BimaPay Finsure Private Limited, a prominent fintech company operating under the esteemed Mufin Group, has successfully raised $2 million in funding, led by LC Nueva Investment Partners through LC Nueva AIF, a strategic collaboration between Lighthouse Canton and Nueva Capital.
The infusion of fresh capital will be strategically allocated towards scaling BimaPay’s operations, bolstering its technological infrastructure, fortifying partnership distribution channels, and extending its footprint into underserved markets across the country.
BimaPay specializes in offering digital lending solutions with seamless, real-time processes, eliminating the need for manual intervention throughout the entire transaction lifecycle.
Co-founded by Hanut Mehta and Mohit Gupta, alongside Kapil Garg, who serves as the Managing Director of the Mufin Group, BimaPay is committed to leveraging cutting-edge technology to enhance financial inclusion and drive insurance penetration in India.
Commenting on the funding round, Hanut Mehta, Co-founder of BimaPay, expressed enthusiasm about the company’s vision and its potential to transform the insurance landscape through innovation and technology. “This funding not only validates our vision but also fuels our determination to revolutionize the insurance industry through innovation and technology. With this infusion of capital, we will accelerate our growth and make a lasting impact on insurance penetration in India,” said Mehta.
BimaPay offers financing solutions tailored for various sectors, including hospitals, garages, and individual policyholders, facilitating seamless transactions during the interim period between claim approval and disbursement.
LC Nueva AIF, an India-domiciled Category II AIF Fund managed by LC Nueva Investment Partners LLP, serves as the Investment Manager with a corpus of ₹350 crore earmarked for investments in early-stage tech-enabled businesses. LC Nueva Investment Partners LLP represents a strategic partnership between Lighthouse Canton, headquartered in Singapore, and Nueva Capital, based in Delhi.
With the latest funding round, BimaPay is poised to further solidify its position as a pioneering force in the fintech landscape, driving impactful change and innovation within the insurance sector while advancing financial inclusion initiatives across India’s diverse markets.
