09. September.2021 – Banglore-based, Nova Benefits, an employee wellness platform that is focusing on corporate health insurance, announced that it raised a Series A round of $10 million led by Susquehanna International Group (SIG) and Bessemer Venture Partners. The participants of this round were Multiply Ventures, Better Capital, and Titan Capital.
The startup’s latest round comes six months after it raised $1 million from its existing investors.
Nova Benefits plans to utilize the funding to increase its product management, engineering, sales, and customer success teams to develop a larger stack of wellness offerings on its platform.
Co-founder and CTO Yash Gupta said, “We are not only improving employee and HR experience for insurance but also building a platform for a suite of benefits, including physical, mental, and financial health.”
Words from investors –
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. We are excited to partner with Nova as it addresses key problems in the industry with its unique software-led approach, thereby providing a 10X better experience to employers and employees alike while enabling a more holistic benefits suite for employers in India.“
About Nova Benefits –
Initiated in 2020, Nova’s tech platform aids companies to improve employee wellbeing through daily fitness, health insurance, wellness programmes and mental health counselling.
Nova Benefits has a license for direct insurance broking from the Insurance Regulatory and Development Authority of India (IRDAI), which let the startup provide businesses with the best merge of insurers and coverages.
Nova Benefits is a Bengaluru-based startup, that claims to witness a surge in clients in between the COVID-19 pandemic, noting 10X growth in one year. Since its founded, the startup has onboarded more than 150 clients, including companies like CoinDCX, Dream 11, Snapdeal, Yulu Bikes and Zenoti, with 100,000+ users on the platform.
Commenting on the announcement, Saransh Garg, Co-founder and CEO, Nova Benefits, said,
“Historically, employee health insurance and wellness have 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,” he added.
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