Healthcare is among one of the largest industries in India, in regards to both revenue and employment. With the growing health awareness among Indians and the government’s focus on the healthcare industry, it is further expected to grow, creating opportunities.
According to an IBEF report, the Indian healthcare industry is expected to touch $280 billion by 2022, from $100 billion currently.
With the adoption of technology, the healthcare industry has seen a boom in healthtech startups leveraging the opportunity in the Indian healthcare market.
Here is a comprehensive list of growing healthtech startups growing healthtech startup in India:
Mumbai-based online pharmacy startup PharmEasy was founded by Dharmil Seth and Dhaval Shah in 2015. It provides a technology platform to offer various healthcare services like medicine delivery, medicine refills & reminders, along with teleconsultation. It further integrates diagnostics centres, in order to help provide a comprehensive medical solution to its clients.
In September 2018, PharmEasy last raised ₹363 crores ($50 million) in series C funding led by Eight Road Ventures India.
Gurugram-based e-pharmacy startup 1mg was founded by IIT- alumnus Prashant Tandon, along with another IIT-D alumnus Gaurav Agarwal and Vikas Chauhan in 2013. It provides an online marketplace for medicines, along with other healthcare products across categories like fitness & supplements, healthcare devices, personal care, and Ayurveda.
The medical store further provides online medical consultation through chats and enables the users to book lab tests as well.
According to Crunchbase, 1mg has raised over $80 million in funding across all rounds. It counts Sequoia Capital India, Omidyar Network, Kae Capital, Maverick Ventures, and HBM Healthcare Investments AG, among its investors.
Hyderabad-based omnichannel pharmacy startup MedPlus was founded by Dr Madhukar Gangadi in 2006. MedPlus has over 1,400 pharmacies across the country, serving over 2,50,000 consumers daily, and employing more than 10,000 people. It later launched online pharmacy, MedPlusMart, in 2015.
MedPlus operates other businesses in the healthcare industry, apart from its pharmacy store, these include MedPlusLabs, disease testing labs, MedPlusLens, an optical store and RiteCure, a hospital pharmacy management service.
In January 2018, MedPlus raised around ₹750 crore in debt funding from Goldman Sachs.
Chennai-based online marketplace for medicine Netmeds was founded by Pradeep Dadha in 2010. The healthtech startup through its technology platform offers a wide range of prescriptions and other health products available across the country. It provides affordable products across various categories including prescriptions, fitness, personal care, family care, and lifestyle.
In September 2018, Netmeds last raised ₹248 crores in series C funding from Southeast Asian business group Daun Penh Cambodia Group (DPCG), along with Sistema Asia Fund, a Singapore-based venture capitalist firm, and Cambodian investment holding company Tanncam Investment.
Bengaluru-based e-pharmacy Myra Medicines was founded by Anirudh Coontoor, former Software Engineer at Nokia, along with Faizan Aziz, former Chief Technology Officer at Dexetra. The startup provides an online platform for its customers to buy their medicines, along with other products like baby care, feminine hygiene, and oral care.
The products are delivered straight to the customers’ doorsteps with flexible payment options and easy 30 days return policy.
In September 2018, Myra raised ₹8.75 crores ($1.2 million) in fresh funds in a round led by its existing investors Matrix Partners and Times Internet.
Online Consultation Platforms
New Delhi-based healthtech startup Lybrate was founded by former Facebook employee Saurabh Arora in 2014. It provides an online platform to connect patients seeking a consultation with the right doctor. It enables patients to seek medical consultation online, book an appointment, or book a test, based on their needs.
Bengaluru-based healthtech platform Practo was founded by two NIT alumni Shashank ND and Abhinav Lal in 2008. The startup provides a comprehensive healthcare platform enabling users to consult doctors online, book an instant appointment, order medicines online, and store health records.
In January 2017, Practo last raised $55 million in a series D funding round led by Tencent Holdings, along with participation from other investors including Sequoia Capital India, CapitalG, Matrix Partners, ru-Net, and Thrive Capital, among others.
Online consultation platform DocPrime, is an initiative of PolicyBazaar Group, was launched in June 2018. It provides instant online doctor consultation for free, while also providing a platform to book appointments with doctors and labs. The doctors have specializations in general physician, paediatrician, orthopedist, and gynaecologist, among other fields.
DocPrime has tied-up with around 14,000 doctors and about 5,000 diagnostic labs, it also plans to expand its coverage to 1,50,000 doctors and 20,000 labs across more than 100 cities.
In September 2018, DocPrime secured ₹362 crores from the parent company.
Bengaluru-based healthtech startup DocsApp was founded by two IIT Madras alumni Satish Kannan and Enbasekar Dinadayalane in 2015. The online platform empowers specialist doctors to provide high-quality consultation to patients via chat or call within 30 minutes with complete privacy.
The startup claims to have helped more than 30 lakh Indians with a team of over 3,500 specialist doctors.
In December 2017, DocsApp last raised $7.2 million in series A funding led by Bessemer Venture Partners.
Gurugram-based online doctor consultation platform Doctor INSTA was founded by Amit Munjal in 2015. It offers instant doctor consultations through a phone call, video call, or chat. It has a wide range of specialists on the platform from psychologists to gynaecologists.
In October 2017, Doctor INSTA last raised $4 million in a series B funding round from BrahmaX Ventures. It has raised a total of $7 million in funding across all rounds, according to Crunchbase.
