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.
Healthcare Startup ClaimBuddy Raises $5 Million to Simplify Health Insurance Claim Process
Gurugram-based health insurance claim assistance platform, ClaimBuddy, has marked a significant milestone with the successful closure of its Series A funding round, raising a noteworthy $5 million. Led by Bharat Innovation Fund (BIF), this funding round also saw participation from Japanese fund CAC Capital, as well as existing investors Chiratae Ventures and Rebright Partners.
Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy is on a mission to simplify the healthcare-financing landscape by tackling the challenges encountered by patients and hospitals in the health insurance claim process. With this latest investment, ClaimBuddy is poised to enhance its technological capabilities, expand its team and sales network, and introduce new product lines to cater to its growing network of hospitals.
Since its inception, ClaimBuddy has facilitated the processing of claims for over 35,000 patients, totaling over Rs 500 crore, and has established partnerships with more than 250 hospitals across India. The platform aims to streamline the claims process, offering cashless and hassle-free experiences for patients and hospitals alike.
Expressing his excitement about the significant investment, Khet Singh Rajpurohit, CEO and Co-founder of ClaimBuddy, stated, “…With this significant investment, we are well-positioned to introduce innovative financial tools and scale our operations and continue driving meaningful impact in the healthcare industry.”
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Ajit Patel, Co-founder of ClaimBuddy, emphasized the platform’s commitment to innovation and service expansion, asserting, “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.”
Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund, praised 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…” he remarked.
The successful closure of ClaimBuddy’s Series A funding not only underscores the platform’s potential for transformative impact in the healthcare industry but also signifies the confidence of investors in its innovative solutions and strategic vision. As ClaimBuddy continues to innovate and expand its footprint in the healthcare ecosystem, it aims to further enhance access to quality care for patients across India.
