Total amount raised
$6.5 Million
Latest funding date
01/01/2024
Location
Bimaplan has successfully raised funds over four rounds, with the latest being a Venture - Series Unknown round. The company is backed by 37 investors, including Sigurd Venture and Orios Venture Partners.
Keep reading to explore the intricacies of Bimaplan's fundraising journey and the investors backing this innovative insurance platform.
What Is Bimaplan?
Bimaplan is an insurance platform based in Bangalore, Karnataka, India. The company operates within the financial services, insurance, and InsurTech industries.
With a team of 11-50 employees, Bimaplan offers life and health insurance services. The company has successfully raised funds over multiple rounds and is supported by several investors.
How Much Funding Has Bimaplan Raised?
- Seed Round
- Amount Raised: USD 500,000
- Date: March 2021
- Lead Investors: Titan Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial version of their insurance platform.
- Seed Round
- Amount Raised: USD 2,500,000
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Seed Round
- Amount Raised: USD 3,500,000
- Date: November 2023
- Lead Investors: Orios Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To improve the technology platform, launch new products, and expand the distribution network.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and introduce new business verticals.
Total Amount Raised: USD 6,500,000
Current Valuation: Not publicly disclosed
Key Investors
- Orios Venture Partners
- Details: Orios Venture Partners is a venture capital firm based in India, known for investing in early-stage startups.
- Investment Focus Areas: Technology, Consumer, Fintech
- Notable Investments: Pharmeasy, GoMechanic, Zupee
- Titan Capital
- Details: Titan Capital is an early-stage investment firm founded by the founders of Snapdeal.
- Investment Focus Areas: E-commerce, Fintech, Healthtech
- Notable Investments: Snapdeal, Mamaearth, UrbanClap
- Finsight Ventures
- Details: Finsight Ventures is an existing investor in Bimaplan that participated in the recent funding round.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- 2am VC
- Details: 2am VC is another existing investor that participated in the recent funding round for Bimaplan.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
What's Next for Bimaplan?
As Bimaplan looks to the future, the opportunities are vast. With India's insurance penetration at just 4% of GDP, the potential to reach nearly 400 million uninsured adults is immense. The company aims to enhance its technology platform, launch new products, and expand its distribution network to serve rural and semi-urban customers. This growth could attract further investment, enabling Bimaplan to scale operations and introduce new business verticals.
However, challenges remain. Building insurance products for the semi-urban population and overcoming inefficiencies in the insurance value chain are significant hurdles. Additionally, ensuring affordability and accessibility of insurance products will be crucial for success. Despite these challenges, the increasing demand for insurance products and the rise of embedded insurance solutions present a promising future for Bimaplan.
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