Health Insurtech startup Kenko Health raises $1.7M led by BEENEXT, Orios, others

Mumbai-based health insurtech startup Kenko Health today announced it has raised $1.7 million in a pre-Series A funding round led by Singapore-based VC firm BEENEXT and Orios Venture Partners as co-lead investors.

The funding round also saw participation from Accelerator VC, 9Unicorns, and Waveform Ventures. Kenko Health will use the funding for product development, specifically in the OPD space, and expanding the core team to support the overall growth of the business, the startup said in a statement.

Speaking on the development, Aniruddha Sen, Co-founder, Kenko Health, said:

“At Kenko, customer experience is of primary importance and, towards that end, we set out to create a unique system of benefit payout where the customer receives the cost of treatment directly into their bank account before the treatment starts."

"With partners such as BEENEXT and Orios backing us, we are confident of giving India’s health insurtech a much-needed digital makeover. We are aiming to add 20,000 users to our program this year and another 100,000 next year," he adds.

Founded in 2019 by Aniruddha Sen and Dhiraj Goel, building India's first Health Management Organisation (HMO) with a holistic approach where companies don’t just simply cover healthcare expenses, but also, actively manage customers’ medical conditions, thereby leading to better long-term health outcomes.

Kenko Healthcare provides comprehensive plans focused on OPD and all subscribers get IPD coverage from an insurance company as part of their membership benefits.

“Their unique subscription model and focus on overall healthcare including OPD makes Kenko a disruptor in this space. Rahul Maheshwari, the Investment team at BEENEXT said. "We are excited to be partnering with Kenko Health in their pursuit to make health insurance affordable and accessible to the larger Indian population," he adds.

Anup Jain from Orios Venture Partners said: “Kenko is all set to provide a peace-of-mind plan for the first time insurance buyer in India who has been unable to access the benefits of insurance due to high premiums, lack of understanding, and absence of a full-stack digital experience. We are excited to partner with BEENEXT on leading this investment”

According to a statement, The COVID-19 pandemic has created a huge surge in demand for health insurance. Reports suggested that as of June’21 state that stand-alone health insurance grew at 55% over the same period in the previous year. Kenko is aiming to tap into this growing market and build a robust healthcare system in the country, it added.

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