Employee Health Insurance Company Nova Benefits eyes $30M in series B funding round

• ByStartupStory     |    May 17, 2022

Nova Benefits founded in 2020 by Saransh Garg and Yash Gupta, is a one-stop destination for providing your employees with the greatest health and wellness benefits.

Existing investors SIG (Susquehanna International Group) and Bessemer Ventures are in discussions to lead a $25-30 million new round in Nova, according to one of the people who asked to remain anonymous. “A few fresh investors may join the round as well.”

This is the Bengaluru-based company’s second investment round in the last eight months. In September 2021, it received $10 million in a Series A round-headed by  (SIG) and Bessemer.

Saransh Garg’s firm also got an unknown sum from SHL Capital, a fund by Gumroad’s CEO Sahil Lavingia, last week.

The negotiations are advanced, and Nova is expected to get a term sheet from these financiers in a few weeks,” said a second source who did not want to be identified. Nova Benefits recently announced that it insures over 300 organizations, with over 100,000 members covered and 4,000 claims Processed. PharmEasy, DTDC, Zenoti MyGate, CoinDCX, Homelane, Chumbak, Taco Belland TeachMint, are among the firms that have insured with Nova.

OnSurity, Plum, and Kenko Health, among others, are all financed by Tiger Global. Plum and Nova have focused on businesses and startups, whilst OnSurity has a strong focus on small and midsize enterprises (SMEs). The Indian corporate wellness and health industry is now worth $7 billion and is predicted to reach $18 bn by 2025. In a post-pandemic era, the rise of corporation insurance has multiplied.

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