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Bimaplan, a Y-Combinator-backed InsurTech start-up, has initiated talks to raise $8 million to $10 million in series A fundraise to meet expansion plans.
“Earlier we had raised $3 million in seed round and now plan to raise $8 million to 10 million in the next 3 to 6 months,” said CEO Vikul Goyal.
The firm would utilise the funds to build the right insurance products to reach out more customers and to enhance its technology platform, he said.
“A part of the fund will be used to build the team,” he added.
The firm, which started onboarding users nine months ago, said it had crossed 100,000 users a month ago and now onboarding 50,000 users every month. Mr. Goyal said his objective was to have 1 million users by the end of FY23.
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