Employee wellness platform Nova Benefits has announced that it has raised $10 million in the series A funding round co-led by Bessemer Venture Partners and Susquehanna International Group (SIG). The funding round also saw participation from existing investors Titan Capital, Multiply Ventures along with Better Capital.
Yash Gupta, Co-founder and CTO, stated, “We are not only improving employee and HR experience for insurance but also building a platform for a suite of benefits, including physical, mental, and financial health.”
Saransh Garg, Co-founder and CEO, Nova Benefits, added, “Historically, employee health insurance and wellness have just been a checkbox item for corporations. The pandemic has changed that. Nova’s platform empowers progressive employers to provide personalised care for their team members, which ultimately drives employee happiness and retention. We’re excited to be on a path to improve the well-being of 10 million Indians by 2025.”
Anant Vidur Puri, Partner – Bessemer Venture Partners, continued, “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.“
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.