HealthySure Raises $1.2 Million In Pre-Series A Led By Inflection Point Ventures Funds will be utilised to further fuel its mission of offering innovative and affordable group health insurance-led solutions to the Indian workforce and their families.
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HealthySure on Wednesday announced to have raised $1.2 million in a pre-Series A round led by Inflection Point Ventures. The round also witnessed participation from We Founder Circle, Dexter Angels, Campus Fund, HEM Angels and other private investors. Funds will be utilized to further fuel its mission of offering innovative and affordable group health insurance led solutions to the Indian workforce and their families.
"The current fundraise will help us invest in the team, technology and operations. We are not just building a disruptive startup, we are also looking to transform the lives of millions of Indian families with health security. We ultimately want every Indian to be comprehensively covered through health insurance and eliminate financial worry at the time of health emergencies," said Anuj Parekh, co-founder and CEO, HealthySure.
The online insurance market in India is expected to reach a value of approximately INR 22,000 crore by 2024. Online life insurance sales are expected to grow at approximately 5 per cent of the individual annualized new business premium by 2020, according to a report by Mordor Intelligence, a market research and consulting firm.
"HealthySure has created a seamless platform to reach out to larger masses targeting SMEs whose majority workforce does not have an insurance cover. We believe it is a huge market opportunity to be tapped and HealthySure is rightly positioned for it," said Mitesh Shah, co-founder, Inflection Point Ventures.
Founded in April 2021 by two chartered accountants, IIM-B alumnus Anuj Parekh and ISB alumnus Sanil Basutkar, HealthySure offers unified health insurance which lets employees take personal insurance cover as high as INR 1 crore. It is already working with 70-plus organizations and is covering 20,000-plus people under its healthcare solutions. The startup helps in simplifying health insurance for the employed Indians and makes it more affordable and accessible. HealthySure with a 20-member team is planning to scale up to a 50-member team over the next six months. The startup also aims to cover 150,000 individuals in the next 12 months with comprehensive health security and management.
