Hyderabad – headquartered Indian health-benefit startup Ekincare raised USD 15 million in Series B funding on March 17, 2022. The round saw participation from HealthQuad and Sabre Partners.
Besides, existing investors, including Ventureast, Eight Roads Ventures, Siana Capital and Endiya Partners, also participated in the recent round of funding.
Ekincare’s Purpose of Funding
The proceeds from the latest funding will aid in accelerating growth. Marketing, branding, and adding more products to its offerings will accelerate growth.
The fresh capital will help Ekincare to introduce and experiment with new products. It includes health financing, lasik surgery, or infertility treatment financing.
In addition, they seek to simplify health benefits and insurance experience for employers.
What the Ekincare co-founder has to say
Kiran Kalakuntla, the co-founder of 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.”
He further added, “However, the market remains highly fragmented in India, and Ekincare’s one-stop employee health benefits platform aims to resolve the difficulties faced by corporations in accessing better employee healthcare.”
What the investors have to say
“With an industry-leading NPS of 80%, Ekincare is growing at a CAGR of 150%. ekincare’s health benefits platform is trusted by 400+ corporates and more than a million of their employees,” said Ajay Mahipal, Director of HealthQuad.
“Ekincare is looking to add 10,000 companies to its customer base by FY25. The company has a strong management team, and its comprehensive health benefits solution for SMEs, built on a strong foundation of integrated, cashless IPD & OPD network across 150+ cities, is gaining phenomenal traction and will further push their growth trajectory,” said Jagannath Samavedam, Partner at Sabre Partners.
About Ekincare
Kiran Kalakuntla and Srikanth Samudrala founded Ekincare in 2014. It is a personalized, full-stack customizable health benefits platform. The startup helps employers develop a health benefits package that best suits the needs of employees and their families.
Currently, Ekincare serves around 1.5 million employees across 410 companies. Their clientele includes Fortune 500 companies, such as S&P Global, Target, ThyssenKrupp, Allstate. They also cater to the fast-growing startups like Airbnb, Xpress Bees, Nykaa, Flipkart and SMEs.
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