Insurtech start-up HealthySure on Wednesday announced it has raised $1.2 million (approximately ₹9 crore) in a Pre-Series A round led by Inflection Point Ventures.
We Founder Circle, Dexter Angels, Campus Fund, HEM Angels and other private investors also participated in the round.
The company will use the funds to “further fuel its mission of offering innovative and affordable group health insurance-led solutions” to members of the Indian workforce and their families, it said.
Founded in April 2021 by two CAs, IIM-B alumnus Anuj Parekh and ISB alumnus Sanil Basutkar, the company offers tech-enabled employee healthcare protection and management solutions for Indian organisations.
It is currently working with over 70 organisations, covering more than 20,000 people.
Mitesh Shah, Co-Founder, Inflection Point Ventures, said, “In this day and age, securing health insurance for each and every family is imperative as it helps to bear the huge cost of future health concerns . HealthySure has created a seamless platform to reach out to larger masses, targeting SMEs [small and medium-sized enterprises], a majority of whose workforce doesn’t have an insurance cover. We believe it is a huge market opportunity and HealthySure is rightly positioned for it.”
HealthySure offers unified health insurance, which lets employees take personal insurance cover as high as ₹1 crore, while saving significant costs since a sizeable portion is subsidised by the employers. It also offers a healthcare stack for organisations to manage their health benefits.
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Parekh, CEO of HealthySure, said, “The current fund-raise will help us invest in the team, technology and operations. We are not just building a disruptive startup, we are also looking to transform the lives of millions of Indian families with health security. We see tech as core to achieving our vision and are investing heavily to make our systems seamless and frictionless and hope to drive down health insurance costs further.”
Tushar Agrawal, Partner at Dexter Angels, said, “HealthySure is disrupting the Insurtech space with a product-first approach. The insurance industry is a large market and it will see a host of innovations and consumer-first products to further drive its penetration. HealthySure’s unified health insurance is one such product, with more to follow. We have been tracking HealthySure’s progress since they launched and have been impressed with the traction they have achieved in a short time.”
The startup is planning to scale up to a 50-member team over the next six months. It also aims to cover 150,000 individuals in the next 12 months with comprehensive health security and management.