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BENGALURU: Employee wellness platform Nova Benefits on Thursday said it has secured $10 million in a Series A funding round, led by Susquehanna International Group (SIG) and Bessemer Venture Partners.

Existing investors including Multiply Ventures, Better Capital and Titan Capital also participated in the round.

According to the company, it will use the funds to expand its engineering, product management, sales and customer success teams to increase its wellness offerings on the platform.

Started last year, Nova's tech platform helps companies improve employee wellbeing through health insurance, daily fitness, mental health counselling and wellness programmes.

Nova’s wellness programmes help enterprises increase health coverage and gamify their fitness goals.

“Historically employee health insurance and wellness has just been a checkbox item for corporations. The pandemic has changed that. Nova's platform empowers progressive employers to provide personalised care for their team members which ultimately drives employee happiness and retention. We're excited to be on a path to improve the well-being of 10 million Indians by 2025," said Saransh Garg, co-founder and chief executive officer at Nova Benefits.

Nova has a direct insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI) which allows the company to provide businesses with various combinations of insurers and coverages.

“We believe employee wellness is a nascent, under-penetrated but rapidly growing and evolving industry in India and technology will play a critical role in accelerating this growth. We are excited to partner with Nova as it addresses key problems in the industry with its unique software-led approach thereby providing a 10-fold better experience to employers and employees alike while enabling a more holistic benefits suite for employers in India,“ said Anant Vidur Puri, partner at Bessemer Venture Partners.

Since its inception, Nova Benefits has on-boarded over 150 clients including companies like Dream 11, CoinDCX, Snapdeal, Zenoti, Yulu Bikes with over 100,000 users on the platform.

As per a report by Redseer, the corporate health and wellness market in India is valued at $7 billion currently and is expected to reach $18 billion by 2025, driven by an increased focus on wellness by employers in a post-pandemic world.

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