Bengaluru-based employee wellness platform Nova Benefits today said it has raised $10 million as part of its Series A funding round led by Susquehanna International Group (SIG) and Bessemer Venture Partners.
The round also participation from existing investors like Multiply Ventures, Better Capital, and Titan Capital.
The funds will be used to expand the company's engineering, product management, sales, and customer success teams in order to extend the platform's wellness offerings, according to the statement.
Nova's tech platform, which was founded in 2020, assists businesses in improving employee wellbeing through health insurance, daily fitness, mental health counseling, and wellness programs. The startup was founded by Saransh Garg and Yash Gupta, both of them are IIT Bombay and IIT Delhi alumni.
Garg had previously worked for BCG and Accel, a venture capital firm, and Gupta had previously worked for Samsung.
Nova Benefits' technology allows users to access their insurance e-cards, locate cashless hospitals, and file claims. Its wellness services assist businesses in increasing coverage while also bending expense curves.
The Insurance Regulatory and Development Authority of India (IRDAI) has also granted it a direct insurance broking license, allowing it to distribute insurance products from all Indian insurers.
During the epidemic, Nova Benefits experienced a 10x increase in clientele in just one year. Over 150 clients have been onboarded since the company's launch, including Dream 11, CoinDCX, Snapdeal, Zenoti, and Yulu Bikes, with over 100,000 users on the platform.
The Insurance Regulatory and Development Authority of India (IRDAI) has granted Nova a direct insurance broking license, allowing it to provide businesses with the optimal combination of insurers and coverages.
According to a Redseer analysis, the Indian corporate health and wellness market is now valued at $7 billion and is predicted to grow to $18 billion by 2025, owing to a greater focus on employee wellness.
“Historically employee health insurance and wellness has just been a checkbox item for corporations. The pandemic has changed that. A 24-year-old might be interested in developing positive fitness habits, a 32-year-old working mother would be concerned about her child's health and a 55-year-old might worry about ever-increasing healthcare expenses," according to Saransh Garg, Co-founder, and CEO at Nova Benefits.
"The company intends to develop a platform for a variety of benefits, such as physical, emotional, and financial well-being," said, Co-founder and CTO Yash Gupta.
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