Health benefits Startup: ekincare raises $15 million in a Series B funding round via HealthQuad and Sabre Partners
- ByStartupStory | March 17, 2022
ekincare, is a Health benefits startup that has raised about $15 million in a Series B funding round led by HealthQuad and Sabre Partners. The round also saw participation from existing investors Ventureast, Siana Capital, Eight Roads Ventures, and Endiya Partners.
ekincare is a personalized, full-stack customizable health benefits platform. It helps employers design a health benefits package that best suits the needs of employees and their families.
In order to accelerate growth and deliver simplified health benefits and insurance experience to employers, the startup intends to use the fresh capital. The exclusive financial advisor for this transaction was Dexter Capital.
Kiran Kalakuntla, co-founder ekincare, said that they are expecting to grow by another 3x post this round. Employee well-being has increasingly become the focal point of every employer’s strategy, in the post-pandemic world. Their patented platform considers behavioural data and uses it in order to personalize an employee’s health benefits journey, resulting in higher benefits adoption, employee engagement, and better health outcomes. The longitudinal depth of this information will help payers underwrite health risks better, in turn making healthcare affordable for employers.
According to a study by Redseer, worth $7 billion is the corporate health and wellness market in India and is expected to grow by 20% at a compound annual growth rate (CAGR). However, the market remains highly fragmented and employers have often found it very difficult in order to work with multiple partners such as diagnostic centres, insurance companies and other healthcare firms. By integrating with thousands of healthcare service providers across insurance, hospitals, diagnostics, teleconsultations providers, e-pharmacy and mental wellness, the issue has been resolved by ekincare.
ekincare is growing at a CAGR of 150% with an industry leading net promoter score, or the number of customers that have been likely to recommend its products or services to someone else, of 80%.
S&P Global, Target, ThyssenKrupp, Allstate, as well as fast-growing startups like Airbnb, Nykaa, XpressBees, Flipkart and SMEs are the Fortune 500 companies included as the customer base of the startup.
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