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April 20, 2022

India-based insurance startup raises $25m via Series B round

Loop, a Pune, India-based insurance startup, has raised $25m through a Series B round that was co-led by existing investors General Catalyst and Elevation Capital.

The round has seen participation from serial investor Vinod Khosla’s fund Khosla Ventures, Optum Ventures and Sierra Ventures, reported Business Standard.

Last September, the insurance firm raised $12m through a Series A round, which had seen participation from General Catalyst and Elevation.

The company plans to use the proceeds from the latest round on increasing sales, product development and hiring to bolster its new health assurance delivery approach.

With this latest funding, the company has so far raised $40m in equity capital since it was founded in 2018.

It was established by Mayank Kale, Ryan Singh, Amrit Singh and Shami Raj.

Loop offers group health insurance plans from insurance companies to businesses along with health check-up facility and a dedicated doctor.

Loop co-founder and CEO Mayank Kale was quoted by Economic Times as saying: “When we started Loop in 2018, we wanted healthcare to be more preventive than reactive. We’ve also been able to bring back the concept of family doctors to India. There are around 130,000 families who have a dedicated family doctor from Loop.”

It claims to offer health insurance and benefits to over 130,000 people across more than 300 firms in the country.

It has expanded its team size to 250 and grown operations across Pune, Mumbai and Bengaluru.

Among its clients include Incred, Saregama,  NoBroker, and NTEX Transportation Services.

Vinod Khosla said: “Care delivery in India has many pain points with conflicting incentives. Loop is changing the cost equation by allowing payers and providers to work together. Through its unique product and affordable pricing, Loop has a significant competitive advantage.”

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