Employee Wellness startup Nova Benefits secures $10M

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Susquehanna International Group (SIG) and Bessemer Venture Partners led a $10 million Series A financing for Nova Benefits, an employee wellness platform in India that focuses on corporate health insurance. Multiply Ventures, Better Capital, and Titan Capital were among the existing investors in this round.

The current round of funding comes six months after the business raised $1 million from its previous backers.

Nova’s tech platform, which was founded in 2020, assists businesses in improving employee wellbeing through health insurance, daily fitness, mental health counselling, and wellness programmes.

Co-founder and CTO Yash Gupta said, “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.”

Commenting on the announcement, Saransh Garg, Co-founder and CEO, Nova Benefits, said, “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,” he added.

Anant Vidur Puri, Partner at Bessemer Venture Partners, said, “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.“