Summary
Gurugram-based health insurance claim assistance platform, ClaimBuddy, has secured a substantial $5 million in Series A funding. Led by Bharat Innovation Fund (BIF), with participation from Japanese fund CAC Capital, alongside existing investors Chiratae Ventures and Rebright Partners, this investment marks a significant milestone for ClaimBuddy. Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy aims to streamline the healthcare financing landscape by simplifying the health insurance claim process for patients and hospitals. With partnerships with over 250 hospitals and claims processed for over 35,000 patients, ClaimBuddy plans to utilize the funding to enhance its technology, expand its team and sales network, and introduce new product lines. The successful closure of the Series A funding underscores investor confidence in ClaimBuddy’s innovative solutions and strategic vision, paving the way for further expansion and impact in the healthcare industry.
Bharat Innovation Fund Leads $5 Million Investment in ClaimBuddy’s Series A Round
ClaimBuddy, a Gurugram-based health insurance claim assistance platform, has closed an impressive $5 million Series A funding round led by Bharat Innovation Fund (BIF), with participation from CAC Capital, Chiratae Ventures, and Rebright Partners. This substantial investment is poised to catapult ClaimBuddy’s mission to enhance its technology, grow its team and sales network, and introduce new product lines to serve its expanding network of hospitals.
Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy aims to simplify the complex healthcare-financing landscape by addressing the challenges faced by patients and hospitals during the health insurance claim process. With over 35,000 processed claims totaling more than Rs 500 crore and partnerships with over 250 hospitals across India, ClaimBuddy has already made significant strides in transforming the industry.
Khet Singh Rajpurohit, CEO and Co-founder of ClaimBuddy, expressed optimism about the substantial investment, stating, “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.”
The platform streamlines the claims process, offering cashless and hassle-free experiences for patients and hospitals alike. Ajit Patel, Co-founder of ClaimBuddy, highlighted the platform’s dedication to innovation and service expansion, saying, “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.”
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Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund, commended 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… ClaimBuddy is helping solve this problem and poised to bring a very positive impact in patient experiences across the country,” Raguraman remarked.
The successful closure of ClaimBuddy’s Series A funding not only highlights the platform’s potential for transformative impact in the healthcare industry but also underscores investors’ confidence in its innovative solutions and strategic vision. As ClaimBuddy continues to innovate and expand its presence in the healthcare ecosystem, it aims to further enhance access to quality care for patients across India.
