Insurtech and healthtech startup Clinikk has raised around $3 million in its Series A round from its existing investor Massmutual Ventures. The fresh funds has come after a gap of 14 months for the Bengaluru-based company.
The board at Clinikk has passed a special resolution to issue 2,746 Series A CCPS at an issue price of Rs 90,393 each to raise Rs 24.8 crore or $3 million, regulatory filing with the Registrar of Companies (RoC) shows.
Following the fresh proceeds, existing backer Massmutual Ventures will hold a 17.68% stake. As per Fintrackr’s estimates, the company has been valued at around Rs 255 crore $31 million (post-allotment). The round seems to be an ongoing one and Clinikk is likely to raise more money.
The company has so far raised $6.4 million in funding including a $4 million pre-series A round led by Massmutual Ventures along with the participation of stanford Angles and individual investors such as Kunal Shah, Rohit M.A, Anjali Bansal, and others in November 2021.
Set up in 2018 by Suraj Baliga and Bhavjot Kaur, Clinikk offers comprehensive packages which include family health insurance coverage and unlimited OPD coverage at a monthly subscription.
According to Clinikk, it has been working with businesses to make health plans available to their workforce and has partnered with Hero MotoCorp and Vodafone, Ola, Rapido, and Shadowfax among others.
In August 2022, Clinikk launched an all-inclusive health subscription plan that offers families unlimited access to OPD care as well as hospitalization insurance cover for a monthly subscription fee of Rs 500. It’s currently present only in Bengaluru and Hyderabad and plans to expand to other cities soon.