Finally, after two rounds of discussions and a secret voting, ClaimBuddy emerged as the winner, edging out aerospace and urban mobility startup Khageshvara.
ETtechThe startup that provides digital infrastructure to hospitals for processing insurance claims and assists patients in getting faster pay-outs was praised for its mission to improve a massive pain point for users.
There is immense potential to streamline the claims process in India and ClaimBuddy is making inroads in doing just that, said one of the jury members as the nominees were discussed. Another member personally vouched for the company, as juror had used the platform for claims processing.
“We have three people in our company to support people with claims processing, and it’s a lot of paperwork … this is a long process and bridging the gaps in the value chain can be game changing,” said a third juror.
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Typically, the insurance industry includes third-party administrators who work with insurance firms for claims processing. However, there is no such interface available for hospitals and patients. ClaimBuddy, whose competitors include ClaimTherapist and BimaGarage, is focused on addressing this gap in the insurance chain.
Two other contenders in the category were praised for their business idea but eventually were passed over for being in very early stages of implementation.
ClaimBuddy cofounder Khet Singh Rajpurohit, a Delhi University alumnus, began his career with Urban Company, later having a stint at healthcare startup PristynCare before signing up for an MBA at IIM-Bangalore. In his second year on campus, he began work on a venture aimed at solving the logjam in health insurance processing and teamed up with a former colleague, Ajit Patel, who is now his cofounder.
The Gurugram-based startup, which works with more than 125 hospitals, has so far processed claims worth over Rs 180 crore from around 15,000 patients. Valued at $23 million as of April this year, its investors include Bharat Innovation Fund, Chiratae Ventures, Rebright Partners and Titan Capital.
“Our business model, which focuses on assisting patients and healthcare providers with the health insurance claims process, has always been driven by a commitment to improving efficiency and accessibility in healthcare,” said cofounder Rajpurohit. “Being acknowledged by such a prestigious jury not only validates our approach but also highlights the importance of our mission in the industry,” he added.
In the coming months, the company plans to test some new product offerings, and continue to partner with large hospital chains. Besides Khageshvara Aviation Technology, the other startups in the category were fuel-aggregator platform Nawgati, cleantech startup Yotuh Energy and Culture Circle, a luxury marketplace for sneakers, watches and streetwear.
Other contenders
Khageshvara Aviation Technology
ETtech(From left), Shayandeep Das, Ritvik Yadav
It develops vertical takeoff and landing (VTOL) aircraft, and its technology utilises electric power, offering a cleaner and more sustainable transportation solution, tracking global efforts to reduce carbon footprint and combat climate change.
Nawgati
ETtechFrom left) Aryan Sisodia, Vaibhav Kaushik & Aalaap Nair
Nawgati is a one-stop fuel aggregator platform focused on compliance management and congestion monitoring needs. It helps navigate pain points for B2B clients such as Indraprastha Gas, Torrent Gas and Mahanagar Gas, as well as B2C (general public and fleet operators).
Culture Circle
ETtechFrom left, Devansh Jain Nawal and Ackshay Jain
Culture Circle is a marketplace for luxury products that allows users to compare prices between verified sellers of authenticated sneakers, t-shirts, streetwear and watches. Besides popular brands like Jordans and Yeezys, it also offers other streetwear brands.
Yotuh
ETtechFrom left, Vivek Sudhir Mahindrakar, Shaivee Malik, Dharmik Rambhai Bapodara
Yotuh is a clean tech startup electrifying refrigeration systems for cold chain logistics. It aims to make cold chain transportation accessible, affordable, and sustainable to curb food loss and improve livelihoods.