HealthAssure in talks with VC funds to raise $7 m

HealthAssure, a Mumbai-based primary healthcare services aggregator, is in talks with a clutch of Venture Capital (VC) firms to raise $7 million.

The start-up, which counts serial entrepreneur Rajul Garg as mentor, intends to close the ‘Series A’ funding (first institutional fund-raising) by February.

“We are in discussions with about seven VC firms, of which talks with about three are in very advanced stages. It could be either a syndicate fund raising or could be from one single player,” said Varun Gera, Founder and Chief Executive Officer at HealthAssure.

The company will invest the proceeds from the funding, the firm’s third round of fund raising, for organic growth. This would be mainly for technology upgradation and marketing and sales. Gera started the company in 2011 with a seed funding of ₹2 crore.

Later it raised a total of $1 million in two rounds of funding.

The first round came in 2014 from Rajul Garg (founder of companies such as Pine Labs, GlobalLogic and Sunstone Business School) and Shuchin Bajaj, director at Cygnus Medicare (which operates a chain of super specialty hospitals in Delhi and Haryana). In July this year, the company raised another round of funding from an unnamed global banker. The specifics of the investment were not disclosed.

The company also plans to expand to West Asia, Indonesia and Malaysia soon.