HealthAssure Gets Funding Boost From Existing Investor Blume Ventures

Mumbai-based healthcare aggregator, HealthAssure, has raised top-up funding from its existing investor Blume Ventures.

According to the Ministry of Corporate Affairs filings accessed by Inc42, the company passed a board resolution on March 23 to issue and allot 81,603 Series A preference shares at a nominal value of INR 100 with a premium of INR 574 to Blume Ventures. The funding of INR 5.54 Cr came in on April 4.

The company said in its filings that the funds will be used for its expansion plans, working capital requirements and to meet other operating expenses. The company has raised $3.5 Mn till date from investors like Blume and HR fund.

Founded in 2011 by Varun Gera, HealthAssure is an aggregator of primary care services for corporates and individuals and helps bring day-to-day care closer to individuals. At present, HealthAssure’s primary business model essentially aims to give more consumers easy access to primary healthcare with the help of technology. It also works to make quality healthcare and corporate wellness services to Indian companies in the B2B segment.

The model involves end-to-end management of employee healthcare programmes, assessment of healthcare gaps, and giving corporates access to a high-quality, discounted medical network. HealthAssure operates a strong network of 4,000 primary care centres in 1,100 cities offering services including dental, paediatric, ophthalmology and diagnostics across India.

The company has extended its services to more than 1.5 Mn customers and targets to serve millions more in the coming year. The company caters to more than 500K employees across ICICI Prudential, Deloitte, Cigna, Max Bupa, Yahoo, Aditya Birla and others.

Amid Coronavirus pandemic, HealthAssure is offering a special health package of coronavirus testing along with doctor consultation to ensure guidance and support throughout an individual’s experience. HealthAssure is currently working with the 4 approved diagnostic labs that are government approved to test patients for the COVID 19 virus. These labs include Suburban Diagnostics, Dr. Reddy’s Labs, Thyrocare and SRL labs.

Amalgamating AI, deeptech and IoT, healthtech startups have attracted huge funding and technology upgradation, which is much required in the healthcare ecosystem of Inia.

According to a report by Deloitte, with increased digital adoption, the Indian healthcare market, which is growing at a CAGR of about 20%, will touch a whopping $280 Bn by 2020. According to Datalabs by Inc42, there are a total of 4,892 startups in the Indian healthtech space. It also estimates that the total market size of the healthcare industry in India stood at $202 Bn in 2019.