ClaimBuddy, a leading health insurance claim assistance platform based in Gurgaon, has secured a significant investment of $5 million in a Series A funding round led by the Bharat Innovation Fund. This latest infusion of capital marks a pivotal moment for the four-year-old startup, signalling its continued growth and market expansion.
The funding round also saw participation from prominent investors such as Japanese fund CAC Capital, alongside existing backers Chiratae Ventures and Rebright Partners. ClaimBuddy plans to utilize the funds to bolster its technological infrastructure, expand its team and sales network, and introduce new product lines to cater to its growing network of hospitals.
The company’s mission is to simplify and expedite the health insurance claims process for both patients and healthcare providers through innovative technology and efficient operations. With over 500 crore claims processed, partnerships with more than 250 hospitals, and assistance provided to over 35,000 patients across six cities, ClaimBuddy has emerged as a trusted ally in the healthcare ecosystem.
Before this latest funding round, ClaimBuddy had raised approximately Rs 50 crore, including a $3 million investment in February 2022. With this influx of capital, ClaimBuddy aims to solidify its position as a market leader further and drive continued innovation in the health insurance sector.
Co-founders Ajit Patel and Khet Singh expressed their excitement about the company’s prospects, highlighting their commitment to revolutionizing the health insurance industry and improving accessibility and efficiency for all stakeholders involved. ClaimBuddy’s impressive growth trajectory, with revenue soaring 1.8X to Rs 6.14 crore in FY23 from Rs 3.36 crore in FY22, underscores its potential to bring about meaningful change in the healthcare landscape.
As ClaimBuddy embarks on this new chapter of expansion and innovation, it remains dedicated to its core mission of empowering individuals and healthcare providers with seamless and hassle-free access to health insurance benefits.
