Mumbai: Bimaplan, an affordable insurance platform, has raised $500,000 (around Rs 3.62 crore) in seed funding.
Participants in this round include Y Combinator, Dream Incubator, RaSa Future Fund, Finsight Ventures, 2 a.m. Ventures, GSF Accelerator’s Rajesh Sawhney, and Shaadi.com’s Anupam Mittal.
Cred’s Kunal Shah, Jupiter’s Jitendra Gupta, Livspace’s Ramakant Sharma, Innov8’s Ritesh Malik, Roshan Abbas, Pallav Nadhani, Abhishek Rungta, Nisarg Shah, and Sparrow Capital’s Yash Jain, Nimesh Kampani, and Shanti Mohan also participated, Delhi-based Bimaplan said.
The company, operated by Coverplan Technology Pvt Ltd, was set up by Vikul Goyal, who founded Carcrew, a startup that was acquired last year by TVS.
Bimaplan says its products focus on the $5-50 premium range, relevant for low and middle-income segments.
The startup will use the capital it has raised to build out its team as well as focus on product development. It is aiming to achieve a $1 million annual run rate in the next 12 months.