Being in the healthcare industry for years, Varun Gera understood the market and sought to change its drawbacks. He saw the immense potential in the preventive healthcare and wellness sector.
He became an entrepreneur and started HealthAssure in 2011. The company’s focus was to address the issue of unorganised primary care services. Especially for the primary and preventive healthcare providers for the B2B market.
Soon, the startup became India’s leading provider of primary healthcare services to both corporates and individuals. With the help of AI and ML, they provided the best and easiest access to primary healthcare to their customers.
They have provided their services to over 1.5 million customers and have catered to employees from ICICI Prudential, Deutsche Bank, Cigna, Max Bupa, Loreal, Yahoo, Deloitte, Aditya Birla and more. They have two customer segments. The first is corporations and the other is insurance companies.
They have a network of 4500 primary care centres for diagnostics, dental, ophthalmology, pediatric and more, available across 1500 Indian cities. They have a strong presence in the Middle East and seek to enter the South-East Asian market.
In their first round of funding, they received aid from Rajul Garg and Shuchin Bajaj. In October 2015, they received their second round of investment from a Singapore based banker and investor. In 2018, they received $1 million in seed funds from the HR Fund. A year later, Blume Ventures added $2.5 million.
The company has a 25% market share in the country in the sector of health-tech primary care. They had made breakeven in their second year of operation. They now want to enter India’s $2.6 billion fitness-service markets.
In May 2020, HeathAssure acquired FitMeln. FitMeln is an on-demand fitness subscription service with 2500 centres spread across India. It is estimated 6 million-plus Indians spend an average of $350 to $400 on fitness. This merger helps HealthAssure provide its customers with an ecosystem that provides both primary care and fitness solutions.
With the addition of FitMeln and HeathAssure, they plan to reach 5 million individuals to provide them with their primary care and fitness offerings. Will the acquisition of FitMeln help HeathAssure in its quest to create a healthier tomorrow?