Health benefits start-up, ekincare, has raised USD 3.6 million in a Series A funding round led by a new investor, with participation from existing investors including Venture East, Eight Roads and Touchstone equities.
The latest round takes the total funding raised by ekincare to USD 5.6 million. The funds will be used to strengthen ekincare’s technology platform, business development, marketing, and expand its portfolio of offerings in the corporate health benefits market.
“Our patent-pending technology recognises patterns across disparate health data sets, discerning differences between consumer segments and behaviour to engage people better,’’ Kiran Kalakuntla, CEO and Founder, ekincare said in a release.
Commenting on the development, Srikanth Sundararajan, General Partner, Ventureast said, “We constantly invest in disruptive startups that aim at addressing a larger market or consumer related challenges. eKincare is leading the predictive digitisation of healthcare that can help us take control of health outcomes while minimising recurring costs. We are confident that the team will cement strategic partnerships, and continue to lead the ‘predictive diagnosis’ space through technology innovations.”
Citing a report by Transparency Market Research, the company said the corporate health market size in Asia Pacific was valued at USD 4.5 billion in 2018 and,is expected to grow at a CAGR (Compound annual growth rate) of 9 per cent over the next 10 years.
According to reports, as of 2018, there were a total of 4,892 startups in the Indian healthtech space and overall, the healthtech startups in India raised a total of $504 Mn between 2014-2018. The increased focus of India Inc. on workforce healthcare will further lead to huge investment in the domain and it is predicted that Indian healthcare market will be valued at USD 372Bn by 2022.