Redkenko Health Tech Pvt Ltd, which operates insurtech startup Kenko Health, has raised $12 million (around Rs 90 crore) as part of its Series A round led by Sequoia Capital India, the company said in a statement on Monday.
VCCircle exclusively reported the likely fund infusion in November last year.
Other existing investors who participated in the latest funding round include Beenext, Orios Venture Partners, 9Unicorns and Waveform Ventures.
The company focused on healthcare, plans to deploy the fresh capital to acquire customers, develop new products and build a stellar team. It also plans to add categories such as dental, mental health, at-home care, sexual health, among others, to its OPD coverage.
Founded in 2019 Aniruddha Sen and Dhiraj Goel, Kenko Health provides a subscription-based service that covers health expenses across OPD and hospitalisation, in collaboration with Insurance companies. It also offers healthcare plans for large businesses, small and mid-size enterprises (SMEs), individuals and families.
“Managing health care expenses needs to be reimagined in India. Out of pocket settlement of healthcare expenses in India is as high as 62% compared to 11% in the US and 36% in China. Kenko Health is at the forefront of this change by offering affordable all-inclusive healthcare subscription packages with a seamless tech-first claims process. We are excited to partner with Kenko Health in this journey”, said Abhishek Mohan, Principal at Sequoia India.
According to the statement, the startup has over 50,000 users across India and is on its way to gaining around 2.5 lakh new users by the end of March.
Earlier, Kenko Health raised $1.7 million (around Rs 13 crore) as a part of its pre-Series A round led by BEENEXT and Orios Venture Partners.
