Loop Health raises $12 million in Series A funding round
- ByManjeet Singh | October 5, 2021
A Pune-based health insurance startup, Loop Health, has raised USD 12 million from Elevation Capital and General Catalyst. Investors like Khosla Ventures, led by Vinod Khosla of Silicon Valley, YC Continuity Fund, and Tribe Capital also participated in the round. Participants in this round of funding included the founder and CEO of NoBroker, Amit Kumar Agarwal, Founder and COO of Livspace, Ramakant Sharma, and co-founders of Meesho, Vidit Aatrey and Sanjeev Barnwal.
The startup has now raised USD 14 million in total funding. A seed round of USD 2.3 million was also raised earlier. The startup has also participated in the Winter 2020 accelerator program of Y Combinator.
Funds raised by the startup will be used to scale and expand the business and sales. A portion of the funds will go toward product development for custom insurance products, such as wellness and physical healthcare clinics. In addition, it will drive strategic hiring, mainly in the areas of sales and engineering.
The startup’s co-founder and CEO, Mayank Kale, said that he discovered that half of the potential customers are first-time buyers of insurance when he was talking to them. According to him, half of the company’s employees want insurance so it can stand out from its competitors. In COVID 19, the people have placed its importance at the top, showing a change in attitude. According to him, the startup will continue to add more and more companies over the next 18 months. They hope to become a trustworthy provider of healthcare.
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