BimaKavach sells corporate insurance products, mainly targeting small and medium enterprises. It currently has a portfolio of 18 insurance products, broadly categorised into liability, asset, engineering, marine, and group health insurance.
In a statement, the Indore-based startup said that with this, it aims to collect Rs 100 crore in gross written premiums (GWPs) by FY 2024-25.
“By securing this direct business insurance licence, we aim to collect Rs 100 crore in GWP by FY 2024-25 from small and medium enterprises (SMEs) as it will focus on reducing difficulties for first-time buyers and providing tech solutions for larger enterprises to help manage insurance policies better,” Tejas Jain, the founder of BimaKavach, said in the statement.
“This launch has been a three-year journey working with top insurance and reinsurance companies to create industry-specific products. We intend to remove misselling so each business can get the right coverage at the right price,” Jain added.
This development comes at a time when insurtech startups in India are attracting marquee investors to their cap table, reaffirming investor confidence amid robust growth in the sector. For instance, the Delhi NCR-based insurtech startup InsuranceDekho raised $60 million in a recent funding round led by Mitsubishi UFJ Financial Group, with participation by BNP Paribas Cardif, among others.
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Another insurtech startup, Onsurity, raised $24 million last week in a funding round led by the International Finance Corporation (IFC).BimaKavach had raised $2 million in a seed round last year led by WaterBridge Ventures and said it is planning another fundraise in 2024.