FlashAid, a Mumbai-based healthcare and InsurTech startup, has successfully raised $2.5 million in a pre-Series A funding round. Led by Piper Serica Angel Fund and supported by global venture capital firm SOSV, this investment signifies a growing interest in innovative solutions addressing healthcare accessibility and affordability. Founded by Manoj Gupta and Gunjali Kothari, FlashAid is dedicated to democratizing health insurance through its proprietary pre-underwritten products, open APIs, and embedded solutions. Formerly known as EasyAspataal, the company operates with an API-first approach, aiming to make health insurance more accessible to digital India.
The fresh infusion of funds will propel FlashAid’s growth trajectory, enabling the company to embark on an ambitious expansion plan targeting six additional cities. This strategic move aligns with the company’s mission of extending its reach and impact across diverse demographics, thereby bridging gaps in healthcare coverage. FlashAid has developed a unique channel for distributing retail health plans through a B2B2C platform, forging partnerships with over 20 platforms in the past year alone. This collaborative approach has enabled the company to distribute over 30,000 health covers and achieve profitability at the EBITDA level.
Gunjali Kothari, co-founder of FlashAid, emphasized the significance of embracing digital evolution to promote health equity in India. By adopting an API-centric strategy, FlashAid aims to align with shifting customer behaviors and enhance accessibility to healthcare services, ultimately benefiting a wider population. FlashAid’s innovative approach to healthcare and InsurTech has garnered recognition for its potential to revolutionize the industry. Abhay Agrawal, Managing Director and Founder of Piper Serica Angel Fund, commended FlashAid’s efforts in unlocking the mass market and driving industry growth through digital access.
With the retail health insurance market poised for exponential growth, FlashAid is well-positioned to capitalize on emerging opportunities and expand its footprint. The company’s commitment to innovation, coupled with strategic partnerships and a customer-centric approach, positions it for sustained success in India’s dynamic healthcare landscape.