Healthtech startup HealthAssure has raised Rs 50 crore in pre-series B funding round led by Rajiv Dadlani Group. The lead investor is the family office of Consort Capital Services’ founder and chief executive Rajiv Dadlani.
Blume Ventures, Leo Capital, an unnamed US-based impact fund, family offices and high net worth individuals also participated in the round.
HealthAssure Pvt. Ltd, which runs the platform aggregating primary health care services and OPD insurance, plans to use the funds to enhance its product, strengthen distribution, improve OPD insurance network and invest in futuristic primary healthcare technology.
Founded in 2011, HealthAssure is tapping the primary healthcare insurance market. The company has partnerships with hospitals, clinics, laboratories and doctors, as well as with insurance companies such as LIC, SBI Life, Niva Bupa, Care Insurance and ICICI Prudential, among others, to offer primary care needs.
The healthtech startup offers effective healthcare schemes to corporate clients at attractive rates. Its clients include GE, Deloitte, Deutsche Bank, and Pearsons, among others.
The company claims that it has a network of 6,500 centres, set up across 1,200 cities across India.
“Raising our largest round yet in such difficult market conditions displays the confidence which our existing and new investors have in our unique business model and the potential of the large healthcare market ripe for disruption. This motivates us to build further on our assets, capitalize on the opportunity and solidify our leadership position in the market,” said Varun Gera, founder and chief executive officer, HealthAssure.
HealthAssure claims that it has doubled its revenues year-on-year. Previously, the company had raised Rs 22 crore in its previous funding rounds, including Rs 6.5 crore in its pre-Series A funding round from human resource ventures-focused private investment company The HR Fund in March 2018.
The startup recently acquired fitness startup FitMeIn, and is aiming to reach 10x of its current revenue within the next three years.
“We have tracked HealthAssure’s impressive growth journey for a while. Varun and the HealthAssure team have a strong pedigree and rich experience and having built a strong foundation, they are well poised to be a leading brand in the Healthtech and Insuretech industry. We are very excited to partner as long-term investors, and support them in their journey,” said Dadlani.
