Y Combinator-backed insurtech startup Bimaplan (COO) on Monday said it appointed Hemant Tathod as chief operating officer with effect from 21 November, 2022.
Tathod - former business head and founding team member of fintech player Niyo Bharat - will be responsible for leading operations towards growth, as he focuses on scaling the startup to enable faster delivery of solutions to partners.
"I wish to take Bimaplan's vision forward of creating an efficient insurance platform for the country so as to make a significant impact on the lives of financially underserved Indians,” said Tathod in a statement.
He comes with more than two decades of banking and startup experience. Prior to this, At Niyo Bharat, He led business growth and revenue generation strategies for over five years prior to joining Bimaplan.
Founded in November 2020 by Vikul Goyal, Bimaplan raised $2.5 million in pre-Series A round in June 2021. Prior to that, in March 2021, the startup bagged $500,000 in a seed round from investors such as Y Combinator, FinSight Ventures, Kunal Shah of Cred and Jitendra Gupta of Jupiter, among others.
The company helps drive insurance adoption through its full-stack embedded insurance platform, allowing businesses to distribute relevant insurance products to their customers.
"Most recently, Hemant has led and scaled Niyo Bharat to becoming one of the leading neobanks in India. His understanding of the Indian consumer will help Bimaplan get closer to its goal of providing financial security to the underserved middle-income segment in India,” said Goyal said in a statement.
Bimaplan provides financial security to underserved Indian households through relevant insurance products. It has created customised products for the lower-to-middle income segment.