Startup Bangladesh invests in Bimafy

Published : 08 Dec 2022 07:54 PM | Updated : 08 Dec 2022 07:54 PM

Startup Bangladesh Limited, the flagship venture capital company of the ICT Division invested in Bimafy, the Digital Insurance platform in Bangladesh. This platform enables customers to avail insurance services through an online platform in Bangladesh. 

An agreement was signed on 7th December 2022, Wednesday between the organizations in Dhaka to invest BDT 1 crore. 

The agreement was signed in the presence of Mr. N M Zeaul Alam PAA, Chairman of the Board of Directors of Startup Bangladesh & Senior secretary of ICT division. MD. Moinul Kabir Board Member of Startup Bangladesh and Secretary, Legislative and Parliamentary Affairs Division; Ranajit Kumar, Executive Director, Bangladesh Computer Council and Board Member of Startup Bangladesh, Managing Director of Startup Bangladesh Mr. Sami Ahmed, Head of Portfolio Investment Hasan A. Arif and Chairman of Bimafy Arnab Paul and Managing Director of Bimafy Alvi Nizam Nafi and other stakeholders were present on the occasion. 

Since 2019, Bimafy has been working on digitalization of insurance service facilities to ensure global standard customer service in the insurance sector. Customers can choose and buy health insurance, accident insurance, travel insurance and motor insurance from insurance companies of their choice on the Bimafy app and website. Bimafy also works closely with multiple companies to provide a variety of corporate solutions. In addition to providing digital insurance services to more than 400,000 customers, Bimafy has set an exemplary standard in settling health insurance claims with innovative micro insurance products. 

Startup Bangladesh is the flagship venture capital company of ICT Division. Under the visionary guidance of Honorable Prime Minister Sheikh Hasina, Startup Bangladesh - the first and only venture capital company funded by the government of the People's republic of Bangladesh started its journey in March 2020 with an allocated capital of BDT 500 crore. In this effort to enable the nation to innovate faster, Startup Bangladesh has decided to invest 1 crore BDT in Bimafy after recognizing the potential of this Digital Insurance service platform pioneer. 

Startups could play a crucial role in addressing the market needs, which will serve as the foundation for far-reaching consequences in the GDP’s overall growth. The tech-solutions provided by startups could support the nation’s achieving Smart Bangladesh Vision. To support these innovative Startups, the Government has established Startup Bangladesh venture Capital company. I hope Bimafy will make a remarkable impact in the industry with this investment.,” said Honorable State Minister for the ICT Division Mr. Zunaid Ahmed Palak, MP, on the occasion. 

“The work that Bimafy is doing in the insurance industry is highly commendable and the investment from Startup Bangladesh on Bimafy will help it to reach out to more customers. I hope that they will be able to make a deep impact in Smart Bangladesh implementation as a Startup. The ICT Division is working diligently in changing policies that assist the emerging and growing startups in many aspects.” mentioned NM Zeaul Alam PAA, Senior Secretary, ICT Division and Chairman of the Board of Directors of Startup Bangladesh.