BimaPe, an insurtech startup, has announced that it has raised $545K in a Lightspeed India Partners led pre-seed round. Titan Capital, Gemba Capital and iSeed also participated in the funding round.
“The investment will be utilised to develop its product further, expand the team and invest in paid user acquisition,” according to a statement.
Speaking on the investment, Founder and CEO Rahul Mathur stated, “BimaPe aims to build a hub for all kinds of insurance products where users can seamlessly manage their family’s insurance without any hurdles. We will be utilising the amount raised to develop our product further, strengthen the team and also invest in paid user acquisition for our product.”
Harsha Kumar, General Partner at Lightspeed India Partners added, “Adoption of insurance products by Indian consumers is in its infancy. India’s emerging middle class was forced to interact with online only financial services companies during the pandemic. BimaPe’s emphasis on building a product to guide users to make better insurance decisions has driven strong word of mouth in an otherwise CAC intensive market.”
