HealthAssure raises Rs 50 cr in funding from Rajiv Dadlani Group, Blume Ventures

(Representative Image)

HealthAssure, a healthtech startup, on August 25, raised Rs 50 cr (approx $6.2 million) in a pre-series B funding round led by the Rajiv Dadlani Group, a group of angel investors. The round also saw participation from venture capital firm -Blume Ventures, a US-based impact fund - Leo Capital, family offices, and high-net-worth individuals.

The company, in a statement, said it intends to deploy these funds into enhancing its product, strengthening distribution, sharpening its outpatient department (OPD) insurance network, and investing in futuristic primary healthcare technology. HealthAssure also said it aims to clock 10 times its current revenue within the next three years.

Founded in 2011 by Varun Gera, HealthAssure is a healthtech startup aggregating primary health care services and OPD insurance and claims to have served more than three million customers.

“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,” said Gera, who is also the chief executive officer (CEO) of HealthAssure.

HealthAssure said it is present across 1,200 cities and has doubled its revenues year on year. The company has raised Rs 220 crores so far from its previous funding rounds. In 2020, it also acquired a fitness startup, FitMeIn.

“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 Healthtech and Insuretech industry. We are very excited to partner as long-term investors, and support them in their journey,” said Rajiv Dadlani, of Rajiv Dadlani Group.

HealthAssure said it is targeting day-to-day health insurance by creating innovative products and distributing them through diversified channels. It claims to have an immediate total addressable market of $3 billion at its disposal.

The company said it has several lines of businesses serving insurers like Life Insurance Corporation (LIC), State Bank of India (SBI) Life, and more for their primary care needs. It also said it provides employee health benefits to some of the leading Corporates like GE, Deloitte, Deutsche Bank, and more.