Insurtech start-up BimaKavach which received a direct insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI) has surpassed a sum insured value of 15,000 crores.  

The company aims to expand its client base by 5X in FY 2024, it added in its statement.  

“It has secured over 1000 clients. With a focus on simplicity, digitisation, and transparency, BimaKavach aims to eliminate the complexities associated with insurance for Indian businesses in the SME, and start-ups customising according to their needs,” the statement added.   

The start-up adopts a phygital model, combining physical and digital elements to improve client accessibility. Specialising in managing claims related to cyber-attacks, disputes, damages from fire and natural disasters, and accidents in engineering projects, the company obtained an IRDAI license, enabling it to offer a range of insurance products tailored to the needs of businesses across India.    

Tejas Jain, founder of BimaKavach, stated, "In today's landscape, insurance has become a necessity. In India, nearly 95 per cent of startups and MSMEs are uninsured. Every enterprise, from seed-funded start-ups to large conglomerates, requires comprehensive business insurance to shield against unforeseen circumstances hindering their growth journey. With a clear vision and unwavering dedication, BimaKavach aims to continue simplifying business insurance for Indian startups, SMEs, and enterprises. Our focus on transparency, innovation, and client satisfaction propels us toward becoming a trusted partner for businesses across India."    

In 2022, the company raised $2 million in funding from prominent investors such as WaterBridge Ventures, Blume Ventures, Arali Ventures, and Eximius Ventures. In addition, the company has strategic plans for a Series A fundraising round in 2024, as per the reports.