Pune-based insurance and healthcare startup Loop has reportedly secured a Series B round of USD 25 million to drive product development, sales growth, and grow its employee base.
This round was co-led by Elevation Capital, General Catalyst with participation from Vinod Khosla and Khosla Ventures along with new investor Optum Ventures.
The latest round came just six months after the company secured a Series A round of USD 12 million, bringing the overall raised funds to USD 40 million.
Co-Founder and CEO Mayank Kale expressed that Loop was established in a bid to transform the healthcare system and make it more preventive than reactive.
It is worth noting that Loop provides complementary health benefits to firms that purchase health insurance from the company. Members can gain access to a specialized family doctor, discounts on lab tests, and consultations with in-house specialists.
Loop reported a growth of more than 30% month-on-month in FY22 and revenue growth of 5x from the last financial year. Rising awareness about preventive care coupled with higher adoption of digital technologies in the country has led to growth across insurtech companies.
Elevation Capital’s Mayank Khanduja stated that the healthcare-first mission of Loop deeply aligns with the theory that an outcome-focused solution is necessary to capitalize on a market selling insurance as a commodity.
Loop has more than 1.3 lakh members across 300 companies in India. Some of the clients of the company include Bilcare, NoBroker, Bekart Industries, NTEX Transportation Services, Incred, WOM India, SITUS AMC, Saregama, Giesecke & Devrient MS India, Everi India, Credence Resource, 6Sense Insight India, SKF India, and Vaibhav Global.
Founded in 2018 by Ryan Singh, Mayank Kale, Shami Raj, and Amrit Singh, Loop offers group healthcare insurance plans to companies from insurers coupled with a virtual care experience.