Le Lézard
Classified in: Health, Business
Subject: ACC

Loop Raises a $25M Series B, aims to build a new healthcare model


The Healthcare and Insurance startup plans to use the funds to scale their unique health assurance delivery model to millions of people in India

PUNE, India, April 20, 2022 /PRNewswire/ -- Loop, an Indian healthcare and insurance startup has raised $25 Million in a Series B round co-led by General Catalyst and Elevation Capital, with significant participation from leading Silicon Valley investor - Vinod Khosla and Khosla Ventures, as well as a new investor, Optum Ventures. Existing investor Sierra Ventures also participated. This round comes just 6 months after Loop raised a $12M Series A round, bringing the total funds raised till date to $40 Million.

Loop has recorded tremendous growth in FY 2021-22, growing at a clip of 30% month-on-month. The company has seen a 5x revenue growth from the previous financial year. They now provide health insurance & benefits to 130K+ members at 300+ companies across India. Their corporate team has grown from 50 to 250 in this period.

Founded in 2018 by Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj, Loop aims to revolutionize the healthcare industry. Currently, the startup provides group health insurance plans from prominent insurers to companies, bundled with instant, unlimited primary care. Uniquely, they are the only insurance broker in the country with an in-house medical team.

Mayank Kale, Co-founder & CEO, Loop, said, "When we started Loop, it was to change how the healthcare system worked. We wanted it to be more preventive than reactive and bring insurers and doctors on the same side for once, so that we create a health assurance model that is incentivized to keep people healthy. Through our journey, we've also been able to bring back the concept of family doctors to India. This level of primary care helps people live a healthier life and catch diseases early."

As of April 2020, there is a federal mandate in India for employer health insurance and 65% of health insurance policies are booked by employers. The $10B health insurance market is growing at a 25% CAGR. This largely unpenetrated segment is mainly bought by company Human Resource managers from traditional offline brokers.

Commenting on the funding, Vinod Khosla, Founder, Khosla Ventures, said, "Care delivery in India has many pain points with conflicting incentives. Loop is changing the cost equation by allowing payers and providers to work together. Through its unique product and affordable pricing, Loop has a significant competitive advantage." 

"Loop's healthcare-first mission aligns deeply with our thesis that an outcome-focused solution is needed to crack an age-old market that sells insurance as a commodity. Since we co-led the Series A, the team has demonstrated this in plenty, growing 3X in three quarters. The founders have built a stellar team across tech, product, and business that's looking to solve the hardest challenges in insurtech and healthtech," said Mayank Khanduja at Elevation Capital.

Loop's notable clients include Medline Industries, Knorr Bremse, WOM group, and SKF.

SOURCE Loop


These press releases may also interest you

at 23:10
SSC Security Services Corp. ("SSC" or the "Company") announces that the Board of Directors has declared a cash dividend of $0.03 per common share for the quarter ending September 30, 2022, representing $0.12 per share on an annualized basis. The...

at 23:02
With the flourishing peach industry, local farmers in Menyin County in east China's Shandong Province enjoy both the sweet peach aroma and handsome incomes during the summertime. Boasting favorable geographic conditions, Mengyin has dedicated to...

at 22:48
EverVet Partners ("EverVet" or the "Company"), one of the fastest growing veterinary services platforms in the U.S., today announced its partnership with Freeman Spogli & Co. ("Freeman Spogli"), a leading private equity investor in the consumer and...

at 22:45
Sprott Asset Management LP ("Sprott Asset Management"), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Platinum and Palladium Trust (the "Trust"), a closed-ended mutual fund trust created to invest and hold substantially all of its...

at 22:35
TSX VENTURE COMPANIESDECISIVE DIVIDEND CORPORATION  ("DE")BULLETIN TYPE:  Declaration of DividendBULLETIN DATE:  August 16, 2022TSX Venture Tier 2 Company The Issuer has declared the following dividend: Dividend per common share:  $0.03Payable Date:...

at 22:10
Elys Game Technology, Corp. ("Elys" or the Company"), an interactive gaming and sports betting technology company, today announced the financial results for the quarter and six months ended June 30, 2022. Release Highlights European operations...



News published on 20 april 2022 at 10:48 and distributed by: