Outpatient insurance aggregator HealthAssure raises ₹50 crore

• HealthAssure raised ₹50 crore from Rajiv Dadlani group, Blume Ventures, Leo Capital and more.
  
• It aggregates healthcare services and also offers OPD insurance products.
  
• It claims to have built a health maintenance organisation (HMO) ecosystem of primary care over the last 10 years across 1,200 cities.
  
• The company claims that the total addressable market for this business is $3 billion.
  

HealthAssure, which aggregates primary health care services and OPD insurance products, on Thursday raised ₹50 crore in a pre-series B funding round.

The funding round was led by the Rajiv Dadlani group and also saw participation from Blume Ventures, Leo Capital, a US-based impact fund, reputed family offices and high-networth individuals.

The company plans to deploy these funds to enhance its products, strengthen distribution, sharpen its OPD insurance network and invest in technology. OPD, or outpatient, insurance refers to the insurance cover for healthcare treatments that do not involve hospitalisations.

HealthAssure says it has built a health maintenance organisation (HMO) ecosystem of primary care over the last 10 years across 1,200 cities. It also claims to be the first to launch innovative insurance-underwritten OPD products.

It ‘productises’ or creates innovative products for health seekers and distributes them through diversified channels. The company claims that the total addressable market of this business is $3 billion.

The company has so far raised ₹220 million in funding and more recently also acquired fitness startup FitMeIn.

“Raising our largest round yet in such difficult market conditions, displays the confidence which our existing and new investors have in our unique business model and the potential of the large healthcare market ripe for disruption,” said Varun Gera, founder and CEO of HealthAssure.

The company, which launched operations in 2011, has serviced more than 3 million customers. It has several lines of businesses serving insurers like LIC, SBI Life, Niva Bupa, Care Insurance and ICICI Prudential for their primary care needs.

It also provides employee health benefits to companies like GE, Deloitte, Deutsche Bank and Pearsons.


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