ClaimBuddy Raises USD 5 Mn in Series A Led by Bharat Innovation Fund The Gurugram-based startup aims to deploy the raised funds to advance its technology, expand its team and sales network, and add new product lines for its growing network of hospitals.
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Health insurance claim assistance platform ClaimBuddy announced the raising of USD 5 million in Series A led by Bharat Innovation Fund. Along with existing backers Rebright Partners and Chiratae Ventures, the Japanese fund CAC Capital also participated in the round.
In 2022, it raised USD 3 million in pre-Series A from Chiratae Ventures and Rebright Partners.
According to the official release, the startup aims to deploy the raised funds to advance its technology, expand its team and sales network, and add new product lines for its growing network of hospitals.
Khet Singh Rajpurohit, CEO at ClaimBuddy, said, "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."
"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," added Ajit Patel, Co-founder of ClaimBuddy.
Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy seeks to solve the difficulties hospitals and patients encounter while filing health insurance claims in order to provide a seamless solution in the healthcare finance market.
The platform claims that it has assisted over 35,000 patients, partnered with over 250 hospitals, managed over 500 crore claims, and is presently operational in six cities.
Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund, said, "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 in this space, Khet and Ajit are helping solve this problem, and having acquired some of the best known hospital chains in India as customers, are poised to bring a very positive impact in the patient experiences across the country. We look forward to providing a tailwind to their efforts."
