Insurtech startup HealthySure announced it has raised $1.2 million (approximately Rs 9 crore) in a pre-Series A round led by Inflection Point Ventures. The round also saw participation from We Founder Circle, Dexter Angels, Campus Fund, HEM Angels and other private investors.
What does the startup offer?
HealthySure offers a product of Unified Health Insurance which lets employees take personal insurance cover as high as Rs. 1 crore. All this is managed through a seamless tech experience for the organizations as well as the employees, it said in a press statement. At the same time HealthySure also offers a complete healthcare stack for organizations to manage their health benefits.
Who are the founders?
It was founded in April 2021, by two CAs, IIM-B alumnus Anuj Parekh and ISB alumnus Sanil Basutkar. HealthySure aims to transform the insurtech industry with tech-enabled employee healthcare protection and management solutions for Indian organizations. The startup helps in simplifying health insurance for the employed Indians and make it more affordable and accessible.
What will the funds be used for?
The funds will be used to further fuel its mission of offering innovative and affordable group health insurance-led solutions to the Indian workforce and their families.
Mitesh Shah, Co-Founder, Inflection Point Ventures says, “The penetration of voluntary health insurance in India is less than 10 percentfor various reasons like difficulty in understanding the policy, affordability, trust factor, accessibility and so on. To address this problem, HealthySure has created a seamless platform to reach out to larger masses targeting SMEs whose majority workforce doesn't have an insurance cover. We believe it is a huge market opportunity to be tapped and HealthySure is rightly positioned for it.”
Anuj Parekh, Co-Founder & CEO of HealthySure says, “The current fundraise will help us invest in the team, technology and operations. We are not just building a disruptive startup, we are also looking to transform the lives of millions of Indian families with health security. We see tech as core to achieving our vision and are investing heavily to make our systems seamless and frictionless and hope to drive down health insurance costs further.”
Tushar Agrawal, Partner at Dexter Angels says "The Insurance industry is a large market and it will see a host of innovations and consumer-first products to further drive its penetration. HealthySure’s Unified Health Insurance is one such product, with many more to follow."
Plans to scale-up team
HealthySure with a 20-member team is planning to scale up to 50-member team over the next 6 months. The start-up also aims to cover 150,000 individuals in the next 12 months with comprehensive health security and management.
