Nova Benefits receives $10 mn in funding

The funding will be used to expand its team across sales, customer service, engineering and product management

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Nova Benefits, the Indian employee-wellness platform, has managed to get a funding of $10 million in a Series A round led by Susquehanna International Group (SIG) and Bessemer Venture Partners. Other investors who participated included existing investors Multiply Ventures, Better Capital and Titan Capital.

The one-year old platform, which focuses on corporate health insurance, helps companies improve the wellbeing of their workforces, by offering health insurance in addition to various wellness, daily fitness, as well as mental-health counselling programmes.

It had, not long ago, raised a million dollars in a Seed round led by Multiply Ventures, Better Capital and Bhavin Turakhia-led Titan Capital.

This fresh capital will be used to expand the Bengaluru-based insurtech startup’s teams, across sales, customer success, engineering and product management. The aim is to expand the wellness offerings on the platform.

With the pandemic forcing people to give more importance to health and physical fitness, the timing is just right for Nova Benefits to expand.

The platform, co-founded by Saransh Garg, CEO and Yash Gupta, CTO, grew more than ten times in a short span of a year, seeing a surge in the number of clients following the pandemic.

The employee wellness industry is growing fast in India, with technology helping accelerate its growth.

In just over a year, Nova Benefits, which boasts of more than one lakh users, has managed to onboard more than 150 clients, including companies, such as Dream 11, CoinDCX, Snapdeal, Zenoti and Yulu Bikes.

Having received a direct insurance-broking license from the Insurance Regulatory and Development Authority of India (IRDAI), the Company is able to offer organisations the best combination of insurers and coverages.

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