FlashAid raises $2.5 Mn funding in pre–Series A round led by Piper Serica Angel Fund, SOSV

• ByStartupStory     |    April 25, 2024

Health care and Insurtech company Flashaid has raised $2.5 million in a pre-Series A funding round led by Piper Serica Angel Fund and global venture capital firm SOSV.

Early-stage investors —Z21 Ventures Fund and ZNL Growth Fund participated in this round.

Flashaid plans to use the fresh funds for growth and to expand to six new cities.

Founded by Manoj Gupta and Gunjali Kothari, Flashaid is working on exclusive tie-ups with insurance companies to tailor-make products and partner with e-commerce platforms and brands to distribute insurance to their users.

The company offers a full-stack health solution with proprietary pre-underwritten products, open APIs, and embedded solutions.

Flashaid is building an API-first health cover to make health insurance affordable and accessible to digital India. It is developing a distinctive channel for retail health plan distribution via a B2B2C platform.

“Flashaid revolutionizes India’s health insurance landscape, leveraging digital access to overcome traditional agent-led models. This innovation unlocks the mass market, driving industry growth and value creation. We are very excited to back the amazing founders in creating a large and valuable business,” said Abhay Agrawal, Managing Director and Founder of Piper Serica Angel Fund.

Manoj and Gunjali’s unwavering dedication and receptive approach have played a pivotal role in discovering the technological solution that facilitates access to healthcare insurance for millions of India’s informal workers. We’re thrilled to collaborate with the FlashAid team to introduce this indispensable service to the broader market, “ Oscar Ramos, Managing director and partner at SOSV, said.

The retail health insurance market is one of the fastest growing segments with a CAGR of 18% and is expected to touch $25B by 2028.

“With an expected 30% surge in digital platform adoption by 2030, a significant opportunity emerges to align the ecosystem towards providing scalable solutions that promote health equity in India. We’re actively embracing this digital evolution through our API-centric strategy, which resonates with the shifting behaviors of customers in the process of purchasing and accessing healthcare services. This approach aims to make the healthcare ecosystem more accessible and user-friendly, benefiting the wider population,” said Gunjali Kothari, Co-Founder at Flashaid.

Over the last year, Flashaid has partnered with over 20 platforms to distribute 30,000+ health covers and is profitable at the EBITDA level.

The company is at an ARR of $ 1 million and is expected to grow to $10M ARR (annual run rate) in the next two years.

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