About Nova Benefits
Nova Benefits is a company based in Bengaluru (India) founded in 2020 by Yash Gupta and Saransh Garg. Nova Benefits has raised $11 million across 4 funding rounds from investors including Bessemer Venture Partners, Wellfound and Susquehanna. The company has 120 employees. Nova Benefits offers products and services including Group Health Insurance, Telehealth, Mental Wellness, Super Top-Ups, and COVID Insurance. Nova Benefits operates in a competitive market with competitors including Hinge Health, Practo, Accolade, Sharecare and KonfÃo, among others.
- Headquarter Bengaluru, India
- Employees 120
- Founders Yash Gupta, Saransh Garg
- Stage Minicorn
- SectorsFinancial ServicesTechnology Healthcare
- Email••••••••
- Phone•••• ••••
- Website novabenefits.com
- Social LinkedIn X Facebook Instagram YouTube
- Legal Name Novabenefits Private Limited
- Date of Incorporation 13 Oct, 2020
- Jurisdiction Bangalore, Karnataka, India
- Annual Revenue₹13.03 Cr
FY 2024 · +86% YoY
- Net Loss-₹17.66 Cr
FY 2024 · -136% margin
- EBITDA-₹17.10 Cr
FY 2024 · -131% margin
- Total Equity Funding$11M (USD)
in 4 rounds
- InvestorsBessemer Venture Partners
& 16 more
- Employee Count120
Associated legal entities of Nova Benefits
Nova Benefits is associated with 2 registered companies on The Company Check; the primary company is Novabenefits Private Limited. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Novabenefits Private Limited CIN U86900KA2020PTC139731 | Active | 13 Oct 2020 | Bangalore, Karnataka | ₹13.0 Cr | 120 | 3 | View details |
| Novabenefits Insurance Brokers Private Limited CIN U66020KA2020PTC141160 | Active | 18 Nov 2020 | Bangalore, Karnataka | ₹8.7 Cr | 39 | 2 | View details |
Products & Services of Nova Benefits
Nova Benefits offers a comprehensive portfolio of products and services, including Group Health Insurance, Telehealth, Mental Wellness, Super Top-Ups, and COVID Insurance.
Provides coverage for employee health needs and medical expenses.
Offers remote access to doctors for employee consultations.
Delivers emotional support services for employees.
Adds extra coverage to existing health insurance plans.
Protects against COVID-related health risks.
Apps and channels of Nova Benefits
Nova Benefits publishes 2 mobile apps with over 10K+ downloads; its YouTube channel Nova Benefits has 352 subscribers and 30 videos.
Videos from Nova Benefits
The most watched videos on Nova Benefits's YouTube channel, Nova Benefits (352 subscribers). Click a video to play it here.
More on Nova Benefits.
Funding Insights of Nova Benefits
Nova Benefits has successfully raised a total of $11M across 4 strategic funding rounds. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $11M
- Total Rounds 4
- First Round $1M
(Dec 2020)
- Investors Count 17
All 4 funding rounds of Nova Benefits with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May 2022 | – | Series A | – | SHL Capital | – |
| Feb 2022 | – | Series A | – | – | |
| Sep 2021 | $10M | Series A | $41.08M | Bessemer Venture Partners, SIG | |
| Dec 2020 | $1M | Seed | $5.21M | Multiply Ventures, Better Capital |
| Date | Valuation | Stage |
|---|---|---|
| Sep 2021 | $41.08M | •••••••• |
| Dec 2020 | $5.21M | •••••••• |
Last known valuation $41.08M (Sep 2021). 16 investors in total: 7 institutional and 9 angel.
