The insurtech plans to use the latest funding to enhance the features and scalability of its technology platform. Credit: I Believe I Can Fly/ shutterstock.com.

Bimaplan, an insurtech start-up backed by Y Combinator, has raised $3.5m (Rs291.49m) in its pre-Series A funding round, reported the Financial Express.

Led by Orios Venture Partners, the funding round brings Bimaplan’s total funding to $6m.

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The latest round was also joined by existing investors Finsight Ventures and 2am VC.

Founded in 2020 by Vikul Goyal, Bimaplan provides an embedded insurance platform designed to help insurers create insurance offerings for customers from low-income and middle-income segments, reported Inc42.

The insurtech plans to use the latest funding to enhance the features and scalability of its technology platform, as well as launch new products.

To extend its distribution network, Bimaplan is planning to expand its existing channels and introduce new verticals.

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Bimaplan founder and CEO Vikul Goyal was quoted by the Financial Express as saying: “With this new funding, we endeavour to build a sustainable and profitable distribution network, removing the inefficiencies across the value chain with our strong technology suite.”

Bimaplan facilitates the incorporation of rural and semi-urban customer-focused organisations as channel partners.

Bimaplan anticipates the Indian insurance market will witness a steady 15% annual growth over the coming decade. This is driven by technology adoption, increased awareness and favourable regulatory developments.

Additionally, the Insurance Regulatory and Development Authority of India has set a target of achieving insurance coverage for all by 2047.

Orios Venture Partners partner Sukhmani Bedi said: “Insurance penetration in India has been historically low compared to the West, presenting a massive opportunity.

“However, building insurance products for the semi-urban population belonging to tier-two towns and above has proved to be challenging with online channels accounting for just 2% of the premiums collected.”