Total amount raised
$20.7 Millions
Latest funding date
Location
ekincare has successfully raised funds through multiple rounds, with its latest being a Series B round closed on March 17, 2022. The company is backed by 18 investors, including Endiya Partners and Sabre Partners.
ekincare offers a comprehensive health benefits platform that is predictive, preventive, and personalized, catering to the needs of employees across India. Keep reading to explore the intricacies of ekincare's fundraising journey and the investors backing this innovative platform.
What Is ekincare?
Founded in 2014, ekincare is a corporate health benefits platform headquartered in Hyderabad, Andhra Pradesh, India. The company was established by Dinesh Koka, Kiran Kalakuntla, and Srikanth Samudrala.
ekincare operates in the employee benefits, health care, information services, and wellness industries. The company employs between 101 and 250 people, offering a range of services including health check-ups, telemedicine, e-pharmacy, mental health support, and fitness programs.
How Much Funding Has ekincare Raised?
- Seed Round
- Amount Raised: $300K
- Date: January 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop the initial platform.
- Seed Round
- Amount Raised: $329K
- Date: March 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and reach more users.
- Series A
- Amount Raised: $1.5M
- Date: January 2018
- Lead Investors: VenturEast
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Series A
- Amount Raised: $3.6M
- Date: November 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the platform and increase market penetration.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: August 2021
- Lead Investors: Google for Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage Google's resources for growth and innovation.
- Series B
- Amount Raised: $15M
- Date: March 2022
- Lead Investors: HealthQuad, Sabre Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth, enhance health benefits, and expand product offerings.
Total Amount Raised: $20.729M. Current Valuation: Not publicly disclosed.
Key Investors
- HealthQuad
- Details: HealthQuad is a leading healthcare-focused venture capital fund. They invest in innovative healthcare companies that aim to transform the healthcare landscape.
- Investment Focus Areas: Healthcare innovation, health tech, services.
- Notable Investments: Various healthcare startups.
- Sabre Partners
- Details: Sabre Partners is an investment firm with a focus on healthcare and financial services. They aim to support companies that drive significant impact in these sectors.
- Investment Focus Areas: Healthcare, financial services, infrastructure.
- Notable Investments: Healthcare and financial services companies.
- VenturEast
- Details: VenturEast is a venture capital firm that invests in early and growth-stage companies. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Early and growth-stage companies, technology, healthcare, consumer.
- Notable Investments: Portea Medical, Little Eye Labs.
- Eight Roads Ventures
- Details: Eight Roads Ventures is a global investment firm backed by Fidelity. They focus on technology and healthcare sectors.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Shadowfax, Icertis, Laurus Labs.
- Endiya Partners
- Details: Endiya Partners is a venture capital firm that invests in early-stage technology and healthcare startups. They support companies that drive innovation and growth.
- Investment Focus Areas: Technology, healthcare startups.
- Notable Investments: SigTuple, Darwinbox.
What's Next for ekincare?
ekincare stands at the cusp of significant growth opportunities, driven by the increasing importance of employee well-being in a post-pandemic world. The company aims to expand its customer base to 10,000 companies by FY25, leveraging its comprehensive health benefits platform. With the corporate health and wellness market in India valued at $7 billion and expected to grow at a 20% CAGR, the potential for ekincare is immense.
Future fundraising opportunities appear promising as ekincare continues to scale its operations and enhance its service offerings. The company’s rapid growth and high net promoter score suggest that it may attract further investment to support its ambitious goals. Potential acquisitions could also be on the horizon to bolster its platform capabilities and market reach.
However, ekincare may face challenges such as navigating a highly fragmented market, maintaining a low customer acquisition cost, and ensuring data privacy and security. Competition from other health benefits startups and regulatory hurdles in the health and insurance sectors could also pose obstacles. Despite these challenges, ekincare's strategic focus on personalized health benefits and integrated solutions positions it well for future success.
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