Employee wellness platform Nova Benefits raises $10 million in Series A funding round

Nova Benefits, an employee wellness platform focusing on corporate health insurance, has secured $10 million in a Series A funding round led by Susquehanna International Group (SIG) and Bessemer Venture Partners, said a statement issued today.

Existing investors, which include Multiply Ventures, Better Capital and Titan Capital, also participated in this round.

Founded in 2020, Nova's tech platform helps companies improve employee well-being through health insurance, daily fitness, mental health counselling and wellness programmes. It helps employees access their wellness benefits on a single platform, and increase their insurance coverage as needed.


“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," said Anant Vidur Puri, partner at Bessemer Venture Partners.

The firm has seen a surge in clients amidst the pandemic, witnessing over 10x growth in a span of one year. Since its inception, the company has on-boarded over 150 clients including companies like Dream 11, CoinDCX, Snapdeal, Zenoti, Yulu Bikes with over 100,000 users on the platform.

“Historically, employee health insurance and wellness has just been a checkbox item for corporations, but the pandemic has changed that. Our platform empowers progressive employers to provide personalised care for their team members which ultimately drives employee happiness and retention. A 24-year old might be interested in developing positive fitness habits, a 32-year old working mother would be concerned about her child's health, and a 55-year old might worry about ever-increasing healthcare expenses," said Saransh Garg, co-founder and CEO at Nova Benefits.

The company plans to use the funding to expand its engineering, product management, sales and customer success teams to build a larger stack of wellness offerings on their platform.

According to a report by Redseer, the corporate health and wellness market in India is valued at ~$7 billion currently and is expected to reach a value of ~$18 billion by 2025, driven by an increased focus on wellness by employers in a post-pandemic world.