HealthAssure, a Mumbai-based health-tech primary care services platform, on Wednesday announced a $2.5 million Series A round led by Blume Ventures, an early stage venture capital fund.
The startup said in an official statement that it will use the funds to augment its healthtech platform, create sharper products that serve various primary care needs of the Indian market more effectively including insurance OPD products, build better data capabilities leveraging AI & ML and strengthen distribution.
Speaking on the occasion, Varun Gera, Founder & CEO of HealthAssure, said,
“We will infusing the funds raised in our business to further deepen our technology, build new products, create a more robust distribution network and grow inorganically as well.”
HealthAssure aims to make quality healthcare easily accessible and affordable for the Indian population and would continue to touch the lives of millions of new customers over the next 2 years, he added.
Founded in 2011 by Varun Gera, HealthAssure provides a network of 4,000 primary care centres across 1,100 cities in India. The startup currently has serviced 1.5 million customers.
HealthAssure has invested more than $4 million into building the brand so far. Earlier, the company received pre-series A funding by HR Fund for building more sophisticated products for Indian corporates and their employees.
Sajid Fazalbhoy, part of the Investment team at Blume, said,
“Consumers who engage with the HealthAssure’s platform can be proactive about their health and not only be healthier but spend less on healthcare. Insurance company partners can hugely benefit from partnering with HealthAssure as their claims ratios will reduce if customers are not reactive about health.”
With a presence in the Middle East already established, the company looks forward to mark its presence in other South-East Asian countries as well.
It caters to more than 5 lakh employees to improve their health every single day. Some of HealthAssure’s customers include most insurers in the market, several large corporates, brokers, banks and retail customers like ICICI Prudential, Deloitte, Cigna, Max Bupa, Yahoo, Aditya Birla and many others.
The primary care industry is currently estimated at $70 billion. The Indian healthcare sector is expected to reach $280 billion by 2020, according to a report by Deloitte.
Since 2011, Blume Ventures investing in sectors such as deep tech, financial services, healthcare, and education among others. Its current portfolio includes companies such as Grey Orange Robotics, Unacademy, Servify, Tricog Health, and Locus among others.