The company will use the funds to augment its healthtech platform, create sharper products that serve various primary care needs of the Indian market more effectively.

Mumbai-based primary healthcare aggregator HealthAssure raises $2.5M in Series A funding

By Dean Koh
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Above: Screengrab of HealthAssure's website.

Founded in 2011, primary healthcare aggregator HealthAssure recently announced a $2.5M Series A round led by Blume Ventures, an early stage venture capital fund. The company 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 hospital outpatient care (OPD) insurance products, build better data capabilities leveraging Artificial Intelligence (AI) & Machine Learning (ML) and strengthen distribution.

HOW IT WORKS

HealthAssure ties up with insurance companies to help their customers with pre-policy check-ups and other diagnosis. Customers can locate partnering healthcare centres closer to them and use their services through the HealthAssure app. The company has also tied up with corporates to offer them subscription plans and flexi employee healthcare products.

In an official statement, HealthAssure states that it 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.

ON THE RECORD

“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,” said Varun Gera, Founder & CEO, HealthAssure in a statement.

Sajid Fazalbhoy, Principal at Blume Ventures 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.”