Flashaid, a health care and insurtech company, raised $2.5 million in a pre-Series A investment headed by Piper Serica Angel Fund and global venture capital firm SOSV.
This financing was backed by early-stage investors Z21 Ventures Fund and ZNL Growth Fund. Flashaid intends to use the additional funding to build and extend to six new cities.
Flashaid, founded by Manoj Gupta and Gunjali Kothari, is developing exclusive partnerships with insurance firms to tailor-make products and collaborating with e-commerce platforms and brands to distribute insurance to users.
The company provides a full-stack health solution, including proprietary pre-underwritten products, open APIs, and embedded solutions.
Flashaid is developing an API-first health plan to make health insurance more inexpensive and accessible to digital India. It is creating a unique channel for retail health plan distribution via a B2B2C platform.
“Flashaid transforms India’s health insurance landscape by harnessing digital access to outperform traditional agent-based approaches. This innovation opens up the mass market, accelerating industrial growth and value creation. “We are very excited to support the amazing founders in building a large and valuable business,” stated Abhay Agrawal, Managing Director and Founder of Piper Serica Angel Fund.
Manoj and Gunjali’s unrelenting determination and adaptive approach were instrumental in identifying the technical solution that allows millions of India’s informal workers to gain access to healthcare insurance. We’re excited to cooperate with the FlashAid team to provide this vital service to the broader market.” Oscar Ramos, SOSV’s managing director and partner, remarked.
The retail health insurance industry is one of the fastest expanding areas, with a CAGR of 18%, and is predicted to reach $25 billion by 2028.
“With an expected 30% increase in digital platform adoption by 2030, there is a significant opportunity to align the ecosystem around providing scalable solutions that promote health equity in India.” We are actively embracing this digital transformation through our API-centric strategy, which aligns with customers’ shifting behaviors when purchasing and consuming healthcare services. This strategy intends to make the healthcare environment more accessible and user-friendly, helping a larger audience,” stated Gunjali Kothari, Co-Founder of Flashaid.
Flashaid has worked with over 20 platforms to sell 30,000+ health insurance plans over the previous year and is profitable in terms of EBITDA.
The company has an ARR of $1 million and is predicted to expand to $10 million ARR (annual run rate) during the next two years.
