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HomeInsightFunding Alert ekincare raises $15 mn funding in Series B round

[Funding alert] ekincare raises $15 mn funding in Series B round

Health benefits platform ekincare
Health benefits platform ekincare

Health benefits platform ekincare has raised $15 mn funding in a Series B round from HealthQuad and Sabre Partners.

Existing investors Ventureast, Eight Roads Ventures, Siana Capital and Endiya Partners also participated in this round.

With this fundraise the company plans to use the funds to accelerate growth and deliver simplified health benefits and insurance experience to employers. Dexter Capital was the sole financial advisor to this transaction.

“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”, said, Kiran Kalakuntla, co-founder ekincare.

Hyderabad-based startup founded in 2014 Kiran Kalakuntla and Srikanth Samudrala, ekincare is a personalized, full-stack customizable health benefits platform that helps employers design a health benefits package that best suits the needs of employees and their families.

“With an industry leading NPS of 80%, ekincare is growing at a CAGR of 150%. ekincare’s health benefits platform is trusted by 400+ corporates and more than a million of their employees,” said, Ajay Mahipal, Director, HealthQuad.

The company’s annual revenue run rate has grown 3.5 times in the last 12 months and is currently serving around 1.5 million employees across 410 companies.

Jagannath Samavedam, Partner, Sabre Partners, said, ”ekincare is looking to add 10,000 companies to its customer base by FY25. The company has a strong management team and its comprehensive health benefits solution for SMEs, built on a strong foundation of integrated, cashless IPD & OPD network across 150+ cities is gaining phenomenal traction and will further push their growth trajectory.”

Currently, about 49% of ekincare’s existing customers are Indian companies. The company’s customer base includes Fortune 500 companies such as S&P Global, ThyssenKrupp, Target, Allstate as well as fast-growing startups such as XpressBees, Nykaa, Airbnb, Flipkart and SMEs are also included.



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