Fintech Start-up BimaPay Secures USD 2 Mn To Enhance Digital Lending & Expand Market Reach

New Delhi, May 15 (KNN) BimaPay Finsure Private Limited, a fintech start-up under the Mufin Group umbrella, has secured USD 2 million in funding led by LC Nueva Investment Partners through LC Nueva AIF.

The freshly raised capital will be utilised to bolster BimaPay's operations, enhance its technology infrastructure, strengthen partnership distribution, and expand its reach to underserved markets.

Co-founded by Hanut Mehta, Mohit Gupta, and Kapil Garg (MD of Mufin Group), BimaPay is a digital lending platform that provides real-time, automated lending processes without manual intervention.

The start-up aims to increase insurance penetration in India through financial inclusion, leveraging cutting-edge technology.

Hanut Mehta, Co-founder of BimaPay, expressed enthusiasm about the funding, stating, "With this infusion of capital, we will accelerate our growth and make a lasting impact on insurance penetration in India."

BimaPay claims to offer financing solutions for hospitals, garages, and individual policyholders, facilitating the interim period between claim approval and disbursement.

The company's digital lending platform streamlines the lending process, making it more accessible and efficient.

The funding round was led by LC Nueva AIF, an India-domiciled Category II AIF Fund managed by LC Nueva Investment Partners LLP, a joint venture between Singapore-based Lighthouse Canton and Delhi-based Nueva Capital.

LC Nueva AIF has a corpus of Rs 350 crore to invest in early-stage tech-enabled businesses.

(KNN Bureau)