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9th July, 2019 Mumbai: HealthAssure, India’s foremost health-tech primary care services platform, today announced a $2.5 million Series A round led by Blume Ventures, an early stage venture capital fund.
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, Mr. Varun Gera, Founder & CEO of HealthAssure says, “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 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 next 2 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. With a presence in the Middle East already established; the company 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 their 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 bn. The Indian healthcare sector is expected to reach US$ 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 their services to more than 1.5 million customers and targets to serve millions more in the coming year.
It caters to more than 5 Lakh employees to improve their health every single day. Some of HealthAssure’s customers include most insurers in the market, several large corporates, brokers, banks and retail customers like ICICI Prudential, Deloitte, Cigna, Max Bupa, Yahoo, Aditya Birla and many others. With the latest round of funding, HealthAssure hopes to build on benefits to the end consumer too, a vertical it launched last year.
About HealthAssure: A first of its kind healthtech start-up which has built a comprehensive on ground medical network, set up with the ultimate goal of bringing good health closer to customers. Founded in 2011 by Mr. Varun Gera, the company provides high quality & affordable network of 4,000 primary care centers across 1,100 cities in India. The company currently has serviced 1.5 million customers. HealthAssure has invested more than USD 4 Million into building the brand so far.
For further information please visit: www.healthassure.in
About Blume Ventures: Blume Ventures is a seed and pre-series A venture fund that backs technology start-ups with both funding as well as active mentoring and support. Blume has been the most active venture fund in India since 2011, investing in sectors such as deep tech, financial services, healthcare, and education among others. Its current portfolio includes companies such as Grey Orange Robotics, Unacademy, Servify, Tricog Health, Locus and many more.
For further information please visit: https://blume.vc/