Monday, July 15, 2024

FlashAid Raises $2.5M to Revolutionize Health Insurance

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FlashAid, a healthcare and insurance startup, has successfully raised $2.5M in a pre-Series A funding round led by Piper Serica Angel Fund and global venture capital firm SOSV. Early-stage investors, including Z21 Ventures Fund and ZNL Growth Fund, also participated in this funding round. The funding will fuel FlashAid’s growth and expansion plans, including entry into six new cities.

Startup raises $2.5M Founded by Manoj Gupta and Gunjali Kothari, it’s a pioneering exclusive tie-up with insurance companies to tailor-make products and partnering with e-commerce platforms and brands to distribute insurance to their users. The startup offers a full-stack health solution with proprietary pre-underwritten products, open APIs, and embedded solutions.

FlashAid’s mission is to make health insurance affordable and accessible to digital India by building an API-first health cover and developing a distinctive channel for retail health plan distribution via a B2B2C platform.

FlashAid raises $2.5M and its founders Manoj Gupta and Gunjali Kothari.
FlashAid founders Manoj Gupta and Gunjali Kothari.

Investors have expressed enthusiasm for FlashAid’s innovative approach to revolutionizing India’s health insurance landscape. Abhay Agrawal, Managing Director and Founder of Piper Serica Angel Fund, highlighted FlashAid’s potential to drive industry growth and value creation by unlocking the mass market.

Oscar Ramos, Managing Director and Partner at SOSV, commended FlashAid’s dedication and approach in facilitating access to healthcare insurance for millions of India’s informal workers.

Gunjali Kothari, Co-Founder at FlashAid, emphasized the significance of embracing digital evolution to promote health equity in India. FlashAid’s API-centric strategy aims to make the healthcare ecosystem more accessible and user-friendly, aligning with the shifting behaviors of customers in purchasing and accessing healthcare services.

Over the past year, FlashAid has already partnered with over 20 platforms to distribute 30,000+ health covers and is profitable at the EBITDA level. The startup is currently at an ARR of $1 million and is poised to grow to $10 million ARR in the next two years.

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