Nova Benefits, an employee wellness platform focusing on corporate health insurance, has raised $10 million in a Series A funding round led by Susquehanna International Group (SIG) and Bessemer Venture Partners. Existing investors Multiply Ventures, Better Capital, and Titan Capital also participated in this round.
With the raised funds the Start-up plans to expand its engineering, product management, sales, and customer success teams to build a larger stack of wellness offerings on its platform.
Launched in 2020, Nova’s tech platform helps companies improve employee well-being through health insurance, daily fitness, mental health counselling and wellness programs. The firm also helps employees to get their well-being benefits from a single platform and extends their insurance coverage when needed.
Yash Gupta, Co-founder and CTO of Nova Benefits, said, “We are not only improving employee and HR experience for insurance but also building a platform for a suite of benefits, including physical, mental, and financial health.”
With the company having a direct insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI), it allows businesses with the finest combination of insurers and coverages.
The Bengaluru-based firm says that it has seen an increase in clients during COVID-19, witnessing 10 times growth in one year. Since its inception, it has recruited more than 150 clients, including companies Dream 11, CoinDCX, Snapdeal, Zenoti, and Yulu Bikes, with over 100,000 users on the platform.
Saransh Garg, Co-founder and CEO of Nova Benefits, said, “Historically, employee health insurance and wellness have just been a checkbox item for corporations. The pandemic has changed that. Nova’s platform empowers progressive employers to provide personalised care for their team members, which ultimately drives employee happiness and retention. We’re excited to be on a path to improve the well-being of 10 million Indians by 2025.”
Anant Vidur Puri, Partner at Bessemer Venture Partners, said, “We believe employee wellness is a nascent, under-penetrated but rapidly growing and evolving industry in India, and technology will play a critical role in accelerating this growth. We are excited to partner with Nova as it addresses key problems in the industry with its unique software-led approach, thereby providing a 10X better experience to employers and employees alike while enabling a more holistic benefits suite for employers in India.“