Bimaplan Company Profile

Background

Overview

Bimaplan is an Indian insurtech company founded in 2020, specializing in providing affordable life and health insurance products to underserved populations. Operating under Purple Umbrella Fintech Private Limited, Bimaplan aims to bridge the insurance gap in India by offering contextual insurance solutions tailored to the needs of low- and middle-income households.

Mission and Vision

Bimaplan's mission is to deliver financial security to 150 million vulnerable households in India through accessible and affordable insurance products. The company's vision is to democratize insurance by leveraging digital infrastructure to reach populations traditionally excluded from formal risk protection.

Industry Significance

Operating in the insurtech sector, Bimaplan addresses the significant challenge of low insurance penetration in India, which stands at approximately 3-4% of GDP. By focusing on underserved segments, Bimaplan contributes to enhancing financial inclusion and stability among vulnerable communities.

Key Strategic Focus

Core Objectives

• Financial Inclusion: Provide affordable insurance solutions to underserved populations, enhancing financial security.

• Digital Integration: Utilize digital platforms to distribute insurance products seamlessly.

• Scalability: Develop scalable insurance products that can be easily adapted to various markets.

Areas of Specialization

• Embedded Insurance: Integrate insurance offerings into existing digital platforms, such as e-commerce and financial services.

• Micro-Insurance: Offer low-premium insurance products tailored to the needs of low- and middle-income groups.

Key Technologies Utilized

• UNO Platform: A proprietary SaaS platform that powers insurance distribution, reconciliation, and claims management for partners.

Primary Markets Targeted

• India: Focus on rural and semi-urban areas with low insurance penetration.

• International Expansion: Explore markets in Africa and the Middle East, starting with Zambia.

Financials and Funding

Total Funds Raised

Bimaplan has secured a total of $6 million across multiple funding rounds.

Recent Funding Rounds

• Pre-Series A Round (June 2021): Raised $2.5 million from Amino Capital, Goodwater Capital, Acequia Capital, and EMVC, with participation from angel investors including Gokul Rajaram of DoorDash and Arjun Sethi of Tribe Capital.

• Seed Round (March 2021): Raised $500,000 from Titan Capital, Y Combinator, Dream Incubator, RaSa Future Fund, Finsight Ventures, 2am Ventures, and other individual investors.

Notable Investors

• Orios Venture Partners: Participated in the Pre-Series A round.

• Y Combinator: Participated in the Seed round.

• Finsight Ventures: Participated in the Seed round.

Utilization of Capital

The funds have been utilized for team expansion, product development, and scaling operations to enhance the platform's features and reach.

Pipeline Development

Key Pipeline Candidates

• UNO Platform: A full-stack insurance platform from underwriting to distribution to customer engagement and retention.

Stages of Development

• Product Development: Ongoing enhancement of the UNO platform to support various insurance products.

• Market Expansion: Initiating international programs, starting with Zambia.

Target Conditions

• Life Insurance: Affordable coverage for low- and middle-income individuals.

• Health Insurance: Accessible health coverage tailored to underserved populations.

Anticipated Milestones

• Short-Term: Launch of international programs and onboarding of new partners.

• Medium-Term: Expansion into additional international markets.

• Long-Term: Achieve significant market penetration in target regions.

Technological Platform and Innovation

Proprietary Technologies

• UNO Platform: A SaaS platform that enables seamless insurance distribution, reconciliation, and claims management.

Significant Scientific Methods

• Data Analytics: Utilized to understand customer needs and tailor insurance products accordingly.

• Digital Integration: Embedding insurance offerings into existing digital platforms to enhance accessibility.

Leadership Team

Anurag Mishra – Chief Executive Officer

• Professional Background: Nearly 30 years in global banking and financial services, including roles at the International Finance Corporation (IFC) and Standard Chartered Bank.

• Key Contributions: Leading global expansion efforts and strategic partnerships.

Vikul Goyal – Founder

• Professional Background: Experience as a startup founder and early-stage investor in India.

• Key Contributions: Focus on product innovation and strategic partnerships.

Chandan Mittal – Chief Technology Officer

• Professional Background: Experience with software engineering teams at Amazon, ShareChat, and Udaan.

• Key Contributions: Overseeing the development and enhancement of the UNO platform.

Gaurav Jindal – Chief Operating Officer

• Professional Background: Experience with strategic operations and business development at Apple Inc.

• Key Contributions: Managing day-to-day operations and scaling business processes.

Leadership Changes

Appointment of Anurag Mishra as CEO

• Date: August 2025

• Predecessor: Vikul Goyal

• Reason: To drive global expansion and operational excellence.

Competitor Profile

Market Insights and Dynamics

• Market Size: The global insurtech market was valued at $15.56 billion in 2024 and is projected to reach $19.06 billion in 2025.

• Growth Potential: Significant opportunities exist in emerging markets with low insurance penetration.

Competitor Analysis

• BIMA: Offers mobile-delivered health and insurance solutions in emerging markets.

• MicroEnsure: Provides insurance products tailored for low-income individuals in emerging markets.

Strategic Collaborations and Partnerships

Credit Wise Capital

• Partnership Details: Collaborated to offer easy insurance on two-wheeler loans, integrating lending and insurance services.

Zingbus

• Partnership Details: Integrated real-time travel insurance into the Zingbus platform, enhancing customer experience.

Operational Insights

Strategic Considerations

• Market Position: Focus on underserved segments in India and emerging markets.

• Competitive Advantages: Proprietary technology platform, strategic partnerships, and a scalable business model.

Strategic Opportunities and Future Directions

Expansion Plans

• International Markets: Expand into Africa and the Middle East, starting with Zambia.

• Product Diversification: Develop additional insurance products tailored to various market needs.

Future Objectives

• Market Penetration: Achieve significant market share in target regions.

• Financial Inclusion: Enhance financial security for underserved populations globally.

Contact Information

• Official Website: Bimaplan official website

• Social Media Profiles:

• LinkedIn: Bimaplan

• Twitter: @Bimaplan