Kenko Health Shuts Down Due to Cash Crunch and Licensing Issues

• Kenko Health founders Aniruddha Sen and Dhiraj Goel informed employees in June about the company's financial troubles and legal action by a debt investor at the NCLT.
• The startup's website and communication channels are currently unresponsive, and its offices in Bengaluru and Mumbai have been closed.
• Kenko was close to securing a new domestic investor, but the equity dilution alarmed existing investors, hindering the deal.
• Founded in 2019, Kenko raised over $13.7 Mn and aimed to become an insurtech company but failed to secure an insurance license from IRDAI.
• The insurtech segment in India is expected to become a $307 Bn opportunity by 2030, with players like Go Digit, PB Fintech, Acko, and Paytm.

Source: Inc42