BimaPe

BimaPe was an insurtech startup founded in October 2020 by Rahul Mathur. The founder's interest in the insurance sector was deeply personal, stemming from a family health crisis during his childhood that highlighted the critical importance of adequate insurance coverage. This experience, combined with his observations of the more developed insurance market in the UK while studying at the University of Warwick, motivated him to simplify the complexities of insurance for Indian consumers.

The Mumbai-based company, operating under the legal entity Engaged InsureTech Pvt Ltd, aimed to demystify insurance for working professionals. Its core product was a digital platform that allowed users to manage all their family's insurance policies in one place. A key feature was the "Know Your Card" tool, which helped users discover hidden, complimentary insurance benefits tied to their existing debit and credit cards without needing to log in or provide sensitive card details. The platform also offered a policy wallet for a consolidated view of coverage and was developing a "Policy Deconstruction Algorithm" to analyze plans and recommend suitable products. The business model was intended to be direct-to-consumer (D2C), with future plans for a B2B SaaS offering, monetizing through brokerage and licensing fees.

BimaPe gained early traction, securing participation in Y Combinator's winter 2021 cohort and raising $545,000 in a pre-seed funding round led by investors such as Lightspeed, Titan Capital, iSeed, and Gemba Capital. Despite achieving organic monthly growth of 30% and onboarding over 16,000 members to its wallet product, the company shut down its BimaPe offering in September 2021. The founder, Rahul Mathur, cited the failure to achieve product-market fit, stretching the team too thin, and realizing from customer feedback that the user base was more attached to the team than the product itself. Following the shutdown, the team and remaining capital were transitioned to a new insurtech venture named Verak, which focused on SME insurance. Verak was subsequently acquired by InsuranceDekho in April 2023. Keywords: BimaPe, insurtech, insurance management, policy wallet, insurance discovery, Rahul Mathur, Y Combinator, Verak, Engaged InsureTech, Know Your Card, family insurance, India Stack, policy aggregation, pre-seed funding, digital insurance, Lightspeed, Titan Capital, InsuranceDekho acquisition, SME insurance, financial technology