ekincare, a health benefits firm, has raised $15 million in a Series B fundraising round headed by HealthQuad and Sabre Partners, with current investors Ventureast, Eight Roads Ventures, Siana Capital, and Endiya Partners also participating.
ekincare is a fully customised, personalised health benefits platform that assists employers in creating a health benefits package that best satisfies the needs of their employees and their families.
The business plans to use the new funding to accelerate its expansion and provide employers with a more simpler health benefits and insurance experience.
Dexter Capital served as the transaction’s only financial advisor.
Kiran Kalakuntla, co-founder ekincare, said, “We expect to grow by another 3x post this round. In a post-pandemic world, employee well-being has increasingly become the focal point of every employer’s strategy. Our patented platform considers behavioural data and uses it to personalize an employee’s health benefits journey, resulting in higher benefits adoption, employee engagement, and better health outcomes. The longitudinal depth of this information is helping payers underwrite health risks better, in turn making healthcare affordable for employers.”
According to a Redseer report, India’s corporate health and wellness sector is valued $7 billion and is predicted to develop at a 20 percent compound annual growth rate (CAGR). However, the industry is still highly fragmented, making it difficult for businesses to collaborate with different partners such as diagnostic centres, insurance companies, and other healthcare organisations. ekincare tackles this problem by integrating with tens of thousands of healthcare service providers, including insurance, hospitals, diagnostics, teleconsultation, e-pharmacy, and mental wellness.
ekincare is growing at a CAGR of 150 percent, thanks to an industry-leading net promoter score of 80 percent, which indicates the amount of consumers who are likely to recommend its products or services to others.
Fortune 500 corporations including S&P Global, Target, ThyssenKrupp, and Allstate, as well as fast-growing startups like Airbnb, Xpress Bees, Nykaa, Flipkart, and SMEs, are among the startup’s customers.
