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Business News/ Companies / Start-ups/  Startup ekincare raises $15 million
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Startup ekincare raises $15 million

Ekincare intends to use the fresh funds to boost growth and deliver simplified health benefits to employers

From L-R: Dr. Noel Coutinho, Kiran Kalakuntla and Srikanth SamudralaPremium
From L-R: Dr. Noel Coutinho, Kiran Kalakuntla and Srikanth Samudrala

MUMBAI : Health benefits startup ekincare has raised $15 million in a Series B funding round led by HealthQuad and Sabre Partners along with participation from existing investors Ventureast, Eight Roads Ventures, Siana Capital and Endiya Partners.

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.

The startup intends to use the fresh capital to accelerate growth and deliver simplified health benefits and insurance experience to employers. 

Dexter Capital was the exclusive financial advisor for this transaction

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

The corporate health and wellness market in India is worth $7 billion and is expected to grow at a compound annual growth rate (CAGR) of 20%, according to a study by Redseer. However, the market remains highly fragmented and employers often find it very difficult to work with multiple partners such as diagnostic centres, insurance companies and other healthcare firms. ekincare resolves this issue by integrating with thousands of healthcare service providers across insurance, hospitals, diagnostics, teleconsultations providers, e-pharmacy and mental wellness.

With an industry leading net promoter score, or the number of customers that are likely to recommend its products or services to someone else, of 80%, ekincare is growing at a CAGR of 150%.

The startup’s customer base includes Fortune 500 companies like S&P Global, Target, ThyssenKrupp, Allstate, as well as fast-growing startups like Airbnb, Xpress Bees, Nykaa, Flipkart and SMEs.

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ABOUT THE AUTHOR
Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Published: 17 Mar 2022, 01:57 AM IST
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