Healthtech startup ClaimBuddy has successfully raised $3 million in their pre-Series A funding round co-led by Chiratae Ventures and Rebright Partners. Previous investors Titan Capital & Relentless Ventures along with some angel investors also participated in the round. The funds were used in the domains of sales, technology and marketing.
Started by IIM Banglore alumni, Khet Singh and Ajit Patel, the venture provides a digital infrastructure to hospitals to help process the patient’s insurance claims. The startup claims to leverage technology to act as a one-stop solution for processing insurance cover.
The company claims to have so far helped process claims worth more than Rs 100 crore for over 7200 patients. They had previously raised an undisclosed seed fund from Titan Capital and LV angel fund, First Cheque and a few angel investors. Since their inception, they have partnered with more than 125 hospitals in more than 6 cities. In the past year, they saw a 10x growth and would the current funds to smoother the process.
Over 90% of hospitals in India are individually owned. They usually lack the required technology and domain expertise to manage insurance. This often results in delays, deductions or worse rejections of the patients’ health insurance claims.