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Nova Benefits is a technology company.
Nova Benefits operates a digital platform that streamlines employee health insurance and wellness benefits. The company provides a comprehensive suite of group health insurance plans, including super top-ups, alongside various wellness programs. Its core offering simplifies the administration and utilization of these benefits, ensuring a cohesive and accessible experience for employees.
The company was co-founded in 2020 by Saransh Garg, who serves as CEO, and Yash Gupta, the CTO. Their founding insight centered on addressing the complexities and inefficiencies prevalent in employee benefits, aiming to create a more transparent and user-friendly system for both employers and their workforce.
Nova Benefits primarily serves companies of varying sizes, enabling them to offer robust and easily manageable health solutions to their teams. The company’s vision is to foster healthier and happier workplaces by democratizing access to affordable and effective healthcare benefits, continually expanding its reach and impact.
Nova Benefits has raised $11.0M across 2 funding rounds.
Nova Benefits has raised $11.0M in total across 2 funding rounds.
Nova Benefits is India's leading technology-driven employee wellness platform, specializing in corporate health insurance and comprehensive wellness solutions.[1][7][8] It serves businesses of all sizes by providing customized group health insurance, unlimited teleconsultations, annual health checkups, mental health counseling, fitness memberships, healthcare financing, and claims management through a single tech-first app and dashboard.[2][3][4][5] The platform solves the problem of high healthcare costs and low benefit utilization for employees by offering affordable, personalized, proactive, corrective, and reactive healthcare—empowering HR teams to boost employee health, productivity, retention, and NPS while simplifying administration.[5][7][8] With traction covering over 350 companies and 150,000+ lives, processing 7,500+ claims, and trusted by firms like CoinDCX, Snapdeal, and Zenoti, Nova demonstrates strong growth momentum in India's burgeoning corporate wellness market.[2][4]
Nova Benefits was founded in 2020 in Bangalore, India, by Saransh Garg and Yash Gupta.[3][4] The duo launched the company amid rising demand for accessible employee health benefits, particularly as remote work and post-COVID wellness needs surged in India, addressing gaps in traditional insurance broking with a tech platform.[1][8] Early traction came from securing direct insurance broking licenses from the Insurance Regulatory and Development Authority, enabling seamless partnerships with insurers and rapid onboarding of clients like CoinDCX and Yulu.[4] Pivotal moments include scaling to over 300-500 companies, launching a mobile app for employee access, and integrations like Empuls for unified benefits management, humanizing workplaces by prioritizing preventive care and family coverage.[3][5]
Nova Benefits stands out in the crowded employee benefits space through these key strengths:
Nova Benefits rides the wave of India's corporate wellness boom, fueled by a young workforce facing rising healthcare costs (employees spend substantial salary shares on care) and post-pandemic emphasis on mental/physical health.[8] Timing is ideal amid market forces like expanding insurtech adoption, HR tech integrations (e.g., Empuls, HRMS), and regulatory support via IRDAI licenses, positioning Nova in a $10B+ employee benefits market growing at 20%+ CAGR.[1][5] It influences the ecosystem by democratizing premium benefits for SMEs, driving preventive care to reduce attrition/productivity losses, and enabling data insights for employers—pioneering B2B health tech that blends insurance brokerage with wellness suites, competing with players like eKincare while serving high-profile startups.[4]
Nova Benefits is poised for explosive growth, targeting 10 million covered lives by 2025 through app enhancements, AI-driven personalization, and expanded chronic care/fitness offerings.[3] Trends like hybrid work, mental health prioritization, and insurtech consolidation will propel it, potentially via strategic funding from backers like Bessemer Venture Partners or SIG Asia VC.[6] Its influence may evolve into a full-stack HR wellness leader, setting standards for employee-centric tech in emerging markets—reinforcing its mission to make workplaces India's healthiest by transforming benefits from cost centers to engagement engines.[1][7]
Nova Benefits has raised $11.0M in total across 2 funding rounds.
Nova Benefits's investors include Bessemer Venture Partners, Susquehanna International Group, Better Capital, Multiply Ventures, Titan Capital, Bhushan Patil, Ashish Goyal, Nitin Gupta, Sumit Maniyar.
Nova Benefits has raised $11.0M across 2 funding rounds. Most recently, it raised $10.0M Series A in September 2021.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Sep 1, 2021 | $10.0M Series A | Bessemer Venture Partners, Susquehanna International Group | Better Capital, Multiply Ventures, Titan Capital |
| Apr 1, 2021 | $1.0M Seed | Better Capital, Bhushan Patil, Titan Capital | Ashish Goyal, Nitin Gupta, Sumit Maniyar |