In 2022, BimaKavach raised $2 million in a seed round led by WaterBridge Ventures, with participation from Blume Ventures, Arali Ventures, and Eximius Ventures to be utilized for designing new-age business risk covers, investing in proprietary risk management technology, and scaling the business and teams. It is now planning for a series A fundraiser in 2024

Bengaluru:

Insurtech BimaKavach has secured a direct insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI).

In 2022, BimaKavach raised $2 million in a seed round led by WaterBridge Ventures, with participation from Blume Ventures, Arali Ventures, and Eximius Ventures to be utilized for designing new-age business risk covers, investing in proprietary risk management technology, and scaling the business and teams. It is now planning for a series A fundraiser in 2024.

BimaKavach’s platform digitizes and provides instant quotes for products like cyber and crime insurance to enable smoother online purchases and serviceability. The platform now features 18 insurance products, broadly categorized into liability, asset, engineering, marine, and group health insurance.

Tejas Jain, the founder of BimaKavach stated, ““By securing this direct business insurance license, we aim to collect 100 crore in gross written premium (GWP) by FY 2024-25. from Small and medium enterprises (SMEs) as it will focus on reducing difficulties for first-time buyers and providing tech solutions for larger enterprises to help manage insurance policies better” he further added.