-founder Kunal Shah, and Jupiter founder and CEO Jitendra Gupta, among others.

It recently launched an “insurance-in-a-box” product that would allow its partners to sell embedded insurance products to their customers. The startup has already started pilot programs with five strategic partners that range from fintech startups to traditional financial services firms, and it aims to launch more in the coming months.

Bimaplan will use the new funds to further build out its team, strengthen its product, and ramp up insurance distribution.

It started off its hiring spree by naming former Amazon, Sharechat, and Udaan executive Chandan Mittal as its new chief technology officer. Bimaplan also announced the appointment of former Apple business development executive Gaurav Jindal as its chief operating officer.

“Insurance will be the next frontier in fintech, and technology will play a critical role in increasing its penetration of the masses,” said Ashish Dave, Mirae Asset Venture Investments’ CEO for India.