FlashAid Raises $2.5 Million in Funding Led by Piper Serica Angel Fund and SOSV

Key Points

• FlashAid, a healthcare and insurtech startup, secures $2.5 million in pre-Series A funding led by Piper Serica Angel Fund and SOSV.
• Funds will be used to drive growth and expand into six new cities.
• FlashAid partners with insurance companies and e-commerce platforms to offer tailor-made health insurance products.
• Co-founders Manoj Gupta and Gunjali Kothari are dedicated to making health insurance more accessible through digital platforms.
• Investors, including Abhay Agrawal and Oscar Ramos, see FlashAid’s innovative approach as a game-changer in India’s health insurance landscape.
• The retail health insurance market is experiencing rapid growth, with FlashAid poised to capitalize on this trend.
• FlashAid aims to promote health equity in India by leveraging scalable solutions and embracing digital evolution.
• With partnerships with over 20 platforms and profitable operations, FlashAid targets significant growth in the coming years, aiming for an ARR of $10 million.

FlashAid, a healthcare and insurtech startup, has successfully secured $2.5 million in a pre-Series A funding round led by Piper Serica Angel Fund and global venture capital firm SOSV. Early-stage investors, including Z21 Ventures Fund and ZNL Growth Fund, also participated in this funding round.

The funds raised will be utilized by FlashAid to fuel its growth and expansion plans, with a focus on entering six new cities.

About FlashAid

Founded by Manoj Gupta and Gunjali Kothari, FlashAid is a healthcare and insurtech company that specializes in forging exclusive partnerships with insurance companies to develop tailor-made products. Additionally, FlashAid collaborates with e-commerce platforms and brands to distribute insurance products to their users.

The startup offers a comprehensive health solution, leveraging proprietary pre-underwritten products, open APIs, and embedded solutions. FlashAid is committed to developing an API-first health cover to make health insurance more affordable and accessible to the digital population of India. Through a unique B2B2C platform, FlashAid aims to revolutionize the distribution of retail health plans.

Investor Perspective

According to Abhay Agrawal, Managing Director and Founder of Piper Serica Angel Fund, FlashAid’s innovative approach has the potential to transform India’s health insurance landscape. He believes that leveraging digital access can overcome traditional agent-led models, thereby unlocking opportunities for mass market growth and value creation.

Oscar Ramos, Managing Director and Partner at SOSV, expressed his excitement about collaborating with FlashAid. He highlighted the dedication of Manoj and Gunjali in developing technological solutions to facilitate access to healthcare insurance for millions of India’s informal workers.

Market Potential

The retail health insurance market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 18%. By 2028, it is projected to reach $25 billion. FlashAid aims to capitalize on this growth by embracing digital platforms and adopting an API-centric strategy.

Future Outlook

Gunjali Kothari, Co-Founder of FlashAid, emphasized the company’s commitment to promoting health equity in India through scalable solutions. With an expected surge in digital platform adoption by 2030, FlashAid is well-positioned to make the healthcare ecosystem more accessible and user-friendly.

Performance and Growth

Over the past year, FlashAid has established partnerships with over 20 platforms, distributing more than 30,000 health covers. The startup has achieved profitability at the EBITDA level and currently operates at an annual run rate (ARR) of $1 million. FlashAid aims to achieve a significant growth trajectory, targeting an ARR of $10 million within the next two years.