BIMA MILVIK announces acquisition by CapitalSG and successful restructuring
SINGAPORE, Oct. 23, 2023 /PRNewswire/ -- BIMA MILVIK, the global digital health and insurance company, announces its acquisition by CapitalSG and the completion of a successful restructuring and recapitalisation.
CapitalSG, a Singapore-based investment and advisory firm, has acquired a substantial majority stake in the business, and injected fresh capital into BIMA MILVIK to help it grow to serve millions more underserved customers in coming years. LeapFrog Investments continues to be a minority shareholder and has also participated in the recent equity round.
The transaction comes as BIMA MILVIK completes a restructuring plan to optimize its global functions and teams, setting it on course to achieve breakeven profitability in 2024.
"BIMA MILVIK has entered a new phase of its life after a previous phase of rapid growth," said CEO and Co-Founder Gustaf Agartson. "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."
As part of CapitalSG's investment, BIMA MILVIK's holding company has now moved from Sweden to Singapore. BIMA MILVIK has trimmed its global markets and now operates across Ghana, Tanzania, Pakistan, Bangladesh, Sri Lanka and Cambodia, with technology operations in India.
The company's digital health and insurance products already provide essential protection for 5 million subscribers and 20 million beneficiaries. Its proprietary tech platform enables sales, customer management, billing, health provider management and advanced analytics all on a single platform and has provided more than 3 million GP consultations to customers to date.
BIMA MILVIK estimates there are ~2 billion people in emerging markets excluded from insurance coverage, representing an $50 billion addressable emerging middle-class opportunity for innovative mobile micro insurance products.
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