Banglore-based health tech startup Kenko Health has raised $12 million in its Series A funding round led by Sequoia Capital India. Other participants of the round were Beenext, Orios, Waveform and 9Unicorns. The funds will be used to acquire more customers and develop their product offering.
The venture is designed for middle-income households in tier 2 cities of India. Kenko Health works as a subscription-based service that covers health expenses across OPD and hospitalisation. They aim to build a health management organization (HMO) that covers both healthcare expenses and the medical conditions of customers.
Kenko Health has raised a total of $13.7M in funding over 2 rounds. The startup had previously raised $1.7 million as pre-Series A fund by the same set of investors in August 2021. Started in 2019 by Aniruddha Sen and Dhiraj Goel, this venture is found in 40+ Indian cities and has a user base of 50,000+ Indians. By the end of March 2022, they estimate to gain an additional 2.5 lakh new users.
Out-of-pocket expense is the highest in India at 62% Other countries like China has it at 36% and the USA has it at 11%. Kenko aims to change that with affordability. Their plan starts from Rs 299 per month for young singles to Rs 1,999 per month for a family of four.