To close the FY with 400K Lives Under Care
Kenko, a healthcare financing startup, is ending 2022 with overwhelming success. The startup has recorded 10X growth in subscribers since January of this year. The company's mission is to make healthcare more affordable and accessible for middle-income groups.
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Mr. Dhiraj Goel and Mr. Aniruddha Sen, Co-founders of Kenko Health
In 2022, Kenko has clocked INR 5 crore ($680,000) in monthly revenue and a 10% month-on-month growth. It currently cares for almost 200,000 lives and aims to cover 400,000 by the end of the current financial year, with a target revenue of INR 150 crore ($20.4 million). It also aims to expand its network of hospitals, pharmacies, doctors and other healthcare services.
In addition to traditional categories, the company's Outpatient Department (OPD) benefits include dental, mental health, at-home care, and sexual health, among others. Kenko has also settled INR 3.5 crore ($475,000) in OPD benefits, with a large portion of these being sought by subscribers in tier 2 and tier 3 cities like Asansol, Meerut, Ludhiana and more. This translates to Kenko subscribers saving INR 3.5 crore ($475,000) on OPD expenses.
Kenko plans start at INR 299 ($4) per month and offer 20-50% discounts on medicines, lab tests, doctor fees, and other OPD bills. It is estimated that we spend 65% of our healthcare costs out-of-pocket.
Aniruddha Sen, Co-founder of Kenko, says, “Financial assistance should be an integral part of our healthcare systems so that patients can receive the care they need in the most affordable manner. Additionally, if we provide financial assistance to people, they will be encouraged to seek early medical attention without being concerned about any implications. Also, when diapers, anti-dandruff shampoo, first-aid kits etc. are all a part of your healthcare needs, why shouldn't you get benefits on them? That's the problem we are solving at Kenko. 2023 is the year where we step up and work on providing holistic services to our subscribers – cashless treatments, interoperability, and extremely enhanced customer experience are the pillars we want to strengthen.”
The company has also seen significant growth due to partnerships with over 200 corporates from various industries, including Shaadi.com, ABP News, Porter, Rebel Foods, Kokilaben Hospital, and more. All these companies have trusted Kenko for their employee wellness benefits.
Earlier this year, Kenko raised $12 million in a Series A round led by Sequoia, with participation from Beenext, Orios, 9Unicorns, and Waveform as existing investors. Their affordable, flexible, and easy-to-use plans make them a popular choice for companies of all sizes, from teams of two to 20,000.
Apart from the outpatient department benefits, Kenko also operates a marketplace called Shoho – The Kenko Store. This app-based store offers discounts on daily healthcare essentials to its subscribers. From diapers to dental care, everything is at your fingertips on Kenko. The app also allows its subscribers to get home delivery of medicines, home sample collection for lab tests, and online doctor consultations. The company aims to promote preventive healthcare and not only provide assistance when customers fall ill but also to help them maintain good health throughout.