Credit: Hadayeva Sviatlana/Shutterstock.

Insurtech ClaimBuddy has closed its Series A funding round and garnered $5m in investment.

The funding for ClaimBuddy was led by BIF and also witnessed participation from Japanese fund CAC Capital. Existing investors Chiratae Ventures and Rebright Partners also participated.

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ClaimBuddy will use the funding to advance its technology, expand its team and sales network, and add new product lines for its growing network of hospitals.

Since its inception, ClaimBussy has processed claims for over 35,000 patients and has established collaborations with over 250 partner hospitals across India.

Khet Singh Rajpurohit, CEO at ClaimBuddy, stated: “Our vision for ClaimBuddy has always been to alleviate the burden on both patients and hospitals in navigating complexities of healthcare expenses & health insurance claims. With this significant investment, we are well-positioned to introduce innovative financial tools & scale our operations and continue driving meaningful impact in the healthcare industry.

Ajit Patel, co-founder at ClaimBuddy, continued: “We are incredibly excited about the opportunities that lie ahead for ClaimBuddy. This investment is a testament to the value we bring to the healthcare ecosystem and will fuel our efforts to further innovate and expand our services, ultimately improving access to quality care for patients across India.”

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Ashwin Raguraman, co-founder and partner, Bharat Innovation Fund, added: “Patients still face very basic problems in their speed of discharge and settlement of a health insurance claim made through the reimbursement mode. With a strong understanding of thie challenges in this space, Khet and Ajit are helping solve this problem and having acquired some of the best known hospital chains in India as customers, are poised to bring a very positive impact in the patient experiences across the country. We look forward to provide a tailwind to their efforts.”