Indore-based business insure-tech startup BimaKavach has raised $2 million in a seed funding round led by WaterBridge Ventures, along with investments from Blume Ventures, Arali Ventures, and Eximius Ventures.
The startup plans to utilize these funds to invest in its proprietary risk management technology, design new-age business risk covers and scale business and teams.
“We want to fix commercial insurance from scratch by building suitable startup & SME-focused insurance products, automating risk assessment and pricing tools for commercial risks in order to reach a large number of businesses,” said Tejas Jain, founder of the Indore-based startup.
Founded in 2021 by Jain, BimaKavach is aimed at making business insurance simple and transparent for start-ups and small-medium-enterprises (SMEs). Its platform is designed to reduce the steps in this process by allowing businesses discover, buy and manage insurance online.
It deploys a short survey format to understand startups’ insurance needs, reducing turnaround time for insurance quotes.
Some of its key clients include CleverTap, CoinDCX, FinBox, Rama Phosphates, among others.
The Bangalore-based healthtech startup plans to use the funds, raised through EvolveX, a global accelerator programme run by We Founder Circle, to accelerate its clinical research study.
Humors Tech was founded in 2021 by Ankur Jaiswal, Suchita Kanaldekar, and Pushkar Bhagwat, and is centred around combining artificial intelligence (AI), deep tech and internet-of-things (IoT) with clinical research.
Its primary product offering includes a health screening device that helps in routine monitoring and detecting onset of certain diseases.
“Seeing Humors Tech's capabilities to be a game changer in this sector, we are excited to have invested in the start-up and we pledge to endorse its mission in all aspects,” said, Neeraj Tyagi, co-founder, We Founder Circle.