Main Highlights
- The current investment comes six months after the firm secured $1 million from Multiply Ventures, Better Capital, and Titan Capital.
- Nova’s technology platform assists businesses in managing all of their employee wellness efforts, from health insurance to fitness.
- Nova Benefits is an IRDA-licensed direct distributor of insurance products.
- The firm is developing a comprehensive employee wellness package that will equip businesses to handle the difficulties of a post-pandemic society.
Nova Benefits, an employee wellness platform in India focused on corporate health insurance, announced a $10 million Series A investment headed by Susquehanna International Group (SIG) and Bessemer Venture Partners on Thursday. This round was also attended by existing investors Multiply Ventures, Better Capital, and Titan Capital. The current investment comes six months after the firm secured $1 million from its previous investors.
How will Nova Benefits use the funds?
Nova Benefits, which was founded in 2020, is a technology platform that assists businesses in improving employee well-being through health insurance, daily fitness, mental health counseling, and wellness programs. The money will be used to expand the startup’s engineering, product management, sales, and customer success teams in order to develop a broader stack of wellness products on its platform.
“We are not just enhancing employee and HR experience for insurance, but also developing a platform for a spectrum of benefits, including physical, emotional, and financial wellness,” said co-founder and CTO Yash Gupta. The Insurance Regulatory and Development Authority of India (IRDAI) has granted Nova a direct insurance brokerage license, allowing it to provide companies with the optimum mix of insurers and coverages.
The Bengaluru-based business claims to have experienced a rise in clients as a result of the COVID-19 epidemic, with a 10X increase in one year. Since its establishment, the business has onboarded over 150 customers, including Dream 11, CoinDCX, Snapdeal, Zenoti, and Yulu Bikes, and has over 100,000 users on its platform.
“Historically, employee health insurance and wellness have merely been a checkbox item for corporations,” said Saransh Garg, Co-founder, and CEO of Nova Benefits, in response to the news. That has altered as a result of the pandemic.” Nova’s platform enables forward-thinking companies to deliver personalized care to their team members, resulting in increased employee happiness and retention. They are thrilled to be on track to enhance the lives of 10 million Indians by 2025.
The Insurance Regulatory and Development Authority of India (IRDAI) has granted Nova a direct insurance brokerage license, allowing the company to provide companies with the optimum mix of insurers and coverages.
Historically, employee health insurance and wellness were merely checklist items for companies. That has altered as a result of the epidemic. Nova’s platform enables #EmployeeFirst businesses to deliver personalized care for their team members, resulting in increased employee happiness and retention.
Benefits of using Nova Benefits
Nova has created an employee benefits platform based on corporate health insurance. Health insurance is the most popular benefit that firms in India offer to their employees. Team members may view all of the company-provided perks in one location using Nova’s online and mobile applications. They may use the platform to access their insurance e-cards, discover cashless hospitals, and file claims.
Nova Benefits also advises businesses, assisting them in selecting the best health insurance for their employees. Through a priority claims resolution SLA, they ensure that clients’ disputes are settled as soon as possible. Their technology interfaces with HRMS systems such as Darwin Box, Greytip, Keka, and Zoho, reducing manual HR procedures such as adding and removing workers from insurance policies.
Among its clients include Snapdeal, Yulu Bikes, Chumbak, Fisdom, and Dealshare, among others. They’re seeing an increase in demand from smaller businesses wanting to get health insurance for the first time, as well as bigger businesses wishing to expand their coverage.
“We think employee wellness is a fledgling, under-penetrated, but quickly developing and dynamic market in India, and technology will play a crucial role in accelerating this growth,” said Anant Vidur Puri, Partner at Bessemer Venture Partners. They are thrilled to collaborate with Nova as it addresses major industry challenges with its innovative software-led strategy, resulting in a 10X better experience for employers and workers alike, as well as allowing a more comprehensive benefits package for businesses in India.