Health insurance claim assistance platform ClaimBuddy has raised a $5 million investment, 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 has claimed to process 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 & 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,” said Khet Singh Rajpurohit, CEO at ClaimBuddy.

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

“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 these 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,” said Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund.