Mumbai-based Insurtech startup HealthySure today said it has raised $1.2 million in a pre-Series A funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm.
The round was also participated by We Founder Circle, Dexter Angels, Campus Fund, HEM Angels, and other private investors.
Founded in April 2021 IIM-B alumnus Anuj Parekh and ISB alumnus Sanil Basutkar, HealthySure is an employee welfare platform that targets SMEs to make insurance and healthcare affordable and accessible to the Indian workforce and their families. The platform offers digitized policy and claim experience with curate health and wellness offerings.
The startup has launched a Unified Health Insurance plan that allows employees to personalize their organization health covers with continuity post-employment thus, eliminating the need of holding an independent personal health cover and saving upto 75% premiums.
Presently, it is working with 70+ organizations and is covering 20,000+ people under its healthcare solutions.
HealthySure says the raised funds will be used towards its mission of offering innovative and affordable group health insurance-led solutions to the Indian workforce and their families. “The current fundraise will help us invest in the team, technology & operations,” Anuj Parekh, Co-Founder & CEO of HealthySure said.
“We are not just building a disruptive startup, we are also looking to transform the lives of millions of Indian families with health security. We see tech as core to achieving our vision and are investing heavily to make our systems seamless and frictionless and hope to drive down health insurance costs further,” he said.
“We are confident that we will unlock even more savings as we continue to innovate further. We ultimately want every Indian to be comprehensively covered through health insurance and eliminate financial worry at the time of health emergencies,” adds Anuj.
Additionally, HealthySure is also planning to scale its team from 20-member to 50-member over the next six months. It also aims to cover 150,000 individuals in the next 12 months with comprehensive health security and management. Pocket Aces, Secure Debt, CREDR, Balaji Wafers, Clovia, Wealth Cafe are some of its notable clients.
Speaking on the investment, Mitesh Shah, Co-Founder, Inflection Point Ventures, said: “In this day and age, securing Health insurance for each and every family is imperative as it helps to bear the huge cost of future health concerns which at times can be extremely expensive and unaffordable. However, the penetration of voluntary health insurance in India is less than 10% for various reasons like difficulty in understanding the policy, affordability, trust factor, accessibility and so on.”
“To address this problem, HealthySure has created a seamless platform to reach out to larger masses targeting SMEs whose majority workforce doesn’t have an insurance cover. We believe it is a huge market opportunity to be tapped and HealthySure is rightly positioned for it,” Mitesh adds.
“The Insurance industry is a large market and it will see a host of innovations and consumer-first products to further drive its penetration. HealthySure’s Unified Health Insurance is one such product, with many more to follow. We have been tracking HealthySure’s progress since they have launched and have been impressed with the traction they have achieved in a short span of time,” said Tushar Agrawal, Partner at Dexter Angels.
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