ClaimBuddy simplifying the health insurance claim process raises $5M in funding

ClaimBuddy, a platform designed to assist with health insurance claims, has raised $5 million in a Series A funding round led by Bharat Innovation Fund (BIF), with participation from Japanese fund CAC Capital and existing investors Chiratae Ventures and Rebright Partners.

Simplifying the health insurance claim process

Founded by Khet Singh Rajpurohit and Ajit Patel during the COVID-19 pandemic, ClaimBuddy aims to simplify the health insurance claim process for patients and hospitals.

The startup emerged from the founders' previous experiences in the healthcare sector, identifying a crucial gap in efficient claims management. It aims to alleviate the burdens associated with healthcare expenses and insurance claims.

Impact and growth since inception

Since its inception, ClaimBuddy has impacted the healthcare sector by processing claims for over 35,000 patients, totalling more than Rs 500 crore. The startup has also established partnerships with over 250 hospitals across India to improve patient care and streamline hospital operations.

Future plans and expansion

With the fresh capital injection, ClaimBuddy plans to advance its technology, expand its team, and increase its sales network.

Additionally, the funding will enable the introduction of new product lines to support the growing network of partner hospitals. These initiatives are aimed at introducing innovative financial tools and scaling operations to further enhance the impact on the healthcare industry.

Leadership comments

Khet Singh Rajpurohit, CEO of ClaimBuddy, expressed enthusiasm about the future, stating, "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."

Co-founder Ajit Patel added, "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."

Ashwin Raguraman, Co-founder and Partner of Bharat Innovation Fund, highlighted the ongoing challenges in the health insurance claim process and commended the founders for their efforts, stating, "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 provide a tailwind to their efforts," Raguraman added.