HealthAssure, a health-tech platform, today said it has received USD 1 million in funding led by The HR FUND and is looking at raising an additional USD 10 million this year to fuel its expansion plans.
HealthAssure had previously received funding from serial entrepreneur and investor Rajul Garg and Shuchin Bajaj in January 2015 and in October that year, the firm received the second round through a Singapore-based banker and investor.
"Their (The HR Fund) experience will be extremely beneficial for building more sophisticated products for corporates and employees. This fund raise (of USD 1 million) will be used to develop new consumer products in primary healthcare, digitising the ecosystem, and building extensive distribution," HealthAssure founder and CEO Varun Gera told PTI.
Started in 2011, HealthAssure provides access to 3,100 primary care centres across 1,000 cities and connects insurers and corporates through its platform. The company had recently said it plans to invest USD 15 million to strengthen their primary care network and product capabilities.
Gera said the company has serviced one million customers through their B2B model. It works with companies like Apollo Munich, Max Bupa, Cigna, ICICI Prudential, Royal Sundram, Loreal, FedEx, Deloitte, Max Life, among others.
"We are looking at raising an additional USD 10 million to fuel our expansion as we expects to touch 2.5-3 million customers by 2020," he added.
Gera added that while the company has already hit profits, the funds will be channelled into expanding and strengthening its network and products.
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