Loop, an Indian healthcare and insurance startup has raised $25m in a Series B round co-led by General Catalyst and Elevation Capital.
The round also saw participation from leading Silicon Valley investor, Vinod Khosla and Khosla Ventures, as well as a new investor, Optum Ventures. Existing investor Sierra Ventures also participated.
This round comes just six months after Loop raised a $12m Series A round, bringing the total funds raised till date to $40m.
Founded in 2018 by Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj, Loop aims to revolutionize the healthcare industry. Currently, the startup provides group health insurance plans from prominent insurers to companies, bundled with instant, unlimited primary care. The company said that uniquely, they are the only insurance broker in the country with an in-house medical team.
Loop highlighted that, as of April 2020, there is a federal mandate in India for employer health insurance and 65% of health insurance policies are booked by employers. The $10bn health insurance market is growing at a 25% CAGR. This largely unpenetrated segment is mainly bought by company Human Resource managers from traditional offline brokers.
Mayank Kale, co-founder and CEO of Loop, said, “When we started Loop, it was to change how the healthcare system worked. We wanted it to be more preventive than reactive and bring insurers and doctors on the same side for once, so that we create a health assurance model that is incentivised to keep people healthy. Through our journey, we’ve also been able to bring back the concept of family doctors to India. This level of primary care helps people live a healthier life and catch diseases early.”
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