Healthtech startup HealthAssure an aggregating primary healthcare services and OPD insurance, has secured Rs 50 crore in a Pre-Series B funding round, to reach 10X of its current revenue within the next three years.
“Raising our largest round yet in such difficult market conditions displays the confidence which our existing and new investors have in our unique business model, and the potential of the large healthcare market ripe for disruption. This motivates us to build further on our assets, capitalise on the opportunity, and solidify our leadership position in the market. We would like to thank our newest backers and Blume for being part of our fulfilling startup journey.” HealthAssure Founder and CEO Varun Gera said.
Recognising that insurance in India does not cover day-to-day health, ealthAssure is targeting the $40 billion OPD and insurance market in India by ‘productising’ HMO ecosystem of primary care it has built over the 10 years across 1,200 cities. By creating innovative products and distributing them through diversified channels, the company claims to have an immediate total addressable market of $3 billion at its disposal.
Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said, “We have tracked HealthAssure’s impressive growth journey for a while. Varun and the HealthAssure team have a strong pedigree and rich experience and have built a strong foundation; they are well poised to be a leading brand in the healthtech and insurtech industry.”
HealthAssure, the Mumbai based firm has raised Rs 220 million so far, through its previous funding rounds, and more recently, also acquired fitness startup FitMeIn.
Since 2011, the company has serviced more than three million customers and has several lines of businesses serving most insurers in the market including LIC, SBI Life, Niva Bupa, Care Insurance, and ICICI Prudential. It also caters to more primary care needs, providing employee health benefits to some of the corporates like GE, Deloitte, Deutsche Bank, Pearsons, and more and finally, designing ‘First-in-Market’ OPD insurance for individual customers.
The round was led by the Rajiv Dadlani Group and saw participation from Blume Ventures and Leo Capital, along with a US-based impact fund, reputed family offices and high net-worth individuals. The startup said it intends to deploy these funds into enhancing the product, strengthening distribution, sharpening the OPD insurance network, and investing in futuristic primary healthcare technology.