Health insurance claim assistance platform ClaimBuddy has raised a $5 million, marking the successful closure of its Series A funding. The funding round was led by Bharat Innovation Fund (BIF), and saw participation from Japanese fund CAC Capital, along with existing investors Chiratae Ventures and Rebright Partners.

The fund will help ClaimBuddy advance its technology, expand its team and sales network, and add new product lines for its growing network of hospitals.

Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy aims to find a seamless solution in the healthcare financing space by addressing the challenges faced by patients and hospitals in the health insurance claim process.

Since its inception, ClaimBuddy says it has processed claims for over 35,000 patients, valued at over ₹500 crore, and has established collaborations with 250+ partner hospitals across India.

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

The company looks to simplify the claims process by offering cashless and hassle-free experience for all parties involved.