Alumni Ventures: ClaimBuddy – Khet Singh Rajpurohit, PGP 2021

In today’s fast-paced startup ecosystem, the journey of an entrepreneur often reflects innovation, resilience, and a deep commitment to solving pressing problems. Khet Singh Rajpurohit, an alumnus of IIM Bangalore, embodies this spirit as the founder of ClaimBuddy, a healthcare startup dedicated to simplifying claim processing for hospitals and patients. In this interview, Khet shares his inspiring journey, the challenges he faced, and the valuable lessons learned along the way.

Tell us something about yourself.

Hello, I am Khet Singh Rajpurohit, the founder of ClaimBuddy, a healthcare startup that I established four years ago during my second year at IIM Bangalore. I was born in Rajasthan and raised in Punjab, where I completed my schooling in Ludhiana. Following that, I pursued my bachelor’s degree from Delhi University.

Before embarking on my MBA journey at IIMB, I gained valuable experience working with early-stage startups, including UrbanCompany and PristynCare, for about three years. Additionally, I explored entrepreneurial ventures in the food and healthcare sectors, which provided me with practical insights and a passion for innovation. At ClaimBuddy, we are a B2B software company dedicated to simplifying the claim processing experience for hospitals and their patients, and we have successfully collaborated with over 400 hospitals across India.

Can you share your journey of starting ClaimBuddy during your first year at IIM Bangalore? What inspired you to take this entrepreneurial leap so early?

Starting ClaimBuddy during my first year at IIM Bangalore was a pivotal moment in my entrepreneurial journey. Before joining IIMB, I had the opportunity to work with early-stage startups, which ignited my passion for building something of my own. The environment at IIMB, with its vibrant entrepreneurial culture and access to NSRCEL and mentors, provided the perfect platform to refine my skills and leverage my past experiences.

I always had the drive to create something innovative. In my first year, I experimented with a couple of projects, driven by this entrepreneurial spirit. The unexpected arrival of COVID-19 turned out to be a blessing in disguise. With classes shifting online, I found extra time to focus intensively on my idea. This period allowed me to delve deeper into the concept and develop it with more clarity and determination.

Right after my summer internship, with the support of a friend and ex-colleague from a previous startup, we registered ClaimBuddy and officially kickstarted the business. The idea was to simplify and streamline the claim processing experience for hospitals and patients, a vision that resonated deeply with us. My first year at IIMB was not just about academics; I actively participated in various clubs and societies and served as the class representative.

In essence, the combination of my previous startup experience, the supportive environment at IIMB, and the unexpected extra time due to the pandemic were key factors that inspired me to take this entrepreneurial leap and successfully launch ClaimBuddy.

What motivated you to choose entrepreneurship over a conventional corporate career path? Were there any significant challenges you faced in making this decision?

My motivation to choose entrepreneurship over a conventional corporate career path stems from my background and experiences. Having worked in two startups, I joined IIMB to explore if I could fit into the conventional corporate career path. During this time, I also did an interesting internship with AB InBev.

The primary reason for pursuing an MBA was to learn about business, which can be applied either in a corporate setting or by starting my own entrepreneurial journey. While many students opt to gain corporate experience before starting their ventures post-MBA, my perspective was slightly different. I felt that having an MBA from IIMB would act as a cushion, providing the confidence and skills necessary to take the entrepreneurial plunge early on.

Of course, there were significant challenges in making this decision. Beyond the typical startup challenges, I had to ensure I maintained good academic scores, attendance, and class participation, along with managing various projects. Balancing these academic responsibilities with the demands of starting a business was tough. I barely managed to get the degree.

Overall, the decision to choose entrepreneurship was driven by my passion for building something of my own, coupled with the confidence and knowledge gained from my MBA at IIMB. The challenges I faced only reinforced my commitment and resilience, ultimately shaping my journey with ClaimBuddy.

How did IIM Bangalore support your entrepreneurial journey? Were there specific resources or mentors that played a crucial role in your success?

IIM Bangalore played a pivotal role in supporting my entrepreneurial journey. The biggest support came from the vibrant community and my colleagues. I had a strong network of friends from diverse fields and domains, which provided valuable insights and encouragement. NSRCEL, the startup incubator at IIMB, along with Prof. Naga, were instrumental in providing guidance and support. Additionally, the IIMB brand itself opened many doors and added credibility to my venture.

One of our first angel investors was Prof. Kshitij Saxena, who taught the 1.5 credit course on Venture Capital and Entrepreneurship. His belief in our idea and financial support were crucial in our early stages. Till date, he is my go-to mentor and continues to be a great support. In my second year, I took every entrepreneurship course available, which equipped me with the necessary knowledge and skills to navigate the challenges of starting a business. Overall, the combination of a supportive community, dedicated mentors, and the prestigious IIMB brand were key factors in my entrepreneurial success with ClaimBuddy.

How did you manage the demands of running ClaimBuddy while also pursuing your MBA? What strategies did you use to balance both responsibilities effectively?

Managing the demands of running ClaimBuddy while pursuing my MBA at IIMB was certainly challenging, but it taught me invaluable lessons in multitasking and time management. The MBA program itself instills a mentality of handling multiple responsibilities effectively, ensuring that nothing falls through the cracks while you are in charge. The startup mindset taught me to hustle hard and make the most of every opportunity.

I didn’t have a specific strategy, but rather a blend of approaches that helped me balance both responsibilities. I used my weekends productively and set up a makeshift workplace in the NDR, which allowed me to focus on ClaimBuddy. There were days when I had to juggle a client presentation, an investor pitch, and a course presentation all in one day.

