US-based early-stage enterprise capital agency Sierra Ventures, Soma Capital and a clutch of angel buyers participated within the spherical
The corporate plans to make use of the funds raised to increase its digital main care providing
The startup claims to have onboarded greater than 100 corporations up to now few months
Pune-based technology-driven medical insurance startup Loop Well being has raised $2.three Mn in seed funding led by US-based early-stage enterprise capital agency Sierra Ventures together with participation from Y Combinator and Soma Capital.
Angel buyers like former Google Ventures companion Daniel Burka, Twitch ex-CTO Kevin Lin, and former WeWork CTO Shiva Rajaraman amongst others additionally participated within the financing spherical.
The corporate plans to make use of the funds raised to increase its digital main care providing, construct a gross sales staff to develop the distribution of its medical insurance plans and for geographical growth.
The startup claims to have onboarded greater than 100 corporations up to now few months. A few of its clients embrace GE, Helpshift, Shoptimise, Weikfield, and MSwipe amongst others.
Based in 2018 by Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj, Loop Well being presents corporations group medical insurance plans from outstanding insurers bundled with a digital main care expertise by way of an in-house medical staff.
“When medical insurance grows shortly in any market, healthcare costs begin to enhance. Nevertheless, whenever you bundle each right into a single providing, the medical insurance firm just isn’t going to inflate prices as the first care supplier. We’re making an attempt to construct a value-based care system. The objective is to point out that we will preserve individuals wholesome, forestall claims, after which turn into an insurance coverage firm in the long term,” stated cofounder Amrit Singh
As soon as an organization is onboarded Loop Well being presents every worker and their household a devoted medical advisor, limitless physician consultations with in-house household medication specialists together with hospitalisation and claims steerage to minimise their value.
“We’re increasing our healthcare classes throughout totally different specialities like dermatology, and gynaecology amongst others. We’re additionally rising in a short time out of Mumbai and Pune for the following yr,” stated Kale, who can also be the chief govt of the Pune-based startup.
In response to Inc42 Plus India’s Healthtech Panorama In A Submit-Covid-19 World, the preventive healthcare market in India is predicted to succeed in $170 Bn by 2025, primarily pushed by health and wellness apps, and the diagnostics and therapeutics sub-segments.
Indian healthtech startups secured a complete funding of $2.three Bn between January 2014 and March 2020 unfold throughout 459 offers.