AI-based health benefits startup ekincare said on Thursday it has raised $15 million (Rs 114 crore) as part of its Series B funding led by HealthQuad and Saber Partners.

Existing investors Eight Roads Ventures, Ventureast, Siana Capital and Endiya Partners also participated in the round, ekincare said in a statement.

It added that ekincare, operated by Aayuv Technologies Pvt. Ltd, plans to use the new capital to accelerate its growth and offer employers a simplified health benefits and insurance experience.

Kiran Kalakuntla, co-founder of ekincare, said the company expects to grow three more times after this round of funding, as employee welfare increasingly becomes the central point of strategy for all global employers.

“Our patented platform considers and uses behavioral data to personalize the employee health benefits journey, leading to greater benefits adoption, employee engagement, and improved health outcomes,” added Kalakuntla.

Launched in 2014 by Kalakuntla and Srikanth Samudrala, ekincare helps companies create measurable health programs and lower healthcare costs.

Its clients include S&P Global, Target, ThyssenKrupp, Airbnb, Xpress Bees, Nykaa, and Flipkart as well as small and medium businesses (SMBs).

The corporate health and wellness market in India is worth $7 billion and is expected to grow at a compound annual growth rate (CAGR) of 20%, according to the statement citing a report by Redseer.

Ajay Mahipal, director of HealthQuad, a venture capital firm launched by the founders of healthcare-focused private equity firm Quadria, noted that ekincare is growing at a compound annual growth rate of 150% and its platform is used by more than 400 companies and more than 1 million of their employees. 

Arvind Chari, Principal, Eight Roads Ventures, said ekincare has shown resilience to continue growing through Covid-19 by adding marquee corporate customers. 

"Their platform is ready to address the surging demand from corporate clients to provide more comprehensive support for their employees," added Chari.

Prior to this funding, ekincare raised $3.6 million in a Series A funding round led by a new investor in 2019.

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