Health and Fitness Startups
Bengaluru-based healthtech startup HealthifyMe was founded by Sachin Shenoy and Tushar Vashisht in 2012. It provides an online health and fitness community, enabling users to seek advice regarding diets, weight loss, weight gain, and muscle gains. It further leverages artificial intelligence to offer an AI-enabled fitness coach to help users in their fitness journey.
In February 2018, HealthifyMe last raised $12 million in a series B round led by Sistema Asia Fund. Other participants in the round included Inventus Capital Partners, NB Ventures, Blume Ventures, and Chiratae Ventures.
Gurugram-based online marketplace for health and fitness products Healthkart was founded by Prashant Tandon and Sameer Maheshwari in 2011. The startup provides a platform to enables users to buy health and fitness products across categories like sports nutrition, vitamins, gym requirements, Ayurveda, health food and drinks, among others.
In August 2016, Healthkart raised $12 million in a funding round from Sequoia Capital India and Kae Capital.
Bengaluru-based health and fitness startup Curefit was founded by Ankit Nagori, former Flipkart executive and Mukesh Bansal, co-founder of Myntra, in 2016. It provides an innovative combination of online and offline health management platform for consumers. Curefit provides various products like care.fit, eat.fit, mind.fit, cult.fit to provide a comprehensive fitness platform to help its consumers improve their quality of life.
Bengaluru-based online fitness discovery startup Gympik was founded by Amaresh Ojha and Karan Malik in December 2012. The startup provides a curated list of suitable fitness centres and gyms for the users to choose according to their requirements. It also uses its cloud-based platform to offer personalised services like diet plan, personal trainer, along with providing the best deals of its users.
Bengaluru-based healthy diet planner startup Grow Fit was founded by Stanford University alumnus Jyotsna Pattabiraman in 2015.
The healthtech startup enables users to choose a meal program on its platform, based on their fitness goals, and the platform uses artificial intelligence to prepare a suitable meal plan for the users, which are delivered to their doorsteps. It further connects the users to an expert, who guides the users through their fitness journey.
In June 2017, Grow Fit last raised $4.5 million in a series A funding round by Manipal Group, along with participation from The Grover Trust and SAR Group.
Healthcare Solution Providers
Bengaluru-based home healthcare startup Portea Medical was founded by Zachary Jones and Karan Aneja in 2012. It was later acquired by serial entrepreneur couple Meena Ganesh and K Ganesh in 2013. The startup offers a range of in-home healthcare services, including physiotherapy, nursing, attendant/home health aide, and doctor consultations. The startup handles more than 1,20,000 visits per month across 16 cities and has about 4,500 employees.
In November 2017, Portea Medical last raised $26 million in a series C funding round led by Sabre Partners and MEMG CDC Ventures. Other investors that participated in the round included Qualcomm Ventures, International Finance Corporation, and Accel Partners.
Bengaluru-based data-driven healthtech startup SigTuple was founded by Apurv Anand, Bharath Cheluvaraju, Rohit Pandey, and Tathagato Dastidar in 2015. SigTuple builds intelligent solutions for medical diagnosis using state of the art machine learning techniques.
Its AI platform Manthana helps it analyse visual medical data efficiently. Manthana has enabled the startup to work on five major high-volume, screening processes of the healthcare industry – analysis of peripheral blood smears, urine microscopy, semen, fundus & OCT scans and chest x-rays.
In June 2018, SigTuple last raised $19 million in a series B funding round led by IDG Ventures and Accel Partners. Other investors that participated in the round include Venture Highway, Trifecta Capital, pi Ventures, Endiya Partners, Axilor Ventures, and Binny Bansal, Founder of Flipkart.
Bengaluru-based oncology solutions provider Mitra Biotech was founded by Mallik Sundaram and Pradip K Majumdar in 2010. The healthtech startup uses CANscript, a unique diagnostic platform that helps in giving treatment response predictions. This can be used by the physicians and doctors to help them in selecting the most efficient and responsive drug for the treatment of tumors in patients.
CANsript ranks the drugs by their efficiency in treating the tumours, thereby eliminating the most inefficient drugs. This will help the patients in a big way without having to keep looking for better drugs in the market.
In July 2018, Mitra Biotech last raised $40 million in series C funding round led by Northpond Ventures. Other investors that participated in the round include Accel Partners, Sequoia Capital, Sands Capital Ventures, RA Capital Management, and Tata Capital.
Bengaluru-based medical technology startup Forus Health was founded by K Chandrasekhar in 2010. The startup is focused on eradicating preventable blindness through the use of technology. It develops and manufactures highly advanced and affordable medical devices, to help its patients manage visual health effectively.
In June 2014, Forus Health raised $8.4 million in a series B funding round led by Asia Healthcare Fund. Other investors that participated in the round include Chiratae Ventures and Accel Partners.
Mumbai-based diagnostic centre iGenetic Diagnostics was founded by Arunima Patel, Madhusudan Sharma, and Siddharth Patodia in 2013. iGenetic Diagnostics is a healthcare centre that offers its customers a range of pathology tests that focus on oncology, gynaecology, paediatrics, infections, and more.
In February 2018, iGenetic last raised ₹130 crore in a venture funding round from CDC Group.
Indian healthcare sector is much diversified and is full of opportunities in every segment which includes providers, payers and medical technology. With the increase in the competition, businesses are looking to explore for the latest dynamics and trends which will have a positive impact on their business.