Healthtech startup Kenko Health on Tuesday said it has raised USD 12 million (around Rs 90 crore) in a funding round led by Sequoia Capital.
The Series A round also saw participation from Beenext, Orios, 9Unicorns and Waveform.
The Bengaluru-based Kenko Health provides subscription-based service that covers health expenses across OPD and hospitalisation, in collaboration with insurance companies.
As part of its OPD coverage, Kenko covers costs of doctor visits, medicine expenses, diagnostic tests, and more.
The investment will primarily be used to acquire customers, develop new products and build a stellar team, the startup said in a statement.
”The new funds will help us expand our channels and to ramp-up growth in the coming months. We hope to add both affordability and accessibility to quality healthcare in India with our tech-enabled solutions,” Kenko Health Co-founder Aniruddha Sen noted.
The increasing number of first-time health insurance buyers in the market states that people are looking for comprehensive health solutions and will not hesitate in buying it as long as it brings some real value and is well within their budget, he added.
Sequoia India Principal Abhishek Mohan stated that managing health care expenses needs to be reimagined in India.
”Out of pocket settlement of healthcare expenses in India is as high as 62 per cent, compared to 11 per cent in the US and 36 per cent 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,” he added.
Kenko Health had previously raised USD 1.7 million as a part of its pre-Series A round with BEENEXT and Orios as co-lead investors, and also saw participation from 9Unicorns and Waveform ventures.
Founded in 2019, Kenko health has already reached over 50,000 users across India.
