INDIA – Safetynet Innovations Pvt Ltd, which operates the insurtech platform HealthySure, announced that it has raised US$1.2 million (approximately Rs 9 crore) in pre-Series A funding led by Inflection Point Ventures.
The round also saw participation from We Founder Circle, Dexter Angels, Campus Fund, HEM Angels and other private investors.
The new funds will be used to further the company’s mission of providing affordable group health insurance-led solutions to the Indian workforce and their families.
HealthySure, founded in 2021 by IIM-B alumnus Anuj Parekh and ISB alumnus Sanil Basutkar, is an employee welfare platform that aims to make insurance and healthcare more affordable and accessible to the Indian workforce and their families.
The platform provides a digitized policy and claim experience with curated health and wellness offerings.
The current fundraise will help us invest in the team, technology and operations. We are not just building a disruptive startup, we are also looking to transform the lives of millions of Indian families with health security.”
The startup claims to be working with more than 70 organizations and to be covering more than 20,000 people with its healthcare solutions.
Additionally, HealthSure now plans to scale up to a 50-member team over the next six months and cover 150,000 people with comprehensive health security and management over the next 12 months.
The online insurance market in India is expected to reach a value of approximately INR 22,000 crore (approximately US$3 billion) by 2024.
Online life insurance sales are expected to grow at approximately 5 per cent of the individual annualized new business premium by 2020, according to a report by Mordor Intelligence, a market research and consulting firm.
Speaking on the investment, Mitesh Shah, co-founder, Inflection Point Ventures said, “HealthySure has created a seamless platform to reach out to larger masses targeting SMEs whose majority workforce does not have an insurance cover. We believe it is a huge market opportunity to be tapped and HealthySure is rightly positioned for it.”
HealthySure raised an undisclosed sum from We Founder Circle and other investors in December of last year as part of its Pre-Series A round.
Meanwhile, Mumbai-based tech-enabled healthcare platform GOQii announced that it has raised US$50 million in its series C round of funding led by tech-focused global fund Sumeru Ventures. Blacksoil Capital and Trifecta Capital led the venture debt financing.
According to the company, the funds will be used to improve Goqii’s current products, which include a wearable fitness tracker, an app, a health store, as well as real-time coaching and insurance services.
The funds will also be used to expand into new markets, including insurance, digital therapeutics, and international markets.
Apart from its current offerings, Goqii, founded in 2014, is focusing on therapeutic areas such as diabetes, women’s health, and radiology.
According to Gondal, the company’s CEO, Goqii intends to launch international offerings focusing on various preventive healthcare solutions.
Investors are becoming more interested in digital therapeutics and healthtech companies. Healthifyme, Ultrahuman HQ, Gymtrack, and Tonal are among Goqii’s competitors in the space.
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