Flashaid Nets $2.5 Mn To Offer API-First Health Solutions

SUMMARY

The startup said in a statement that the funds will be used for growth and expansion of the business

Founded by Manoj Gupta and Gunjali Kothari, Flashaid offers an API-first full-stack health solution with proprietary pre-underwritten products, open APIs, and embedded solutions

As per the startup’s claims, over the last year, it has partnered with over 20 platforms to distribute 30,000+ health covers

Healthcare-focused insurtech startup Flashaid has raised $2.5 Mn in a pre-Series A funding round co-led by Piper Serica Angel Fund and SOSV, with participation from Z21 Ventures Fund and ZNLGrowth Fund.

The startup plans to use the fresh funds for growth and expansion.

Founded by Manoj Gupta and Gunjali Kothari, Flashaid offers an API-first full-stack health solution with proprietary pre-underwritten products, open APIs, and embedded solutions.

The startup claims to be working on developing exclusive partnerships with insurance companies to tailor-make products and partner with ecommerce platforms and brands to distribute insurance to their users.

With an aim to make health insurance affordable and accessible, it is creating a channel for retail health plan distribution via a B2B2C platform.

“With an expected 30% surge in digital platform adoption by 2030, a significant opportunity emerges to align the ecosystem towards providing scalable solutions that promote health equity in India,” said Kothari.

“We’re actively embracing this digital evolution through our API-centric strategy, which resonates with the shifting behaviours of customers in the process of purchasing and accessing healthcare services. This approach aims to make the healthcare ecosystem more accessible and user-friendly, benefiting the wider population,” she added.

Over the last year, Flashaid has partnered with over 20 platforms to distribute 30,000+ health covers. Currently, it claims to have reached $1 Mn ARR and is expected to grow to $10 Mn in the next two years.

Last year, insurtech startup Onsurity secured $24 Mn in its Series B funding round to co-create a technology solution with its insurance partners, to drive seamless and transparent transactions.

Recently, insurtech unicorn Digit received approval from SEBI to head for IPO.

According to Inc42’s State Of Indian Fintech Report Q4 2023, the insurtech market size in India stood at $87 Bn+, which is expected to reach $307 Bn+ by 2030 at 17% CAGR.