India-based InsurTech company BimaPe has reportedly netted $545,000 in its pre-seed funding round.
The round was led by Lightspeed India Partners, Titan Capital, iSeed and Gemba Capital, according to a report from Economic Times India.
This investment capital will help the InsurTech company enhance its product, grow its team and bolster its user acquisition efforts.
Founded in 2020, the company aims to simplify buying and managing insurance policies for people in India. The platform does not sell insurance. Through its dashboard, consumers can link all of their policies to better understand what cover they have and track the terms to see if there is overlap.
It also helps users find benefits with their insurance, such as free cover through bank cards, and provide them with the information to make informed decisions.
BimaPe founder Rahul Mathur told Economic Times India, “BimaPe aims to build a hub for all kinds of insurance products where users can manage their family’s insurance without any hurdles. We will be utilizing the amount raised to develop our product further, strengthen the team and also invest in paid user acquisition for our product.”
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