“BimaPe is closing. We’ve had an incredible 10 months building the Wallet product – we’ve had the privilege of speaking with 500+ users, maintaining an organic 30% MoM growth rate for 6+ months and building some industry first features.” Mathur said in a Twitter post.
“After careful consideration and research, we have decided to discontinue our BimaPay platform,” he said.
After careful consideration and research, we have decided to discontinue our InsurancePay platform. We have some… https://t.co/2mIVy5tmMo . Made it
— Verak (@VerakInsurance) 1631691494000
one in
blog postMathur said, “Our team started working on the ‘Verak’ offering in July. We won’t disclose its details until March 2022 or later. The product recently hit a $20,000 monthly net revenue milestone.” crossed.”
Mathur said it was unable to reach its market-product fit (PMF) metrics set in March 2021. “In the three-month window – we fell short of the target for each of these three input metrics, despite executing ~15 changes (one per week),” he said.
Also read tech news of the day
Vehicle leasing has never been big business in India, but in the emerging electric vehicle market, many companies are betting big that it will be a game-changer.
read now
Y Combinator Backed InsurancePay
Last raised $545,000 in one round Led by Lightspeed India Partners, Titan Capital, Iced and Gemba Capital. Founded in 2020 by Rahul Mathur, the startup aims to make insurance easier for working professionals by leveraging India Stack – an ambitious project to build an integrated software platform to bring India’s population into the digital age.