ClaimBuddy, a health insurance claim assistance platform, has officially announced that it raised $5 million in Series A round led by Bharat Innovation Fund. The round also saw participation from Japanese fund CAC Capital, and existing investors including Chiratae Ventures and Rebright Partners.
This investment will help ClaimBuddy advance its technology, expand its team and sales network, and add new product lines for its growing network of hospitals, the company said in a press release.
Khet Singh Rajpurohit, CEO at ClaimBuddy, said, “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, co-founder and partner of Bharat Innovation Fund, expressed his optimism about ClaimBuddy’s potential to address fundamental issues in the healthcare sector. He stated, “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 the 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, they are poised to make a very positive impact on patient experiences across the country.”
ClaimBuddy was founded by Khet Singh Rajpurohit and Ajit Patel with the aim of finding a seamless solution in the healthcare financing space to address the challenges faced by patients and hospitals in the health insurance claim process. Embarking on the entrepreneurial journey during the COVID-19 pandemic, the co-founders drew inspiration from their prior experiences in the healthcare sector, identifying a critical market gap in efficient claims management.
Since its inception, ClaimBuddy has processed claims for over 35,000 patients, valued at over $500 crore, and has established collaborations with more than 250 partner hospitals across India, according to a company statement.
The funding marks another milestone for ClaimBuddy as it continues to expand its footprint and improve access to quality healthcare services for patients across the country. With a strong foundation and a clear vision for the future, ClaimBuddy is poised to revolutionize the health insurance claim assistance industry, delivering tangible benefits to both patients and healthcare providers alike.