Health benefits startup, ekincare, has managed to raise $US 3.6 million in a series A funding round, led by a new investor. This takes its total funds raised to $US 5.6 million. The other existing investors who participated in this round were, Venture East, Eight Roads and Touchstone equities.
Today, ekincare serves over 200 companies, including multiple Fortune 500 clients. It also manages the health of more than 300,000 employees through its patent-pending platform. The startup enables organisations to administer health benefits in an efficient manner, and also cut down on healthcare costs by up to 25 per cent.
The funding comes at the right time, when corporate health is gaining importance in India. With annual health insurance premiums rising steadily, healthcare is becoming increasingly expensive.
ekincare plans to use the funds to strengthen its technology platform, focus more on business development and marketing, and expand its offerings in the corporate health benefits market.
The platform already offers preventive health services, such as telemedicine, e-pharmacy, health checks, vision and dental care, access to gyms, and other services for individuals, and ensures they enjoy a personalised journey on the platform.
The Company is committed to offering worldclass healthcare services/benefits. It is facing stiff competition from Welltok, CXA Group, and VirginPulse. However, ekincare is looking at becoming the leader in South Asia in the healthcare space.
With the newly-obtained funds, the platform will be able to move steadily towards its goal of offering world-class healthcare.