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ClaimBuddy bags new investment from Bharat Innovation Fund

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Health insurance startup ClaimBuddy has raised Rs 24.8 crore ($3 million) from Bharat Innovation Fund. This is the second notable investment for the Gurgaon-based company since its incorporation. The board at ClaimBuddy has passed a special resolution to allot 10 equity and 2,980 compulsory cumulative preference shares at an issue price of Rs 83,284 each to raise Rs 24.8 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. ClaimBuddy streamlines the health insurance claim process for both patients and hospitals by utilizing technology and efficient operations to guarantee smooth and hassle-free claims. According to its website, the company has managed over 500 crore claims, partnered with 250 plus hospitals, helped more than 35,000 patients, and currently operates in 6 cities. As per startup data intelligence platform TheKredible, the company has been valued at $22 million (post-allotment). ClaimBuddy has been backed by Chiratae Ventures, Redbright Partners, Lets Ventures, and individuals like Rohit Bansal and Kunal Bhal. The company raised around Rs 50 crore to date including a $3 million round in February 2022. Before the fresh proceeds, Chiratae Ventures was the largest external stakeholder with 9.77% followed by Rebright Partners and LetsVenture. Its co-founders Ajit Patel and Khet Singh owned 55.62% of the company. When it comes to scale, the four-year-old company recorded 1.8X growth in revenue to Rs 6.14 crore in FY23 from Rs 3.36 crore in FY22. It posted Rs 71 lakhs in the fiscal year ending March 2023.