Health Insurance Claim Assistance Platform ClaimBuddy Secures $5 Mn Funding

This funding injection will propel ClaimBuddy to advance its technology, expand its team and sales network, and introduce new product lines.

Gurugram-based ClaimBuddy, a leading health insurance claim assistance platform, has closed its Series A funding round, securing a substantial investment of $5 million.

The round was led by Bharat Innovation Fund (BIF), with participation from Japanese fund CAC Capital, as well as existing investors Chiratae Ventures and Rebright Partners.

This funding injection will propel ClaimBuddy's mission to advance its technology, expand its team and sales network, and introduce new product lines, further enhancing its offerings for hospitals and patients.

Sharing thoughts, Ajit Patel, cofounder, ClaimBuddy, said, "We are incredibly excited about the opportunities that lie ahead for ClaimBuddy. 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."

Addressing Healthcare Financing Challenges

Founded by Khet Singh Rajpurohit and Ajit Patel in 2020, ClaimBuddy aims to streamline the healthcare financing space by addressing the complexities and challenges faced by patients and hospitals in the health insurance claim process.

Inspired by their extensive experience in the healthcare sector and recognizing a critical market gap, the cofounders embarked on their entrepreneurial journey amidst the COVID-19 pandemic.

Since its inception, ClaimBuddy has processed claims for over 35,000 patients, amounting to over 500+ Cr in value. The platform has also forged collaborations with over 250 partner hospitals across India, seeking to establish itself as a trusted partner in the healthcare industry.

Commenting on the health insurance dynamics in India, Khet Singh Rajpurohit, CEO, ClaimBuddy, said, "Our vision for ClaimBuddy has always been to alleviate the burden on both patients and hospitals in navigating complexities of healthcare expenses & health insurance claims. 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."

Ashwin Raguraman, cofounder and partner, Bharat Innovation Fund, highlighted ClaimBuddy’s strong understanding of healthcare challenges and affirmed the fund's commitment to supporting ClaimBuddy's efforts to revolutionize the healthcare ecosystem.

By prioritizing seamless service delivery for both customers and partners, ClaimBuddy aims to reshape the healthcare landscape and set new standards for efficiency and effectiveness in health insurance claims management.

Per the startup, the closing of its Series A funding round signals the start of its subsequent growth and innovation phase. With this investment, ClaimBuddy aims to drive changes in the healthcare sector, potentially impacting patients, hospitals, and stakeholders in India.

In another recent funding development, IIT Hyderabad's Center for Healthcare Entrepreneurship (CfHE) received funding of $9.6 million (about INR 80 Cr) from ESKEYN Ventures and Sushant Kumar, founder of Tanushree Foundation.

The CfHE, a nationally recognized healthcare technology business incubator, aims to accelerate the development and adoption of breakthrough healthcare solutions to address unmet needs and improve patient outcomes. Reportedly, the funding will promote the indigenization of technologies in the healthcare sector.