Health Insurance Startup Loop Health Grabs $12 Mn Series A

Health Insurance Startup Loop Health Grabs $12 Mn Series A

SUMMARY

Loop Health raised $12 Mn in Series A round of funding led by Elevation Capital and General Catalyst

The startup insured more than 50,000 members across 150 companies in the last twelve months

Loop Health bundles traditional health insurance packages with virtual primary care experience focused on preventive care

Loop Health, a Pune-based health insurance startup has raised $12 Mn in Series A round of funding co-led by Elevation Capital and General catalyst. The round also saw participation of Khosla Ventures, YC Continuity Fund and Tribe Capital. 

Angel investors including Amit Kumar Agarwal of NoBroker, Ramakant Sharma of Livspace, Vidit Aatrey and Sanjeev Barnwal of Meesho, Eren Bali of Carbon Health and Udemy, Zach Sims of Codeacademy, and Kate Rider of Maven Clinic also participated in the funding round. 

The startup will use the fresh infusion of funds to scale the business and focus on product development. They also plan on strategic hiring, particularly in the engineering and sales vertical. 

Founded in 2018 by Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj, Loop Health has a different approach to health insurance than most providers. Currently, the startup differentiates itself by bundling group insurance plans from prominent insurers with a virtual primary care experience through an in-house medical team and a network of service providers. 

In 2020, the startup bagged $2.3 Mn seed funding from Sierra Capital and others. According to a company statement, Loop Health has insured more than 50,000 users across 150 companies in the last twelve months. The startup team has also grown from 10 employees to 80 in the past one year. Recently, Amit Punchhi, former CIO and CBO at HDFC Life, also joined the company as President.

Mayank Kale, co-founder of Loop Health said “At Loop, we put doctors on the same side as the insurer”. 

According to a report released earlier this year by S&P Global, the Asia-Pacific region has over 335 private insurtechs. The report further highlighted that China and India are collectively home to nearly half of the private insurtech companies in the APAC region, and according to figures compiled by the General Insurance Council and the Insurance Regulatory and Development Authority of India, the health insurance portfolio grew 11% year on year in FY21 to INR 58,584 Cr, due to the pandemic.

Other startups in the Indian health insurance space include Plum Insurance, Secure Now, Onsurity and Nova Insurance. In August, Onsurity had raised a $16 Mn Series A round from Quona Capital, Nexus Venture Partners and Whiteboard Capital. Other health insurance startups that recently grabbed funding include — Kenko Health (bagged $1.7 Mn) and Vital (bagged $3 Mn). The former of these two health insurance startups offers insurance on a predefined closed network at low premiums while the latter offers personalised coverage with a premium subscription format. 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Health Insurance Startup Loop Health Grabs $12 Mn Series A-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Health Insurance Startup Loop Health Grabs $12 Mn Series A-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Health Insurance Startup Loop Health Grabs $12 Mn Series A-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Health Insurance Startup Loop Health Grabs $12 Mn Series A-Inc42 Media
Health Insurance Startup Loop Health Grabs $12 Mn Series A-Inc42 Media
You’re in Good company