Clinikk, a Bengaluru-based insure-tech and health-tech startup on Tuesday raised $4 million in a pre-Series A funding round led by MassMutual Ventures, the company said in a statement.
The funding round also saw participation from Kunal Shah, founder, Cred, Rohit M A, co-founder and managing director, Cloudnine Hospitals, Anjali Bansal, founder, Avaana Capital, Stanford Angels & Entrepreneurs, a Stanford Alumni Association group and other individual investors, the company said.
Existing investors Times Internet Group, EMV Capital, 500 Startups’ Southeast Asia-focused 500 Southeast Asia, and WEH Ventures also participated in the round.
The company will be using the funds to consolidate its product offering and expand its footprint in Bengaluru and in other cities. It also plans to use the funds in hiring and developing its product.
“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,” said Dr Suraj Baliga, co-founder, Clinikk and an orthopedic surgeon.
Clinikk, founded in 2018 by Bhavjot Kaur and Baliga, integrates outpatient care and health insurance on its platform. The package that the company offers includes family health insurance coverage and unlimited out-patient department (OPD) consultations delivered digitally.
The company claims to have witnessed growth in its retail offering, with more than 10,000 family subscriptions in the full-stack plan, translating into a growth of 30% on month. Clinikk aims to add 20 million subscribers in the top 50 Indian cities by 2025.
“Over the next three months, our subscribers will be able to reach a qualified doctor digitally or walk into their nearest Clinikk network care centre in 10 minutes. The entire care -- be it primary, secondary or tertiary -- will be completely cashless, and that's a massive transformation of the Indian healthcare system,” said Kaur.
Clinikk had raised $2.4 million in seed capital prior to this round. With this fundraise, the company raised $6.4 million to date the company said. VCCircle, last year, had reported that Clinikk had raised pre-Series A funding in a round led by the US-based early-stage investment firm Emphasis Ventures.
MassMutual Ventures’ investment in Clinikk
Meanwhile, for MassMutual Ventures, Clinikk’s investment adds to the multistage global venture capital firm’s portfolio of health-tech startups. In February 2020, MassMutual Ventures had invested in Qure.ai Technologies Pvt. Ltd, a Mumbai-based healthcare-technology startup.
MassMutual Ventures also co-led a $35 million Series B funding round in health-tech startup Biofourmis Singapore Pte. Ltd, along with Sequoia Capital India.
The US-based venture capital firm, in April this year, had led a pre-Series A funding round in Qapita a software-as-a-service (SaaS) platform focused on equity and transaction management for the private market.
“There is a huge opportunity to improve access to. Clinikk’s growth has been very impressive so far,” said Ryan Collins, managing director at MassMutual Ventures.