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Wednesday, January 25, 2023

ekincare secures $15M to boost growth, deliver simplified health benefits to employers

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ekincare has secured $15 million in a Series B round of funding. The health benefits startup  will used the money to fast-track expansion.

Health benefits startup, ekincare, has secured $15 million in a Series B funding round headed by HealthQuad and Sabre Partners, with participation from current investors Ventureast, Eight Roads Ventures, Siana Capital, and Endiya Partners.

The company plans to use the new funding to accelerate growth and provide employers with a more simpler health benefits and insurance experience.

Dexter Capital served as the sole financial advisor to ekincare during the transaction.

Employee well-being has increasingly been the focal point of every employer’s strategy in a post-pandemic environment. Our unique platform takes behavioural data into account and uses it to personalise an employee’s health benefits experience, leading in higher benefits acceptance, employee engagement, and better health outcomes. The longitudinal depth of this data is assisting payers in better underwriting health risks, making healthcare more cheap for companies.”

According to a Redseer analysis, the corporate health and wellness market in India is approximately $7 billion and is predicted to develop at a compound annual growth rate (CAGR) of 20%.

However, the industry remains highly fragmented, making it difficult for businesses to collaborate with numerous partners such as diagnostic centres, insurance companies, and other healthcare organisations. ekincare tackles this problem by integrating with hundreds of healthcare service providers in areas such as insurance, hospitals, diagnostics, teleconsultation, e-pharmacy, and mental wellness.

ekincare is a personalised, full-stack configurable health benefits platform that assists employers in designing a health benefits package that meets the demands of their employees and their families.

The company is growing at a CAGR of 150 percent, thanks to an industry-leading net promoter score of 80 percent, or the amount of consumers who are likely to refer its products or services to someone else.

Customers of ekincare include Fortune 500 organization’s such as S&P Global, Target, ThyssenKrupp, and Allstate, as well as fast-growing startups such as Airbnb, Xpress Bees, Nykaa, Flipkart, and SMEs.

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