The round also saw participation from Silicon Valley-based serial entrepreneur and investor Vinod Khosla and his fund Khosla Ventures. US-based Optum Ventures and Sierra Ventures also participated.
Loop’s latest fundraise comes on the back of a $12 million investment from General Catalyst and Elevation last September.
The company said it would use the fresh funds to drive sales growth, product development and strategic hiring to scale its new health assurance delivery model.
With the latest round, Loop has raised $40 million in equity capital since inception.
Founded in 2018 by Mayank Kale, Ryan Singh, Amrit Singh and Shami Raj, Loop provides group health insurance plans from prominent insurers to companies, bundling health check-ups and a dedicated doctor.
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“When we started Loop in 2018, we wanted healthcare to be more preventive than reactive. We’ve also been able to bring back the concept of family doctors to India. There are around 130,000 families who have a dedicated family doctor from Loop,” said Mayank Kale, cofounder and chief executive of Loop.
The company claims it provides health insurance and benefits to more than 130,000 people across over 300 companies in India.
The company has also grown its team to 250 and expanded operations across Pune, Mumbai and Bengaluru.
“Care delivery in India has many pain points with conflicting incentives. Loop is changing the cost equation by allowing payers and providers to work together. Through its unique product and affordable pricing, Loop has a significant competitive advantage,” said Khosla.
Loop’s clients include companies such as NoBroker, Incred, Saregama and NTEX Transportation Services.
