BimaPe shuts down, will now focus on new platform Verak

Verak is the new name for BimaPe, a Mumbai-based insurance business. Rahul Mathur, the company's founder, and CEO broke the news on Twitter.

BimaPe shuts down, will now focus on new platform Verak

"BimaPe is about to shut down. We've had an unbelievable 10 months building the Wallet product, having spoken with 500+ consumers, maintaining an organic 30% MoM growth rate for 6+ months, and developing some industry-first features "atures," Mathur wrote on Twitter.

"We have chosen to shut down our BimaPe platform after considerable study and research," he stated.

Mathur wrote in a blog post, "In July, our team began development on the ‘Verak' product. We won't reveal any specifics about it until March 2022 or later. The product has surpassed the $20,000 per month net revenue mark. "

Mathur stated that it was unable to meet its March 2021 market-product fit (PMF) metrics. "Despite implementing 15 adjustments (one per week) over a three-month period, we fell short of the targets for each of these three input metrics," he stated.

Y Combinator-backed BimaPe last raised $545,000 during a spherical light-emitting diode by Lightspeed Republic of India Partners, Titan Capital, iSeed, and Gemba Capital. Based in 2020 and founded by Rahul Mathur, the startup aimed to change insurance for operating professionals by investing in the Republic of India Stack--a bold project to make a unified software platform to bring India's population into the digital age