AI-based health benefits startup ekincare on Thursday announced that it has raised USD15 million as part of its Series B funding led by HealthQuad and Sabre Partners. The investment round also saw the participation from existing investors including Eight Roads Ventures, Ventureast, Siana Capital and Endiya Partners.
The platform plans to use the proceeds to ramp up its growth and provide simplified health benefits and insurance experience to employers, the company said. It will further help the company introduce and experiment with new products such as health financing, lasik surgery or infertility treatment financing.
Operated by Aayuv Technologies Pvt. Ltd, ekincare is built to help employers design a health benefits package that best suits the needs of their employees and their families.The company currently serves around 1.5 million employees across 410 companies.
Kiran Kalakuntla, Co-Founder of ekincare, said that the company expects to grow by another three times post this funding round as employee wellbeing has increasingly become the focal point of every employer’s strategy in a post-Covid world.
“Our patented platform considers behavioral data and uses it to personalize an employee’s health benefits journey, resulting in higher benefits adoption, employee engagement, and better health outcomes,” added Kalakuntla.
The corporate health and wellness market in India is worth $7 billion and is expected to grow at 20% compound annual growth rate (CAGR), the statement said citing a report by Redseer. However, the market remains highly fragmented in India and employers often find it very difficult to work with multiple partners such as diagnostic centers, insurance companies and other healthcare players. ekincare is addressing this issue by integrating with thousands of healthcare service providers across insurance, hospitals, diagnostics, teleconsultations providers, e-pharmacy, and mental wellness, bringing them under one roof for the benfit of consumers.