Outpatient insurance aggregator HealthAssure raises Rs 50Cr led by Rajiv Dadlani Group, others
Mumbai-based HealthAssure, a healthtech startup aggregating primary healthcare services and OPD insurance, has raised Rs 50 crore ($6.2 million) in a pre-Series B funding round led by Rajiv Dadlani Group.
The round also saw participation from Blume Ventures and Leo Capital, US-based Impact Fund, reputed family offices, and high net-worth individuals.
Recognizing that insurance in India does not cover day-to-day health, HealthAssure said it is targeting the $40 billion OPD and insurance market in India by ‘productizing’ the HMO ecosystem of primary care it has built over the last ten years across 1,200 cities.
The new round of funding will enable the startup to focus on enhancing its product, strengthening distribution, sharpening the OPD insurance network, and investing in futuristic primary healthcare technology.
Founded in 2011 by Varun Gera, HealthAssure claims to be the first company to launch innovative insurance-underwritten OPD products. In 2019, the healthtech startup had raised $2.5 million in funding from Blume Ventures.
Since its inception, HealthAssure has serviced more than three million customers and has several lines of business serving most insurers, including LIC, SBI Life, Niva Bupa, Care Insurance, and ICICI Prudential.
The startup also caters to more primary care needs, providing employee health benefits to some of the corporates like GE, Deloitte, Deutsche Bank, Pearsons, and others.
“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,” said Varun Gera.
“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,” Varun said.
Commenting on the investment, 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.”