TLDR:
- FlashAid raises $2.5 million in pre-Series A funding round led by Piper Serica Angel Fund and SOSV.
- The fund will be used for growth and expansion to six new cities, with a target of achieving $10 million in ARR in two years.
Healthcare and insurtech company Flashaid has secured $2.5 million in a pre-Series A funding round led by the Piper Serica Angel Fund and global venture capital firm SOSV. The funding will be used for growth and expansion to six new cities. Founded by Manoj Gupta and Gunjali Kothari, Flashaid aims to customize insurance products in collaboration with insurance companies and partner with e-commerce platforms and brands to distribute insurance to their users. The company offers a comprehensive health solution with proprietary pre-underwritten products, open APIs, and embedded solutions. Flashaid is building an API-first health cover to make health insurance more affordable and accessible in digital India, with plans to create a distinctive retail health plan distribution channel via a B2B2C platform.
Abhay Agrawal, Managing Director and Founder of Piper SericaAngel Fund, praised Flashaid for revolutionizing India’s health insurance landscape by leveraging digital access to reach a broader market. Gunjali Kothari, Co-Founder at Flashaid, highlighted the importance of embracing digital evolution through an API-centric strategy to meet the changing needs of customers in purchasing and accessing healthcare services. Flashaid has partnered with over 20 platforms in the past year to distribute 30,000+ health covers and is currently profitable at the EBITDA level. The company has an annual run rate (ARR) of $1 million and aims to reach $10 million ARR in the next two years.
