BimaPay Finsure Private Limited, a fintech company under the Mufin Group umbrella, has raised $2 million, led by LC Nueva Investment Partners through LC Nueva AIF, a joint venture between Lighthouse Canton and Nueva Capital.
The freshly raised capital will be utilized in scaling its operations, enhancing its technology infrastructure, strengthening the partnership distribution and expanding its reach to underserved markets.
BimaPay provides digital lending with real-time processes. The entire process is done without any manual intervention.
Co-founded by Hanut Mehta and Mohit Gupta along with Kapil Garg who’s the MD of the Mufin Group, BimaPay aims to increase insurance penetration in the country using financial inclusion with the help of cutting-edge technology.
This funding not only validates our vision but also fuels our determination to revolutionize the insurance industry through innovation and technology. With this infusion of capital, we will accelerate our growth and make a lasting impact on insurance penetration in India”, said Hanut Mehta Co-founder, BimaPay.
BimaPay claims to provide financing solutions for hospitals, garages, and individual policyholders, facilitating the interim period between claim approval and disbursement.
LC Nueva AIF is an India-domiciled Category II AIF Fund, where LC Nueva Investment Partners LLP is the Investment Manager, with ₹350 crore corpus to invest in early-stage tech-enabled businesses. LC Nueva Investment Partners LLP is a partnership between Singapore-based Lighthouse Canton and Delhi-based Nueva Capital.
(Inputs from BL intern Meghna Barik)