The idea of 24-year-old Khet Singh, an MBA second-year student at Insurtech startup ClaimBuddy, IIM Bangalore, has raised undisclosed sums in the seed funding round led by other marquee groups of investors such as Titan Capital and LV Angel Fund. First check, and a few different angels. With the latest capital inflows, the company will focus on business expansion and technology investment across India.
ClaimBuddy serves as a one-stop solution for assisting health insurance claims to patients and hospitals, utilizing technology to create an ecosystem to ensure hassle-free insurance claim processing and providing simple yet powerful processes and a set of operations.
The startup has so far partnered with over 50 partner hospitals to handle their health insurance claims across Delhi-NCR, Bangalore and Mumbai at a cost of processed claims worth Rs 15 crore. ClaimBuddy includes medical claims professionals who assess medical insurance to resolve doubts and provide medical coverage assistance.
More than 90% of Indian hospitals do not have the technology and domain expertise required to manage privately-owned companies and insurance, resulting in the delay or reduction and rejection of health insurance claims.
The startup’s 20-person team is made up of software professionals, doctors, and medical specialists. The company claims to be profitable and to have processed more than 15 crores in claims with approximately 50 partner hospitals in Delhi-NCR, Bengaluru, and Mumbai. The seed investment round was led by Titan Capital and other notable investors such as LV Angel Fund and First Cheque, and it raised an unknown amount.
ClaimBuddy has raised $3 million (INR 21 crore) in pre-series A funding. Chiratae Ventures and Rebright Partners co-led the investment. Existing investors such as Titan Capital and Relentless Ventures, as well as other private investors, took part in the round.
IIMB incubators
The incubators at IIMB are transforming not only students but also instructors and other personnel into entrepreneurs. Singh owes his start-rapid up’s success to his entrepreneurial education at IIMB as well as lessons learned from his past work experience in the healthcare industry.
Access to cash is critical for bringing ideas from the classroom to the marketplace. Kshitij Saxena, Professor of Entrepreneurship and Venture Capital, became ClaimBuddy’s first angel investor. He emphasises that the organisation has already engaged several personnel to handle a large number of paying consumers.
Industry
Technology
Life & Health Insurance
Insurance
Healthcare
Health Care Facilities & Hospitals
