AI-driven health benefits startup on Thursday announced that it has raised $15 million in a Series B funding round led by HealthQuad and Sabre Partners along with participation from existing investors Ventureast, Eight Roads Ventures, Siana Capital, and Endiya Partners.
According to the official statement, the startup intends to use this fresh funding to help accelerate growth and deliver simplified health benefits and insurance experience to employers.
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 personalised, full-stack health benefits platform.
It helps companies administer benefits efficiently, optimise their healthcare spends, and show real health outcomes. Being highly customisable, the platform is built to help employers design a health benefits package that best suits the needs of their employees and their families.
App screenshot
Speaking on the fund-raise, Kiran Kalakuntla, Co-founder, ekincare, said,
“We expect to grow by another 3x post this round. In a post-pandemic world, employee wellbeing has increasingly become the focal point of every employer’s strategy. Our patented platform considers behavioural data and uses it to personalise 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.”
Ajay Mahipal, Director, HealthQuad, said that with an industry leading NPS of 80 percent, ekincare is growing at a CAGR of 150 percent.
"ekincare’s health benefits platform is trusted by 400+ corporates and more than a million of their employees. 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 whom count on the platform for organising their health benefits plan,” he said.
Jagannath Samavedam, Partner, Sabre Partners, added that ekincare was 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 and OPD network across 150+ cities is gaining phenomenal traction and will further push their growth trajectory,” Jagannath said.
Edited by Teja Lele Desai