Update: ClaimBuddy raises $5 Mn led by Bharat Innovation Fund

Update: ClaimBuddy, a health insurance claim assistance platform, has officially announced that it raised $5 million in Series A round led by Bharat Innovation Fund. The round also saw participation from Japanese fund CAC Capital, and existing investors including Chiratae Ventures and Rebright Partners.

This investment will help ClaimBuddy advance its technology, expand its team and sales network, and add new product lines for its growing network of hospitals, the company said in a press release.

Original story follows:

Health insurance startup ClaimBuddy has raised Rs 24.8 crore ($3 million) from Bharat Innovation Fund. This is the second notable investment for the Gurgaon-based company since its incorporation.

The board at ClaimBuddy has passed a special resolution to allot 10 equity and 2,980 compulsory cumulative preference shares at an issue price of Rs 83,284 each to raise Rs 24.8 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows.

ClaimBuddy streamlines the health insurance claim process for both patients and hospitals by utilizing technology and efficient operations to guarantee smooth and hassle-free claims.

According to its website, the company has managed over 500 crore claims, partnered with 250 plus hospitals, helped more than 35,000 patients, and currently operates in 6 cities.

ClaimBuddy has been backed by Chiratae Ventures, Redbright Partners, Lets Ventures, and Titan Capital. The company raised around Rs 50 crore to date including a $3 million round in February 2022.

Before the fresh proceeds, Chiratae Ventures was the largest external stakeholder with 9.77% followed by Rebright Partners and LetsVenture. Its co-founders Ajit Patel and Khet Singh owned 55.62% of the company.

When it comes to scale, the four-year-old company recorded 1.8X growth in revenue to Rs 6.14 crore in FY23 from Rs 3.36 crore in FY22. It posted Rs 71 lakhs in the fiscal year ending March 2023.

Update: We have updated the headline and story to add more inputs from ClaimsBuddy’s official press release.