Bimaplan raises $3.5mm funding to disrupt digital insurance distribution in India
EMVC portfolio company and B2B embedded insurance platform, Bimaplan, raised $3.5mm in its Pre-Series A round led by Orios Venture Partners.
Through its embedded insurance platform, Bimaplan is enabling financial services companies and consumer internet businesses to offer insurance to their partners and end consumers. Notably, India has a very low insurance penetration at 4% of GDP and 400mm adults in the country do not have access to any type of insurance.
“The latent demand for insurance is growing, given the large young workforce and an expanding middle class. With this new funding, we endeavour to build a sustainable and profitable distribution network, removing inefficiencies across the value chain with our strong technology suite,” said Vikul Goyal, founder and CEO at Bimaplan.