India, Oct. 15 -- Three years ago, the founders of ekincare were in a tight spot.

The Hyderabad-based corporate health benefits platform secured $15 Mn (about INR 133 Cr) in March 2022, closing its Series B round at a post-money valuation of INR 298 Cr, per Tracxn data. The round had drawn a clutch of investors such as HealthQuad, Sabre Partners, Ventureast, Eight Roads Ventures, Siana Capital and Endiya Partners. It was the healthtech venture's first major funding since its $3.6 Mn Series A in November 2019, just months before the Covid-19 pandemic impacted India's corporate wellness landscape.

The gap between the funding rounds tested ekincare's resilience. Its expenses outpaced growth, and net losses shot up. By the end of FY22, its ...