Employee Wellness Platform Nova Benefits Eyes $30 Million Series B Round
Nova Benefits, an insurance-focused employee wellness platform, is in talks to raise a Series B round from existing and new investors.
First reported by Entrackr, citing two sources, existing investors Bessemer Ventures and SIG are in talks to lead a $25-30 million fresh round in Nova Benefits. As per one of the sources, a couple of new investors could also join the round.
Nova Benefits | Employee Wellness Platform
Founded in 2020 by Saransh Garg and Yash Gupta, Nova Benefits is an employee wellness platform providing healthcare solutions to employees and their families.
It helps enterprises improve employee wellness through health insurance, daily fitness and mental health counseling and wellness. For employees, the Bengaluru-based startup provides access to wellness benefits on a single platform and handholds them in increasing coverage of insurance.
As per one of the sources, the talks are in an advanced stage. Additionally, the employee wellness platform is likely to get a term sheet from these investors in a few weeks.
The Bengaluru-based startup claims that over 300 companies are insured with Nova Benefits, with more than 100,000 members covered and 4,000 claims processed. Some of the companies using the services offered by the startup include PharmEasy, CoinDCX, DTDC, Taco Bell, MyGate, Chumbak, TeachMint and Zenoti, among others.
This will be the second funding round for the employee wellness platform in the past 8 months. In September 2021, the startup raised $10 million in a Series A round led by Susquehanna International Group (SIG) and Bessemer.
Last week, Nova Benefits also received an undisclosed amount from SHL Capital, a fund by Gumroad’s CEO Sahil Lavingia.
The post-pandemic era is witnessing a growth of corporate insurance that has increased multifold in the last few years. Presently, the Indian corporate health and wellness market is valued at about $7 billion and is expected to touch $18 billion by 2025.
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