ClaimBuddy, a health insurance claim assistance platform, has successfully concluded its Series A funding round, raising $5m.
The investment was spearheaded by Bharat Innovation Fund (BIF) and included contributions from Japanese fund CAC Capital, as well as previous backers Chiratae Ventures and Rebright Partners, according to a report from The Hindu Business Line.
Established in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy is designed to streamline the health insurance claim process, a frequent bottleneck in healthcare financing. The platform addresses the critical challenges faced by patients and hospitals, enhancing the efficiency and experience of medical claims.
The newly acquired funds are earmarked for advancing ClaimBuddy’s technology, enlarging its team, expanding its sales network, and introducing new product lines. This development comes as part of the company’s strategy to enrich its connections with a growing network of over 250 partner hospitals across India.
Reflecting on the investment, ClaimBuddy CEO Khet Singh Rajpurohit shared, “Our vision for ClaimBuddy has always been to alleviate the burden on both patients and hospitals in navigating complexities of healthcare expenses & health insurance claims. With this significant investment, we are well-positioned to introduce innovative financial tools & scale our operations and continue driving meaningful impact in the healthcare industry.”
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