Loop Health has raised $12 million in a round led by Elevation Capital and General Catalyst
Loop Health aspires to be India’s “Oscar Health,” focusing on primary care and insurance to address the country’s health insurance gap.
The Pune-based firm is also the most recent to get investment in this sector, having received $12 million in Series A funding from Elevation Capital and General Catalyst in a deal co-led by the two firms. Vinod Khosla’s Khosla Ventures, YC Continuity Fund, Tribe Capital, and a group of angel investors, including NoBroker founder and CEO Amit Kumar Agarwal, Livspace founder and COO Ramakant Sharma, Meesho co-founders Vidit Aatrey and Sanjeev Barnwal, Carbon Health co-founder and CEO Eren Bali, Codecademy co-founder and CEO Zach Sims, have joined the two companies.
Loop Health has received a total of $14 million in investment since its founding in 2018, according to Mayank Kale, co-founder and CEO. This includes a prior seed round of $2.3 million. Y Combinator’s Winter 2020 accelerator programme accepted the firm.
Kale founded Loop Health with Ryan Singh, Amrit Singh, and Shami Raj to provide group health insurance plans from large insurers to companies of all sizes, including a virtual primary care experience through Loop Health’s in-house medical team and network of service providers. Kale was previously building digital patient health records across India.
In India, it is believed that just about 15% of the population has acquired him.
Traditional insurance plans generally don’t cover most ailments for up to four years after purchase, while 40 percent of Loop Health clients see a Loop doctor within the first three months, according to Kale.
Shaadi.com, rediff.com, Helpshift, Knorr-Bremse, Shoptimize, Weikfield, and Moonshine Meadery are among the 150 firms with whom the company has began working in the last 12 months, representing around 50,000 total members. Loop Health aims to cover 1 million members in Southeast Asia by the end of 2022 and 5 million members in the next five years.
At the same time, sales has increased by 50% month over month, and the firm has grown from ten to twenty employees.
Loop health is climbing the ladder of healthcare industry and providing solutions so as to grow the industry sector and also for the problems of people. It might prove to be the leader in the industry soon. All my best wishes to them.Shishir Gupta, Founder and CEO, StartupLanes
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