BimaPe shuts down, will now focus on new platform Verak

BimaPe, a Mumbai-based insurtech startup, has rebranded itself as Verak. Its founder and CEO Rahul Mathur announced the development on Twitter.

"BimaPe is shutting down. We've had an incredible 10 months building the Wallet product - we had the privilege of speaking with 500+ users, maintained an organic 30% MoM growth rate for 6+ months and built some industry first features," Mathur said in a Twitter post.

"After careful consideration and research, we have decided to shut down our BimaPe platform," he said.



In a blog post, Mathur said, "Our team started working on the ‘Verak’ offering in July. We won’t be disclosing details of the same until March 2022 or later. The product recently crossed the $20,000 monthly net revenue milestone."

Mathur said it was unable to reach its Market-product fit (PMF) metrics set in March 2021. "Over a three month window — we fell short of the targets for each of these three input metrics despite executing ~15 changes (one per week)," he said.

Y Combinator-backed BimaPe last raised $545,000 in a round led by Lightspeed India Partners, Titan Capital, iSeed, and Gemba Capital. Founded in 2020 by Rahul Mathur, the startup aimed to simplify insurance for working professionals by leveraging the India Stack -- an ambitious project of creating a unified software platform to bring India's population into the digital age.