Investors in Nova Benefits
Nova Benefits has secured backing from 16 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Bessemer Venture Partners, Wellfound and Susquehanna.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Early-stage investments in startups are managed by SHL Capital. | – | shl.capital | - | |
Venture capital investments and support for entrepreneurs in technology and innovation sectors. | 1911 | bvp.com | Redwood City, United States | |
Potato farming, grain marketing, and equipment services are conducted in Maine. | 2019 | multiplyventures.com | Bengaluru, India | |
Early-stage companies are invested in by Better Capital. | – | bettercapital.vc | Santa Clara, United States | |
Investments are made in early-stage companies by Titan Capital. | – | titancapital.vc | Gurugram, India | |
Diversified investment management is handled by SIG across multiple assets. | 1987 | sig.com | Bala Cynwyd, United States | |
Startup jobs are connected to individuals via a dedicated platform. | 2013 | wellfound.com | New York, United States | |
VJ Vikram Jit Singh Chaatwal | - | – | unknown_dc594a4c98684601a | - |
NC Nilkhil Chopra | - | – | unknown_9f35ae936fea463b8 | - |
SM Sumit Maniyar | Founder of Rupeek, fintech innovator, active angel investor in Indian startups | – | unknown_c475f262d7e749dab | - |
Investor details for Nova Benefits
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Board of directors of Novabenefits Private Limited (Nova Benefits)
Novabenefits Private Limited is the primary company behind Nova Benefits. The boards of the 2 registered companies of Nova Benefits currently have 3 directors; the longest-serving is Yash Gupta, appointed in 2020.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Yash Gupta DIN 08917276 | Director | 18 Nov 2020 | 5 yrs 10 mo | Novabenefits Insurance Brokers Private Limited, Novabenefits Private Limited |
| Saransh Garg DIN 08462714 | Director | 18 Nov 2020 | 5 yrs 10 mo | Novabenefits Insurance Brokers Private Limited, Novabenefits Private Limited |
| Bhavanipratapsinh Bharatsinhji Rana DIN 07052033 | Nominee Director | 07 Sep 2021 | 5 yrs 1 mo | Novabenefits Private Limited |
People of Nova Benefits
2 people are tracked at Nova Benefits (2 in leadership); the tracked headcount is 120.
| Name | Role | Group |
|---|---|---|
| Co-Founder & CTO | Leadership | |
| Co-Founder & CEO | Leadership |
Complete people profiles for Nova Benefits
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Financials of Nova Benefits
Figures of Novabenefits Private Limited, the primary company behind Nova Benefits, for FY 2024. Revenue was ₹13.03 Cr (+86% year on year). Net loss was -₹17.66 Cr (-136% margin). EBITDA was -₹17.10 Cr (-131% margin). Revenue has grown at a compounded annual rate of +1043% over three years.
- ₹13.03 CrRevenue · FY 2024 · +86% YoY
- -₹17.66 CrNet loss · -136% margin
- -₹17.10 CrEBITDA · -131% margin
- ₹14.7 LakhPaid-up capital
- 120Employees (provident fund records)
- +1043%Revenue CAGR, 3 years
Balance sheet, profit and loss, cash flow and ratios of Novabenefits Private Limited are on its company page.
Detailed financial statements for Nova Benefits
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Timeline of Nova Benefits
4 dated milestones of Nova Benefits across 2 years, from founding to its latest funding, stage changes and deals.
- Founded Nova Benefits is founded.
- Funding First funding round of $1.0M.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Series A,.
Competitors of Nova Benefits
Nova Benefits operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Hinge Health, Practo, Accolade, Sharecare and KonfÃo, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| hingehealth.com | 2015 | San Francisco, United States | $854.44M | 1,442 | Virtual physical therapy and digital pain care solutions are provided. | |
| practo.com | 2008 | Bengaluru, India | $227.88M | – | Doctor appointments are booked and healthcare professionals are consulted online. | |
| accolade.com | 2007 | Plymouth Meeting, United States | $228.3M | – | Employee health benefits are facilitated via a cloud-based platform. | |
| sharecare.com | 2010 | Atlanta, United States | $64M | 1,988 | Health and wellness social network for employees is provided. | |
| konfio.mx | 2014 | Miguel Hidalgo, Mexico | $378M | – | Financial solutions platform provider | |
| businessolver.com | 1998 | West Des Moines, United States | $65.16M | 1,401 | Cloud-based employee benefits administration solutions are delivered. | |
| spendesk.com | 2016 | Paris, France | $303.82M | – | Provider of prepaid cards for financial benefits of employees | |
| betterfly.com | 2018 | Santiago, Chile | $202.5M | – | Employee health and well-being solutions are delivered through a platform. | |
| wellhub.com | 2012 | New York, United States | $85M | 213 | Cloud-based wellness programs are offered for employee health and productivity. | |
| justworks.com | 2012 | New York, United States | $147.52M | 55,459 | Benefits administration and payroll management are provided for businesses. |
Detailed competitors of Nova Benefits
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Web traffic of Nova Benefits
The website of Nova Benefits (novabenefits.com) receives about 19.5K visits a month.
