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Ambulatory insurance aggregator HealthAssure raises ₹50 crore

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  • HealthAssure 50 crore raised from Rajiv Dadlani GroupBlume Ventures, Leo Capital and more.
  • It aggregates healthcare services and also offers OPD insurance products.
  • It claims to have built a health maintenance organization (HMO) ecosystem of primary care in 1,200 cities over the past 10 years.
  • The company claims that the total addressable market for this company is $3 billion.

HealthAssure, which merges primary health care and OPD insurance products, raised ₹50 crore on Thursday in a pre-series B funding round.

The financing round was led by the Rajiv Dadlanic group and also saw participation from Blume Ventures, Leo Capital, a US-based impact fund, renowned family offices and high net worth individuals.

The company plans to use these funds to improve its products, strengthen distribution, sharpen its OPD insurance network and invest in technology. OPD, or outpatient insurance, refers to insurance coverage for healthcare treatments that do not involve hospitalization.

HealthAssure says it has built a health maintenance organization (HMO) ecosystem of primary care in 1,200 cities over the past 10 years. It also claims to be the first to launch innovative insurance-backed OPD products.

It ‘produces’ or creates innovative products for health seekers and distributes them through diversified channels. The company claims that the total addressable market of this company is $3 billion.

The company has raised ₹220 million in funding to date and also recently acquired fitness startup FitMeIn.

“Raising our largest round to date in such challenging market conditions demonstrates the confidence our existing and new investors have in our unique business model and the potential of the large healthcare market ripe for disruption,” said Varun Gera, Founder and CEO from HealthAssure.

The company, which started in 2011, has served more than 3 million customers. It has several lines of business that serve insurers such as LIC, SBI Life, Niva Bupa, Care Insurance, and ICICI Prudential for their primary care needs.

It also provides employee health benefits to companies such as GE, Deloitte, Deutsche Bank and Pearsons.

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