Wednesday, May 22, 2024
HomeStart UpHealthcare and insurtech startup FlashAid raises $2.5M in pre-Series A funding

Healthcare and insurtech startup FlashAid raises $2.5M in pre-Series A funding

Healthcare and insurtech startup Flashaid raised $2.5 million in a pre-Series A funding round led by the Piper Serica Angel Fund and global venture capital firm SOSV. Early-stage investors, Z21 Ventures Fund and ZNLGrowth Fund, also participated.

With the fresh funds, Flashaid plans to expand to six new cities, focusing on growth.

Founded by Manoj Gupta and Gunjali Kothari, Flashaid is collaborating with insurance companies to customize products and partnering with e-commerce platforms and brands to distribute insurance to their users. The company offers a comprehensive health solution with pre-underwritten products, open APIs, and embedded solutions.

According to a company statement, Flashaid is creating an API-first health cover to make health insurance more affordable and accessible in digital India. It is establishing a unique channel for retail health plan distribution via a B2B2C platform.

“Flashaid revolutionizes India’s health insurance landscape, leveraging digital access to overcome traditional agent-led models. This innovation unlocks the mass market, driving industry growth and value creation,” said Abhay Agrawal, Managing Director and Founder of Piper SericaAngel Fund.

“With an expected 30 percent surge in digital platform adoption by 2030, a significant opportunity emerges to align the ecosystem towards providing scalable solutions that promote health equity in India. We’re actively embracing this digital evolution through our API-centric strategy, which resonates with the shifting behaviors of customers in the process of purchasing and accessing healthcare services,” said Gunjali Kothari, Co-Founder at Flashaid.

In the past year, Flashaid has collaborated with over 20 platforms to distribute over 30,000 health covers. This insurtech startup is profitable at the EBITDA level and boasts an Annual Recurring Revenue (ARR) of $1 million. It is projected to reach a $10 million ARR (annual run rate) within the next two years.

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BRL Editor
BRL Editor
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