FlashAid, a Mumbai-based healthcare and insurtech startup, has recently raised $2.5 million in a pre-Series A funding round. The funding will support its growth and expansion into six new cities.
This funding was co-led by Piper Serica Angel Fund and SOSV, with additional participation from early-stage investors Z21 Ventures Fund and ZNL Growth Fund.
The startup, founded by Manoj Gupta and Gunjali Kothari, aims to make health insurance more accessible and affordable through an API-first full-stack health solution that includes proprietary pre-underwritten products, open APIs, and embedded solutions.
The company, formerly known as EasyAspataal, aims to make health insurance more affordable and accessible to the general public by building an API-first health cover.
FlashAid is developing a unique channel for distributing retail health plans through a B2B2C platform.
In the past year, the company claims to have collaborated with over 20 platforms to distribute 30,000 health covers and reports profitability at the EBITDA level.
Its current annual run rate (ARR) stands at $1 mn, with expectations to grow to $10 mn ARR within the next two years.
The company is also planning to use the freshly acquired funds to expand into six new cities, enhancing its growth and solidifying its presence in the healthcare and insurance sectors.
FlashAid’s approach includes building exclusive tie-ups with insurance companies and partnering with e-commerce platforms and brands to distribute its products, thus democratizing access to health insurance.
by Peter Sonner
