Summery: ClaimBuddy, a health insurance claim assistance platform based in Gurugram, has secured $5 million in Series A funding, led by Bharat Innovation Fund (BIF). Japanese fund CAC Capital and existing investors Chiratae Ventures and Rebright Partners also participated in the funding round.
Gurugram-based health insurance claim assistance platform, ClaimBuddy, has successfully concluded its Series A funding round with a remarkable $5 million investment. The funding was spearheaded by Bharat Innovation Fund (BIF), with participation from Japanese fund CAC Capital, alongside existing investors Chiratae Ventures and Rebright Partners. This infusion of capital is set to propel ClaimBuddy’s mission to enhance its technology, expand its team and sales network, and introduce new product lines to cater to its expanding network of hospitals.
ClaimBuddy, founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, aims to streamline the healthcare-financing landscape by addressing the challenges encountered by patients and hospitals in the health insurance claim process. Since its inception, ClaimBuddy has processed claims for over 35,000 patients, totaling over Rs 500 crore, and has forged partnerships with more than 250 hospitals across India.
Khet Singh Rajpurohit, CEO and Co-founder of ClaimBuddy, expressed enthusiasm about the significant investment, stating, “…With this significant investment, we are well-positioned to introduce innovative financial tools and scale our operations and continue driving meaningful impact in the healthcare industry.”
The platform simplifies the claims process by offering cashless and hassle-free experiences for all stakeholders involved, aiming to alleviate the challenges faced by patients and hospitals. Ajit Patel, Co-founder of ClaimBuddy, emphasized the platform’s commitment to innovation and service expansion, asserting, “This investment is a testament to the value we bring to the healthcare ecosystem and will fuel our efforts to further innovate and expand our services, ultimately improving access to quality care for patients across India.”
Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund, lauded ClaimBuddy’s efforts in addressing fundamental issues in healthcare financing. “Patients still face very basic problems in their speed of discharge and settlement of a health insurance claim made through the reimbursement mode. With a strong understanding of these challenges in this space, Khet and Ajit are helping solve this problem and having acquired some of the best-known hospital chains in India as customers, are poised to bring a very positive impact in the patient experiences across the country,” Raguraman remarked.
The successful closure of ClaimBuddy’s Series A funding not only underscores the platform’s potential for transformative impact in the healthcare industry but also signifies the confidence of investors in its innovative solutions and strategic vision. As ClaimBuddy continues to innovate and expand its footprint in the healthcare ecosystem, it aims to further enhance access to quality care for patients across India.