The fund will be utilised for growth and expansion to six new cities; it expects to hit $10 million in ARR in two years.
Health care and insurtech company Flashaid has raised $2.5 million in a pre-Series A funding round led by the Piper Serica Angel Fund and global venture capital firm SOSV. Early-stage investors—Z21 Ventures Fund and ZNLGrowth Fund—participated in this round. Flashaid plans to use the fresh funds for growth and to expand to six new cities.
Founded by Manoj Gupta and Gunjali Kothari, Flashaid is working on tie-ups with insurance companies to tailor-make products and partner with e-commerce platforms and brands to distribute insurance to their users. The company offers a full-stack health solution with proprietary pre-underwritten products, open APIs, and embedded solutions.
As per a company statement, Flashaid is building an API-first health cover to make health insurance affordable and accessible in digital India. It is developing a distinctive channel for retail health plan distribution via a B2B2C platform.
“Flashaid revolutionises India's health insurance landscape, leveraging digital access to overcome traditional agent-led models. This innovation unlocks the mass market, driving industry growth and value creation,” said Abhay Agrawal, Managing Director and Founder of Piper SericaAngel Fund.
“With an expected 30 per cent surge in digital platform adoption by 2030, a significant opportunity emerges to align the ecosystem towards providing scalable solutions that promote health equity in India. We're actively embracing this digital evolution through our API-centric strategy, which resonates with the shifting behaviors of customers in the process of purchasing and accessing healthcare services,” said Gunjali Kothari, Co-Founder at Flashaid.
Over the last year, Flashaid has partnered with over 20 platforms to distribute 30,000+ health covers and is profitable at the EBITDA level. The company has an ARR of $1 million and is expected to grow to a $10 million ARR (annual run rate) in the next two years.