[Funding alert] Healthtech startup Clinikk raises $4 M in pre-Series A led by MassMutual Ventures
, a Bengaluru-based insurtech and healthtech startup on Tuesday said it has raised $4 million in pre-series A round led by MassMutual Ventures, with participation from Kunal Shah (Founder, Cred), Rohit M.A. (Co-founder and MD of Cloudnine Hospitals), Anjali Bansal (Founder, Avaana Capital), Stanford Angels, and other prominent individual investors.
Existing investors Times Internet Group, EMVC, 500 Startups’ Southeast Asia-focused 500 Southeast Asia, and WEH Ventures also joined the round.
Clinikk had raised $2.4 million in seed capital prior to this fundraise, bringing its total funding to $6.4 million.
According to the press statement, with the fresh capital, Clinikk plans to consolidate its full-stack product offering and increase its footprint in Bengaluru and other cities. It will also invest in product development and hiring key team members.
Dr.Suraj Baliga, Co-founder of Clinikk and an orthopedic surgeon stated,
“Unfortunately, primary care is often neglected, and because of this, we see huge increases in out-of-pocket expenses. An integrated care model leads to significantly improved health outcomes and more sustainable health insurance pricing. We are already starting to see the benefits of the model play out at Clinikk."
"What differentiates us is that our care delivery is completely protocol based and quality controlled and is focussed on optimal health outcomes," he added.
Clinikk is building India’s first true managed care model by closely integrating outpatient care and health insurance for 600 million Indians. The company’s comprehensive package includes family health insurance coverage and unlimited OPD coverage delivered digitally and through state of the art care centres - all at an affordable monthly subscription.
"We have been following Clinikk for some time and firmly believe in the integrated model. There is a huge opportunity to improve access to, and quality of, outpatient care within India. Clinikk’s growth has been very impressive so far, and Bhavjot and Suraj are a great founding team with complementary skill sets,” added Ryan Collins, Managing Director at MassMutual Ventures.
Bhavjot Kaur, Co-Founder of Clinikk said, “Lack of penetration of health insurance is not as much a distribution problem as it is a product problem. At the current price point and product construct, health insurance remains at best a prepaid hospitalization cover. We have perfected our care delivery model where the incentives of all stakeholders involved are aligned."
The startup claims to have seen massive growth in retail with more than 10,000 families subscribed to the full stack plan, growing 30 percent month on month. It aims to add 20 million subscribers in the top 50 Indian cities by 2025, the company stated.