Funding profile · Employer health benefits, India

Loop Health

Four Form D notices filed by the Delaware parent, Invoq Health, Inc., record $100,279,812 sold since 2020. Announced rounds total about $40 million. The gap is the story, and so is the $58.8 million nobody has announced.

Data as of September 24, 2026. Company-reported figures are labeled. Rupee figures are as filed with the Ministry of Corporate Affairs.

Rounds at a glance

What the filings show

Reading the filings

1. The largest raise on record has never been announced.The July 2026 notice reports $58,811,822 sold of $71,374,980 offered, from 15 investors, about $3.92 million each. That is more than the Series A and Series B combined. No press release or trade report naming it was found. The offering is open: $12,563,158 remains.
2. The Series A was larger than the headline.Press reports said $12 million. The Form D filed September 21, 2021 reports $14,066,495 offered and the same sold, nothing remaining, from 36 investors averaging about $390,736. A gap of this shape usually means earlier convertible notes converting into the round.
3. The seed was on paper before the press release.The April 2, 2020 filing reports $1,501,500 of convertible instruments sold to 10 investors, first sale March 18, 2020. The $2.3 million seed was announced nine months later. That filing lists a $1 minimum and an indefinite offering amount, the signature of a rolling note.
4. The Series B was four cheques.$25,899,995 from 4 investors is about $6.47 million each, and the release names exactly four firms: General Catalyst, Elevation Capital, Khosla Ventures and Optum Ventures.
5. The board shrank and has not grown back.The 2021 filing lists four related persons, including a director it spells Mayank Kadhuja. Elevation Capital’s partner on the round is named Mayank Khanduja in the company’s release; the other spelling appears nowhere else. From 2022 onward the filings list only Mayank Kale, Ryan Singh and Daniel Burka.
6. The dollars land in India as paid-up capital.MCA records classify the broker as a subsidiary of a foreign company, with authorised capital of Rs 115.75 crore and paid-up capital reported between Rs 92.94 crore and Rs 109.68 crore across snapshots. IRDAI sets the minimum capital for a direct broker at Rs 75 lakh. Loop’s broker is capitalised more than a hundred times that floor.

Commercial signals

What to watch

• An announcement or investor list for the July 30, 2026 offering, and an amended Form D if the remaining $12,563,158 is sold.
• Whether IRDAI grants Loop Health Insurance Limited a licence, and whether its Rs 5,00,000 paid-up capital moves toward the one billion rupees a health insurer must hold.
• FY2026 accounts for both Indian entities, showing whether brokerage is compounding at the rate the funding implies.
• Whether an investor director rejoins the board on the next filing.

The Loop Health story on Healthcare DiscoveryHealthcare Discovery

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• CareLedger: Shared investor: Tribe Capital. A Y Combinator startup that promised employees free medical care by steering self-insured employers to the cheapest good doctor for a given procedure
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Sources

1. Public recordForm D, Invoq Health, Inc.SEC · Jul 30, 2026
2. Public recordForm D, Invoq Health, Inc.SEC · Apr 22, 2022
3. Public recordForm D, Invoq Health, Inc.SEC · Sep 21, 2021
4. Public recordForm D, Invoq Health, Inc.SEC · Apr 2, 2020
5. IndependentLoop Health secures $2.3 million seedEconomic Times · Dec 2020
6. Public recordList of Brokers entry 876, List of General Insurers, List of Health InsurersIRDAI · 2023 and Sep 24, 2026
7. Public recordInvoq Loop Insurance Brokers and Invoq Healthcare India, MCA filingsThe Company Check, Tofler · 2026
8. Public recordLoop Health Insurance Limited, CIN U65120PN2024FLC231816MCA via IndiaFilings · 2025
9. IndependentWith Irdai opening doors, insurtech firms look to become general insurersEconomic Times, Pratik Bhakta · Jan 22, 2024
10. IndependentElevation and General Catalyst lead $12M round into Loop HealthTechCrunch, Christine Hall · Sep 30, 2021
11. Public recordBrokers FAQ, direct broker capitalIRDAI · Sep 24, 2026
12. IndependentPrudential insurance regulation in India, on insurer capitalSkadden · Sep 2025
13. Data providerLoop legal entities and headcountTracxn · 2026
14. Company releaseLoop Raises a $25M Series B; Loop Health Hits 1 Million LivesPR Newswire 2022; NewsVoir via The Tribune 2026

Compiled from SEC, IRDAI and Indian Ministry of Corporate Affairs public records and published reports as of September 24, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. MCA figures come from commercial aggregators of registry filings and snapshots differ. Healthcare Venture Capital Fund holds no position in Loop Health or Invoq Health, Inc. This page is not an offer to sell or a recommendation to buy any security.