Chennai: Health benefits start-up, ekincare has raised USD 3.6 M in a Series A funding round led by a new investor, with participation from existing investors including Venture East, Eight Roads and Touchstone equities.
The latest round takes the total funding raised by ekincare to $5.6M. The funds will be used to strengthen ekincare’s technology platform, business development, marketing and expand its portfolio of offerings in the corporate health benefits market.
Reimagining Corporate Health Benefits
ekincare today caters to more than 200 companies including multiple Fortune 500 clients and managing 300,000+ employees health on their patent-pending platform. With ekincare, organizations can administer their health benefits efficiently, improve outcomes and reduce healthcare costs by up to 25%.
The corporate health market size in Asia Pacific was valued at USD 4.5 B in 2018 and is expected to register a CAGR of 9% over the next 10 years as per a report by Transparency Market Research. In India, corporate health is on an uptick with the rise in annual health insurance premiums, inflation in healthcare costs and trending loss ratios at 107%. More than 40% of companies have a budget of INR 1000+ per employee for health benefits beyond medical insurance, as per the report published by PeopleMatters.
Health + Analytics + Engagement
“Healthcare services industry in India is broken and full of disconnected parts,” said Kiran Kalakuntla, CEO and Founder, ekincare. “Our patent pending technology recognizes patterns across disparate health data sets, discerning differences between consumer segments and behaviours to engage people better”
On the platform, ekincare today offers preventive health services like telemedicine, e-pharmacy, health checks, vision and dental care, access to gyms, and other services for every individual, through a personalized journey on the platform.
“ekincare was instrumental in driving health benefits and engagement in a fun, enthusiastic way with more than 35% of our employees participating in a company-wide contest.”, said Tanushree Mishra, People Director at AB InBev.
Competing with the likes of Welltok, CXA Group, VirginPulse, ekincare wants to be the health benefits platform of choice across South Asia in the near future.
“We have seen tremendous growth from our initial investment in ekincare, both in terms of patient-engagement, employers adoption as well as revenue growth. Hence through this round of investment we reinforce our commitment to support ekincare management team in their vision to build a world class healthcare platform.”, said Srikanth Sundarajan, Partner at Ventureast.