While larger corporates have almost always had health benefits for its employees, COVID pandemic compelled the same for small and mid-size firms. Even larger corporates have now paid renewed attention to the health plans that they provide to their employees, to include a much larger basket of benefits compared with pre-COVID era. ekincare, a tech-enabled full stack health benefits platform has banked on this growing opportunity, and is now receiving a $15Mn cheque from marquee investors to grow business.
The health-tech startup announced its $15Mn Series B round today, led by HealthQuad and Sabre Partners along with participation from existing investors Ventureast, Eight Roads Ventures, Siana Capital, and Endiya Partners. ekincare intends to use this fresh funding to help accelerate growth and deliver simplified health benefits and insurance experience to employers.
Kiran Kalakuntla, Co-founder ekincare says, “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 behavioral data and uses it to personalize an employee’s health benefits journey, resulting in higher benefits adoption, employee engagement, and better health outcomes.”
ekincare has seen a rather sharp growth in recent times. The startup claims an NPS of 80%, with a CAGR growth rate of 150%. It has signed up over 400+ corporates as clients, with over a million of their employees active on ekincare’s 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 and Flipkart.
The corporate health and wellness market in India is worth $7 billion and is expected to grow at 20% CAGR according to the Corporate Health and Wellness Market study by Redseer.