On Saturday, ClaimBuddy, the platform providing assistance with health insurance claims, announced the successful completion of its Series A funding round, securing $5 million in investment. Leading this funding round was BIF (Bharat Innovation Fund), with participation from Japanese fund CAC Capital, alongside existing investors such as Chiratae Ventures and Rebright Partners. This injection of capital will enable ClaimBuddy to advance its technological infrastructure, bolster its team and sales network, and introduce new product lines to cater to its expanding network of hospitals.
Founded by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy aims to provide a seamless solution in the healthcare financing sector, addressing the challenges encountered by patients and hospitals in the health insurance claim process. Embarking on their entrepreneurial journey amidst the Covid-19 pandemic, the co-founders drew inspiration from their prior experiences in the healthcare industry, recognizing a critical market gap in efficient claims management. Since its inception, ClaimBuddy has processed claims for over 35,000 patients, totaling over 500+ Crores, and has forged partnerships with more than 250 hospitals across India.
Khet Singh Rajpurohit, CEO at ClaimBuddy said in a statement, “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.”
Ajit Patel Co-founder ClaimBuddy, said in a statement, “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.”
In a statement, Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund, expressed, “Patients continue to encounter fundamental issues regarding the speed of discharge and settlement when making health insurance claims through reimbursement. With a keen awareness of these challenges within this domain, Khet and Ajit are actively addressing this issue. By securing partnerships with some of India’s most reputable hospital chains, they are positioned to significantly enhance patient experiences nationwide. We eagerly anticipate providing support to their endeavors.”
