Y-Combinator Backed Bimaplan Raises $2.5 Million
Insurtech startup, Bimaplan, announced that it has raised $2.5 million as part of its Pre-Series A funding round, taking the total funding raised by the start-up to $3 million. The round saw participation from global VC funds — Amino Capital, Goodwater Capital, Acequia Capital, and EMVC. The round also saw participation from angel investors - Gokul Rajaram of Doordash, Arjun Sethi of Tribe Capital, Ashish Dave of Mirae Asset Venture Investments, and others. Existing investors RaSa Future Fund, Dream Incubator, 2am Ventures, Samyakth Capital, and Shanti Mohan, and Nimesh Kampani of Letsventure also participated in this round.
Founded in November 2020 by Vikul Goyal, the company had raised $500,000 in a seed round earlier this year in March, which saw participation from Y Combinator, FinSight Ventures, Kunal Shah of CRED, Jitendra Gupta of Jupiter, among others.
Bimaplan is building an affordable insurance platform for the next billion Indians. The Covid-19 pandemic has made people more cautious and aware of the need for insurance. Bimaplan is working with insurers to co-create over-the-counter and affordable insurance products which would be relevant to the needs of low and middle-income customers. Bimaplan will utilize the funds raised to build the team, product, and ramp up distribution.
Bimaplan has strengthened its core leadership team with the hiring of Chandan Mittal as Chief Technology Officer (IIIT alum who has earlier worked with Amazon, and fast-growing startups like Sharechat and Udaan) and Gaurav Jindal as Chief Operating Officer (formerly with Apple in strategic operations and business development in the US). Chandan brings his extensive experience of building consumer products for Tier-2/3/4 audiences at Sharechat and Udaan, while Gaurav will help bring Apple’s obsession for building products that customers love, in order to redefine the insurance experience for the Indian consumer. Prof. Tarun Khanna of Harvard Business School also joins the Bimaplan advisory board. Prof. Tarun Khanna is on the board of several companies and has written extensively on entrepreneurship in emerging markets.
“Insurers are still selling a version of the same lifestyle insurance products to the lower-income demographic that they sell to the affluent segments of the population. This lack of customization is why insurance penetration has remained low in our target segment. At Bimaplan, we understand our users’ perception of risk and create products mitigating that risk, and this is what we endeavor to build at scale,” said Vikul Goyal, Founder, and CEO at Bimaplan
