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Friday, March 31, 2023

ClaimBuddy to bolster technology framework with $3M funding

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ClaimBuddy has secured $3 million in a pre-Series A funding round. The startup will use the money to bolster technology framework and boost sales and marketing efforts.

Insurtech startup ClaimBuddy, has bagged INR 21 crore $3 Mn) in a Pre-Series A round of funding led by Chiratae Ventures and Rebright Partners.

Titan Capital and Relentless Ventures, both existing investors, also participated in the investment round.

It should be noted that ClaimBuddy was just accepted into Chiratae Ventures’ inaugural seed investing project, Sonic. The 19 selected firms came from a variety of industries, including consumer technology, SaaS, deeptech, and healthtech.

In addition, ClaimBuddy is an insurtech firm that provides hospitals with digital infrastructure for their patients’ health insurance claims. Khet Singh and Ajit Patel founded the firm in June 2020, claiming to be a one-stop solution for insurance claims processing by combining technology and robust operations.

According to ClaimBuddy, it also provides hospitals and clinicians with technology and funding solutions that increase their operational and financial efficiency by at least 30% while improving the patient experience.

Cofounder of ClaimBuddy, Khet Singh, said, “ClaimBuddy has grown 10x in the last year, and with the financing amount, we look forward to accelerating the company’s work for smoother claim support.” He founded the company during his second year of MBA studies.

Furthermore, Brij Singh, general partner of Rebright Partners, stated that the present in-patient experience is flawed, particularly during claim processing and settlement.

Brij Singh said, “By leveraging their technology and operational skills, ClaimBuddy can improve this by providing a cashless-claim experience at hospitals.”

Meanwhile, numerous healthtech businesses have attracted money in recent months, with some growing to become unicorns. In December of last year, Gurugram-based Pristyn Care raised $96 million in a Series E round led by Sequoia Capital, Tiger Global, Winter Capital, and Eriq Capital, among others. With the finding round, its valuation surpassed $1.4 billion.

Heaps Health, a Mumbai-based AI-driven healthcare business, raised $7.45 million in its Series A round of funding in January of this year. In addition, on February 16, 2022, another healthtech business, Proactive For Her, raised $5.5 million in Series A funding.

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