HealthAssure has announced a $2.5 million Series A round led by Blume Ventures. As a result,
HealthAssure will use the funds to augment its healthtech platform, create sharper products that serve various primary care needs of the Indian market more effectively including insurance OPD products, build better data capabilities leveraging AI & ML and strengthen distribution.
Speaking on the occasion, Varun Gera, Founder and CEO, HealthAssure said, “We are proud to be associated with Blume through this round of funding. Blume has established itself as one of the most vibrant start-up ecosystems in India and we look forward to leveraging their strengths in our journey of consumerising healthcare. We will be infusing the funds raised in our business to further deepen our technology, build new products, create a more robust distribution network and grow inorganically as well. HealthAssure aims to make quality healthcare easily accessible and affordable for the Indian population and would continue to touch the lives of millions of new customers over the next two years.”
The company plans to accelerate its business through both organic and inorganic routes to unlock the opportunity for growth across India and Asia Pacific markets. Already establishing its footprint in the Middle East, the company now looks forward to mark its presence in other South-East Asian countries as well.
Sajid Fazalbhoy, part of the Investment team at Blume, said, “We are delighted to partner with HealthAssure in their next phase of growth. We see them as a strong aggregator for the healthcare ecosystem. The company is building high-quality consumer tech products to leverage their extensive offline network. Consumers who engage with the HealthAssure’s platform can be proactive about their health and not only be healthier, but spend less on healthcare. Insurance company partners can hugely benefit from partnering with HealthAssure as their claims ratios will reduce if customers are not reactive about health. We believe the company will achieve non-linear growth as the company is systematically organising access to primary care.”
Earlier, the company received pre-series A funding by HR Fund for building more sophisticated products for Indian corporates and their employees while working to address the fractured infrastructure of the Indian primary healthcare market.
The primary care industry is currently estimated at $70 billion. The Indian healthcare sector is expected to reach $280 billion by 2020. Rising income level, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance would serve as key contributors to growth for the primary care services industry in India.
HealthAssure currently operates a strong network of 4,000 primary care centres in 1,100 cities offering services including dental, paediatric, ophthalmology and diagnostics across India. The company has extended its services to more than 1.5 million customers and targets to serve millions more in the coming year.