Healthtech start-up ekincare raises $15 mn in Series B round

Health benefits start-up ekincare 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. The start-up intends to use this fresh funding to help accelerate growth and deliver simplified health benefits and insurance experience to employers.

ekincare is a personalised, full-stack health benefits platform. 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.

“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 behavioral 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,” Kiran Kalakuntla, co-founder, ekincare, said.

The corporate health and wellness market in India is worth $7 billion and is expected to grow at 20 per cent CAGR according to the Corporate Health and Wellness Market study by consulting firm, RedSeer. However, the market remains highly fragmented in India and employers often find it very difficult to work with multiple partners such as diagnostic centers, insurance companies and other healthcare players.

ekincare claims that its benefits platform resolves this issue by integrating with thousands of healthcare service providers across insurance, hospitals, diagnostics, teleconsultations providers, e-pharmacy, and mental wellness. It helps employers provide all the benefits under one roof, through a completely digital platform, and also give employees the flexibility to choose benefits based on their needs.

“With an industry leading Net Promoter score ( NPS) of 80 per cent, ekincare is growing at a CAGR of 150 per cent. 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.” Ajay Mahipal, Director, HealthQuad, said in a statement.