India’s leading primary healthcare aggregator HealthAssure raises Rs 50 crores in a Pre-Series B funding round led by the Rajiv Dadlani Group, a foreknown investor. Blume Ventures, Leo Capital, an unnamed US-based impact fund, reputed family offices and high net-worth individuals participated in the funding.
Based in India, HealthAssure is a B2B and B2C health tech company aggregating primary healthcare services and OPD insurance to build a better healthcare ecosystem in India. It plans to deploy the fresh funding to develop and enhance its products, distribution, OPD insurance network and invest in next-generation primary healthcare technology.
“Raising our largest round yet in such difficult market conditions displays the confidence which our existing and new investors have in our unique business model, and the potential of the large healthcare market ripe for disruption. This motivates us to build further on our assets, capitalise on the opportunity, and solidify our leadership position in the market. We would like to thank our newest backers and Blume for being part of our fulfilling startup journey”
– Varun Gera, founder and CEO of HealthAssure.
“We have tracked HealthAssure’s impressive growth journey for a while. Varun and the HealthAssure team have a strong pedigree and rich experience and have built a strong foundation; they are well poised to be a leading brand in the health tech and insurtech industry.”
– Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group
With four revenue streams—insurance medicals, tele medicals, corporate health benefits and OPD insurance—HealthAssure has seen its revenue grow at 46% CAGR in over five years, becoming a profitable investment. Seeing its strong revenue pipeline for 2022-2023, existing investors and leading venture capitals have supported its fundraising.
Prior to this, HealthAssure had raised Rs 22 crore from Blume Ventures, HR Fund and investors such as Rajul Garg and Sachin Bajaj in previous rounds. It also acquired an on-demand fitness subscription service, FitMeIn, in May 2020 to expand its service offerings.
HealthAssure and its position in the market
HealthAssure is a network-based healthcare platform founded in 2011 by Varun Gera with an aim to make access to health and care less complicated. Today, HealthAssure is India’s largest Primary Healthcare aggregator with a comprehensive network of 7000+ primary care centres set up across 1200+ cities.
HealthAssure is the first company to launch insurance-underwritten OPD products in India. It provides an entire spectrum of primary healthcare services from finding a healthcare provider to booking an appointment, in-person, online and telephonic doctor consultations, health check-ups, home care services, lab testing, health coaches, fitness trainers and gyms through a fully integrated and digitised platform and smartphone application at affordable prices.
It is a one-of-its-kind primary healthcare aggregator and OPD insurance provider in India.
The company has serviced more than three million customers and has a total addressable market of $3 Billion at its disposal. It has actively worked with LIC, SBI Life, Niva Bupa, Care Insurance, and ICICI Prudential to provide insurance medicals. It also caters to primary care needs providing employee health benefits to corporations like GE, Deloitte, Deutsche Bank, and Pearsons, among 200 others.
HealthAssure and its impact on India’s insurance market
Insurance in India does not cover day-to-day health, and OPD coverage was launched only after the pandemic. With over 62% of total healthcare spending in India being out-of-pocket and 65% of it being OPD expenses, demand for OPD insurance in India is huge. After the pandemic, this demand for OPD cover spiked by 120% and a rise of 420% was seen by Digit Insurance in non-hospitalisation claims. This signifies the growing need for OPD insurance.
Being the first to launch OPD insurance, HealthAssure is targeting this massive $40 Billion OPD and insurance market in India. It is on its way to ‘productise’ the largest HMO ecosystem of primary care it has built over the 10 years across 1,200 cities.
With innovative products under its belt and strong distribution through diversified channels, HealthAssure has the potential to grow and disrupt India’s health insurance sector.
