Kenko Health, an insurtech business, has acquired $12 million in a Series A investment led by Sequoia Capital India.

The investment round included existing investors Beenext, Orios, 9Unicorns, and Waveform. Beenext and Orios had previously invested $1.7 million in the company as part of its pre-Series A financing.

Kenko, established in 2019 by Aniruddha Sen and Dhiraj Goel, is a subscription-based business that covers OPD and hospitalization charges. Kenko covers doctor visits, pharmaceutical expenditures, diagnostic tests, and more as part of its OPD coverage. These were created for middle-income families in Tier-II cities, where health insurance coverage is still scarce.

The funds will be used to attract clients, develop new products, and improve the startup’s talent pool, according to a statement.  Monthly payments, rapid benefits, broad coverage, and competitive price. The business is planning to expand its OPD coverage to include categories such as dentistry, mental health, at-home care, sexual health, and many more.

Kenko Health currently has over 50,000 users in India and plans to add another 250,000 by the end of March 2022. Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, Nagpur, Indore, and Lucknow are among the 40 cities where it operates.

The new finances will enable them to expand their channels and accelerate their growth in the next months. With their tech-enabled solutions, Sen said they aspire to make great healthcare more affordable and accessible in India.

People have realized that the traditional health insurance plans remained unutilized because they do not include OPD charges, Goel said, adding that since the start of the Covid-19 outbreak. In India, 62 percent of healthcare expenses are paid out of pocket, compared to 11 percent in the United States and 36 percent in China.

By offering cheap all-inclusive healthcare subscription packages with a simple tech-first claims procedure, Kenko Health is at the vanguard of this revolution, stated Abhishek Mohan, Principal, Sequoia India.

With innovation in OPD and a creative view on health benefits settlement, Kenko has uncovered a significant white space in the healthcare finance market that has been disregarded by incumbents for years, according to Anup Jain, the Managing Partner at Orios Venture Partners.  In a short amount of time, the founders have developed the business swiftly, and they expect them to achieve a substantial footprint in India within the next several years, Jain added.

About Kenko Health

Kenko Health is a new take on Health financing, with deeper and wider coverage options at significantly lower prices. Check out our plans with wide OPD coverage

For more information, visit https://kenkohealth.in/

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