Mumbai-based healthcare aggregator, HealthAssure, has raised $2.5 Mn in Series A funding led by Blume Ventures.
The company plans to use the funds to further develop its platform, create sharper products focusing on insurance OPD products, build better data capabilities leveraging AI and ML and strengthen distribution. Prior to this round, HealthAssure has raised $1 Mn from The 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 consumerise primary healthcare with the help of technology and make quality services accessible to Indian corporates 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.
It 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 their 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.
Sajid Fazalbhoy, part of the Investment Team at Blume said, “We see them as a strong aggregator for the healthcare ecosystem. The company is building high quality consumer tech products to leverage their extensive offline network.We believe the company will achieve non linear growth as the company is systematically organising access to primary care.”
With the fresh funding, HealthAssure hopes to build on benefits to the end consumer too, a vertical it launched last year. The company plans to accelerate its business through both organic and inorganic routes to unlock the opportunity for growth across India and Asia Pacific markets.
After the Middle East, the company looks forward to mark its presence in other South East Asian countries as well.
Amalgamating AI, deeptech and IoT, healthtech startups have attracted huge funding and technology upgradation, which is much required in the healthcare ecosystem of India.
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. And the revenue of India’s corporate healthcare sector is estimated to grow at 15% in 2017-18.
HealthAssure believes that rising income levels, greater health awareness, increase of lifestyle diseases and improved access to insurance would serve as key contributors to growth for the primary care services industry in India.