New Delhi-based data-driven fertility platform ElaWoman, has raised around ₹22 crores in series A funding round led by Chiratae Ventures (formerly IDG Ventures India), along with Alkemi Venture Partners, a healthcare and consumption focused early growth stage fund.
The funds raised will be used to boost its technology platform, along with expanding presence in non-metro cities and overseas in Asia Pacific countries.
Founded in 2016, ElaWoman provides a platform to connect patients to renowned fertility doctors, IVF centres, ART treatments, standard-transparent pricing, patient recommendations, holistic rating system and services.
The platform uses an AI-powered algorithm to match a patient with the doctor, based on the patient’s medical history, budget, and treatment needs.
Commenting on the funding, Ritu Singh, CEO, Elawoman said, “ Infertility is a major social taboo in India which can be addressed with the help of technology. Furthermore, absence of independent advice and non-transparency in pricing for most fertility treatments including IVF and Surrogacy further widens the void. We aim to bridge this gap by building a transparent data-driven community where users can access independent and trusted advice and can connect with specialised experienced doctors specific to their fertility need.”
Along with connecting the patients with the doctors and fertility centres, it also provides support and advice to families through video-tele consultation, emotional and family counselling, legal support, medical loans, online payments, medical tourism – all under one umbrella.
Elawoman further provides a Patient Management System (PMS) and Ela Radar, to the doctors and fertility centres for seamless management of patients and maintaining their treatment and billing history.
With more than 5400 fertility doctors and clinics listed in more than 32 cities in India, the platform has over 250,000 monthly active users. The fertility platform is free for users and has partnered with renowned fertility chains across India, including Apollo Fertility, Apollo Cradle, Cloudnine Hospital, Morpheus IVF, Dr. Rama Fertility, Bavishi IVF and Iswarya Fertility.
According to an IBEF report, India’s healthcare industry is one of the fastest growing sectors and it is expected to reach $280 billion by 2020. It is much diversified and is full of opportunities in every segment which includes providers, payers and medical technology.