CapitalSG acquires majority stake in a digital health and insurance company
As part of the investment, BIMA MILVIK's holding company has relocated from Sweden to Singapore.
Global digital health and insurance company, BIMA MILVIK, has been acquired by CapitalSG, a Singapore-based investment and advisory firm. This acquisition is for the restructuring and recapitalisation effort.
CapitalSG now holds a substantial majority stake in BIMA MILVIK and has injected fresh capital into the company.
This infusion of funds will support the company's expansion to underserved customers in the coming years. LeapFrog Investments remains a minority shareholder and also participated in the recent equity round.
This acquisition follows a restructuring plan for BIMA MILVIK, streamlining its global functions and teams, with a focus on achieving break even profitability by 2024.
"Profitability has become our top priority, as well as the top priority of fintech investors globally. We are proud to welcome CapitalSG as our new shareholder. They have already helped BIMA MILVIK adapt rapidly to the new tech-funding environment and provided the essential capital to help us reach millions more underserved customers in the next decade," Gustaf Agartson, CEO and Co-Founder of BIMA MILVIK said.
As part of CapitalSG's investment, BIMA MILVIK's holding company has relocated from Sweden to Singapore.
The company now operates in select global markets, including Ghana, Tanzania, Pakistan, Bangladesh, Sri Lanka, and Cambodia, with technology operations based in India.
BIMA MILVIK's digital health and insurance products currently provide protection for 5 million subscribers and 20 million beneficiaries.
The company estimates that approximately 2 billion people in emerging markets lack insurance coverage, representing a $50 billion opportunity for innovative mobile micro-insurance products targeted at the emerging middle class.