Healthtech startup, HealthAssure, has raised $1 million in pre-series A round of investment led by The HR Fund. The startup plans to use the funds to develop new healthcare products and also invest in its digitisation and distribution initiatives. This comes in after Healthify recently raised $12 million in series B.
Commenting on the investment raised Varun Gera, Founder, HealthAssure, said “This fundraise will help us continue effectively on the mission to repair the fractured infrastructure of Indian primary healthcare.”
Founded in 2011, the company has partnered up with hospitals, clinics, doctors, laboratories, and doctors to provide healthcare schemes to corporates. They also have insurance partners for the same. The healthtech startup claims to be working with Apollo Munich, Max Bupa, Cigna, ICICI Prudential, Royal Sundram, Loreal, FedEx, Deloitte, Max Life, among others.
Talking on how health has become the priority of every individual, Utkarsh Joshi, Partner at The HR Fund said, “ HealthAssure is focused on health as a workplace value and this aligns perfectly with our mission to transform the Workforce. Currently, good health has become one of the top most priorities for corporate India, making this a timely and key investment for us.”
HealthAssure further claims to have a network of over 3,000 care centres across the country covering over a million customers B2B business. Almost 90 percent of its revenues come from its B2B business, the media release stated.
According to a recent published report by IBEF, Healthcare sector in India is one of the largest sectors in terms of, both, revenue and employment. The industry seems to be speeding up in terms of growth. During the period between 2008-2020 the industry is expected to see growth at a 16.5 percent CAGR. Further, the market size is predicted to touch the $280 billion mark by 2020. The country is experiencing growth at 22-25 percent in medical tourism and is predicted to hit the mark of $6 billion by the end of this year.