AI-based health benefits startupannounced on Thursday that it has raised $15 million in a Series B funding round led by HealthQuad and Saber Partners with the participation of existing investors venturelast, Eight Roads Ventures, Siana Capitaland Endiya Partners.
According to the official statement, the startup intends to use this new funding to help accelerate growth and provide employers with a streamlined health benefits and insurance experience.
Dexter Capital was the exclusive financial advisor for this round.
Founded by Kiran Kalakuntla, Srikanth Samudrala and Dr Noel Coutinho in 2015, ekincare is a comprehensive and personalized health benefits platform.
It helps businesses administer benefits efficiently, optimize health spending, and show real health outcomes. Being highly customizable, the platform is designed to help employers design a health benefits package that best meets the needs of their employees and families.
Speaking on fundraising, Kiran Kalakuntla, co-founder, ekincarenoted,
“We expect to grow by another 3x position this round. In a post-pandemic world, employee well-being has increasingly become the focus of every employer’s strategy. Our patented platform takes behavioral data and uses it to personalize an employee’s healthcare journey, resulting in better benefits uptake, employee engagement and better health outcomes.
“The longitudinal depth of this information helps payers better underwrite health risks, making health care affordable for employers.”
Ajay Mahipal, director of HealthQuad, said that with an industry-leading NPS of 80%, ekincare is growing at a CAGR of 150%.
“More than 400 companies and more than one million of their employees trust ekincare’s healthcare benefits platform. 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, all of which rely on the platform to organize their health benefit plan,” he said.
Jagannath Samavedam, Partner, Saber Partnersadded that ekincare is looking to add 10,000 businesses to its customer base by FY25.
“The company has a strong management team and its comprehensive SME healthcare benefit solution, built on a solid foundation of integrated, cashless IPD and OPD network in more than 150 cities, is gaining popularity and will further accelerate their growth trajectory,” Jagannath said.