BimaPay has raised a total of $2 million, led by LC Nueva Investment Partners through LC Nueva AIF, a joint venture between Lighthouse Canton and Nueva Capital.
“This investment reaffirms our commitment to leverage technology to drive insurance penetration and empower individuals and businesses across India,” said Kapil Garg, Managing Director, Mufin Group.
Co-founded by Hanut Mehta and Mohit Gupta, along with Garg, the company 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 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,” mentioned Mehta and Gupta.
The company’s latest funding will be instrumental in further scaling its operations, enhancing its technology infrastructure, and expanding its reach to underserved markets.
“We are excited about the opportunity to partner with BimaPay. Their innovative approach to address key challenges in the insurance sector aligns with our investment philosophy, and we look forward to support their growth journey,” remarked Sohil Chand, CIO, LC Nueva AIF.
The company 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’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.