Nova Benefits, an employee wellness platform in India focusing on corporate health insurance, has secured $10 million in a Series A funding round led by Susquehanna International Group (SIG) and Bessemer Venture Partners. Existing investors Multiply Ventures, Better Capital and Titan Capital have also participated in this round.
Founded in 2020, Nova's tech platform helps companies improve employee wellbeing through health insurance, daily fitness, mental health counselling and wellness programs.
The company plans to use the funding to expand its Engineering, Product Management, Sales and Customer Success teams to build a larger stack of wellness offerings on their platform.
Saransh Garg, Co-founder and CEO at Nova Benefits said, “Historically employee health insurance and wellness has just been a checkbox item for corporations. The pandemic has changed that. A 24 year-old might be interested in developing positive fitness habits, a 32 year-old working mother would be concerned about her child's health and a 55 year-old might worry about ever-increasing healthcare expenses."
Commenting on their hiring plans, Co-founder and CTO Yash Gupta said "We are building a platform for a suite of benefits, including physical, mental and financial health."
Anant Vidur Puri, Partner at Bessemer Venture Partners said, “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.“
Nova Benefits saw a surge in clients amidst the pandemic, witnessing over 10x growth in a span of one year. Since its inception, the company has on-boarded over 150 clients including companies like Dream 11, CoinDCX, Snapdeal, Zenoti, Yulu Bikes with over 100,000 users on the platform.
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 the best combination of insurers and coverages.
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 a value of $18 billion by 2025 driven by an increased focus on wellness by employers in a post-pandemic world.
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