Digital classes were a significant advantage, enabling me to meet our hospital partners in person without missing out on crucial academic sessions. The idea was to ensure that I didn’t compromise on the learning experience from professors while also maintaining strong relationships with important clients—a strategy I like to call “Dual Commitment.”

Moreover, my co-founder was instrumental in running operations smoothly. This partnership allowed me to focus more on business development and investor relations, ensuring that both academic and entrepreneurial responsibilities were managed effectively. Overall, the experience taught me the importance of flexibility, effective communication, and leveraging available resources to balance multiple high-demand roles successfully.

ClaimBuddy has recently raised funds. Can you share more about this experience and what it means for the future of your company?

Yes, we recently closed our Series A funding round. This milestone is significant for ClaimBuddy as it marks a major step forward in our journey. Till date, we have raised about $8 million. We’ve experienced the highs of the Indian startup culture during 2020-2021 and navigated through the lows of 2023, making this accomplishment even more rewarding.

Running ClaimBuddy amidst an unstable environment and fluctuating market conditions has been a remarkable learning experience. The recent investment will enable us to scale our operations, enhance our product offerings, and expand our reach to more hospitals. We also plan to test a couple of new product offerings, which we believe will further strengthen our position in the healthcare sector. Overall, this funding is a testament to the hard work and dedication of our team, and it positions us well for future growth and innovation.

What are your future plans for ClaimBuddy? Are there any upcoming projects or goals you are particularly excited about?

Our vision for ClaimBuddy is to become a one-stop solution for healthcare infrastructure in India, addressing even the smallest issues by partnering with both providers and payers. We are committed to working towards this mission and continually improving the healthcare experience for everyone involved.

In the near future, we are excited to launch a new product designed to ease healthcare access and streamline the claim process for patients. This new offering is something we are particularly enthusiastic about, as it aligns perfectly with our goal of making healthcare more accessible and efficient. We believe these advancements will significantly contribute to our mission and help us solidify our position as a key player in the healthcare sector.

How do you see ClaimBuddy influencing the industry it operates in? What unique contributions do you believe your company is making?

Claims or insurance, particularly in the health insurance segment, is often less talked about and comes third after auto and life insurance. People tend to buy life insurance with an investment or return mindset, while auto insurance is mandatory. Health insurance, however, remains a significantly underpenetrated segment.

ClaimBuddy is empowering this industry by bridging the gap between premiums and claims. While many players focus on selling insurance, we are on the other side, assisting people in having a seamless claim experience. We have encountered numerous cases where patients had to spend additional nights in hospitals because approval didn’t come through, or where individuals, despite paying premiums for years, had their claims amounting to thousands of dollars denied for relatively small filing errors.

There was a clear need for a player in this category to address these issues. Post-COVID, awareness and uptake of health insurance have increased, and we are thrilled to be at a point where this industry is undergoing pivotal changes and

reforms. We are proud to contribute by ensuring that patients and hospitals can work together effortlessly during the claims process, ultimately improving the overall experience.

What advice would you give to aspiring entrepreneurs, especially those considering starting their own venture during or right after their studies?

Based on my journey with ClaimBuddy, here are some pieces of advice for students who are considering this path:

1. Leverage Your Environment: Make the most of the resources and networks available at your institution. At IIM Bangalore, the support from my peers, clubs, and mentors, such as those at NSRCEL, was invaluable. Engage with these resources early and actively.
2. Balance Academics and Entrepreneurship: Balancing your studies and a startup can be tough. It’s crucial to manage your time effectively. Use weekends and breaks wisely, and don’t hesitate to set up makeshift workspaces to maximize productivity. Prioritize your tasks and ensure that neither your academics nor your business suffers.
3. Seek Support and Build a Strong Team: Having a reliable co-founder or team members can make a significant difference. My co-founder played a crucial role in managing operations, allowing me to focus on business development and investor relations. Building a strong, complementary team is essential.
4. Stay Resilient and Persevere: The entrepreneurial journey is filled with ups and downs. Perseverance is key. Whether it’s managing daily firefighting or navigating through uncertain market conditions, staying resilient and committed to your vision will help you overcome challenges.
5. Learn and Adapt: Take every opportunity to learn. I took all the possible entrepreneurship courses during my second year at IIMB, which provided me with the necessary skills and knowledge. Be open to adapting your strategies based on the lessons you learn along the way.
6. Don’t Hesitate to Ask for Help: Whether it’s from professors, mentors, or friends, don’t hesitate to seek help. The support I received from my classmates and professors was crucial in managing my academic and entrepreneurial responsibilities.
7. Mind the Pitfalls: Be aware of common pitfalls like spreading yourself too thin, neglecting your health, or underestimating the importance of a solid business plan. Maintain a balance, and ensure you have a clear, strategic vision for your startup.

All the best to everyone who is thinking to take a plunge at entrepreneurship. I’ll drop one of my favorite quotes by Reid Hoffman: “An entrepreneur is someone who will jump off a cliff and assemble an airplane on the way down.”

Feel free to reach out to me for help and guidance at khetsingh14022@gmail.com.

Khet Singh’s journey with ClaimBuddy exemplifies the dynamic spirit of entrepreneurship, highlighting the significance of resilience, community support, and innovation in navigating challenges. As ClaimBuddy continues to grow and influence the healthcare landscape, Khet’s insights and experiences serve as an inspiration for aspiring entrepreneurs seeking to make their mark.