Latest News | Loop Raises USD 25 Mn Co-led by General Catalyst, Elevation Capital

New Delhi, Apr 19 (PTI) Healthcare and insurance startup Loop on Tuesday said it has raised USD 25 million (over Rs 190 crore) in a funding round co-led by General Catalyst and Elevation Capital (formerly Saif Partners).

The series B funding round also saw participation from leading Silicon Valley investor Vinod Khosla and Khosla Ventures, Sierra Ventures as well as a new investor Optum Ventures, Loop said in a statement.

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"The company will use the fresh funds to drive sales growth, product development, and strategic hiring in their efforts to scale their new health assurance delivery model to millions of people across India," it added.

Loop said it currently provides health insurance and benefits to over 1.3 lakh members across more than 300 companies pan India.

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The latest funding round comes six months after Loop raised USD 12 million in series A funding round and brings the total funds raised till date to USD 40 million, the company said.

"Care delivery in India has many pain points with conflicting incentives. Loop is changing the cost equation by allowing payers and providers to work together. Through its unique product and affordable pricing, Loop has a significant competitive advantage," Khosla Ventures Founder Vinod Khosla said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)