- Monthly visits19.5K
▼ 4.2% vs previous month
Websites whose visitors overlap most with Nova Benefits. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| vfairs.com | 100% | – | #102,231 | View details | |
| teamflowhq.com | 100% | 6.4K | #3,117,592 | View details | |
joingenius.com | joingenius.com | 97% | – | #620,144 | – |
| clevry.com | 97% | – | #61,131 | View details | |
| virtualvocations.com | 91% | – | #79,061 | View details | |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 7 similar websites and full traffic analytics for Nova Benefits
The complete similar-websites list, audience overlap and engagement analytics require an active premium plan.
- 7 similar websites
- Audience overlap
- Engagement analytics
- Traffic by brand
Verified entity values are shown only after access is granted.
Latest news on Nova Benefits
Complete news archive for Nova Benefits
Full article history, source details, and older brand coverage require an active premium plan.
- Full article archive
- Source and publication date
- Older coverage
- Brand-specific news history
Verified entity values are shown only after access is granted.
Similar companies to Nova Benefits
10 companies that operate in the same segment as Nova Benefits (Insurance & Risk Management), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Vehicle parts and accessories are sold via an online platform. | 1897 | Walsall, West Midlands, United Kingdom | USD 20.37 M | – | – | |
Health insurance plans are offered for individuals and families. | 2006 | Chennai, Tamil Nadu, India | USD 783.29 M | USD 1.9 B | 15,820 | |
Life, health, and general insurance services are provided across India. | 2001 | Mumbai, Maharashtra, India | USD 306.52 M | USD 2.88 B | 16,700 | |
Financial solutions including loans and insurance are offered. | 2007 | Pune, Maharashtra, India | – | USD 15.24 B | 126 | |
Life Insurance joint venture between SBI and BNP Paribas Cardiff | 2000 | Mumbai, Maharashtra, India | USD 264 M | USD 14.28 B | 26,360 | |
Insurance, banking, and wealth management services are provided worldwide. | 1816 | Paris, France | – | USD 128.35 B | 100,040 | |
Investment advisory, insurance distribution, and risk management services are provided. | 1998 | Chicago, Illinois, United States | USD 1.6 B | – | – | |
Financial institution offering insurance & transaction services | 1847 | Jacksonville, United States | USD 500 M | USD 14.51 B | 23,530 | |
Integrated healthcare services and coverage are provided nationwide. | 1945 | United States | – | – | – | |
Cloud-based employee benefits administration solutions are delivered. | 1998 | West Des Moines, Iowa, United States | USD 65.16 M | – | – |
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Frequently Asked Questions about Nova Benefits
Nova Benefits was founded in 2020.
Nova Benefits is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Saransh Garg is the current CEO of Nova Benefits. They have also founded this company.
Nova Benefits is a funded company, having raised a total of $11M across 4 funding rounds to date. The company's 1st funding round was a Seed of $1M, raised on Dec 2020.
Nova Benefits has 120 employees.
The primary company behind Nova Benefits, Novabenefits Private Limited, reported revenue of ₹13.03 Cr for FY 2024, up 86% year on year.
Online employee health benefits platform for businesses. It offers solutions for dental benefits, patient treatment, mental health counseling, maternity cover, room rent limits, disease-wise capping, OPD coverage, health checkups, and more. It provide a tech-first platform for access to insurance and wellness solutions, aiming to make workplaces. It also offers claim assistance support for employees.
Nova Benefits's top competitors include Accolade, Hinge Health and Wellhub.
Nova Benefits offers Group Health Insurance, Telehealth, Mental Wellness, Super Top-Ups, and COVID Insurance.
Nova Benefits has 16 investors. Key investors include Bessemer Venture Partners, Wellfound, Susquehanna, Multiply Ventures, and SHL Capital.
The valuation of Nova Benefits is $41.08M as of Sep 2021.
Nova Benefits is associated with 2 legal entities: Novabenefits Private Limited, Novabenefits Insurance Brokers Private Limited.