SUMMARY
3HCare has raised funding from a group of technology experts
The startup plans to use the funding to expand its team, infrastructure and scale up the platform by strengthening IT
The funds will be used for incorporation of Artificial Intelligence and Machine Learning
New Delhi-based healthcare services provider 3HCare has raised $1 Mn in the second round of funding from a group of technology experts.
The startup plans to use the funding to expand its team, infrastructure and scale up the platform by strengthening IT.
They will further use funds to bolster and upgrade our technology, especially the incorporation of Artificial Intelligence (AI) and Machine Learning (ML) to provide an enhanced value-added customer experience and expand it to pan India.
Founded in 2016 by Ruchi Gupta, 3HCare offers online booking of diagnostic test, offline corporate annual and pre-employment tests, and preventive healthcare test packages, domestic and international surgeries.
Ruchi Gupta, Founder and CEO, 3HCare said, “The idea has always been to improve hyper-local neighbourhood concept, powered in the front end by technology. We are pleased to have closed our second round of funding and this will hold us in good stead while we spread out geographically. Ease of access, the saving of time, transparency, comparative cost and credibility are few traits due to which even the corporate sector have preferred our services.”
The company last raised angel funding of $100K from undisclosed investors to plan their expansion in diagnostics, surgery and boosting medical tourism.
Currently, the portal allows users to compare and book an online treatment for cancer, heart, spine, orthopedics, neurology, fertility, gynaecology, organ transplant, cosmetic surgery, and others.
The company is now planning to cover semi-urban and rural areas and also encash on the trending aspect of Artificial intelligence and translate the gathered information into tangible results.
It expects that the development of user-interface will produce highly reliable, repeatable and accurate results. 3HCare has collaborations with many leading hospitals (Both NABL and JCI accredited) across the country.
To offer accessibility to diagnostic centres easily, 3HCare has partnered with over 400 diagnostic centres and over 50 hospitals in more than 1500 locations across India.
With an aim for the patients to manage their finances efficiently, the company also offers another vertical Plan My Surgery, a service that helps patient plan surgical treatment online.
Healthcare Industry In India
In the Indian healthtech space, there are players such as MedPlus, 1mg, NetMeds, Punit Soni’s Suki, Visit, Innovaccer, Zoctr, Lybrate, and Tricog, among others.
Recently, Bengaluru-based healthtech startup HealthPlix raised $3 Mn in a Series A round from IDG Ventures and Kalaari Capital.
The increasing market of healthtech in India can also be seen with online insurance aggregator PolicyBazaar launching its new healthcare business DocPrime. It plans to convert consumers spending out of their pockets on healthcare into getting insurance.
Here are a few important statistics of the healthcare industry:
- The market for diagnostics services has been growing in India over the past couple of years at a rate of 15%-20% and stood at nearly $5.82 Bn (INR 40,000 Cr) as of 2016
- Healthcare is one of the biggest revenue and employment generating sectors in India and was expected to touch $ 160 Bn by 2017
- A Google-BCG report suggested that digital spending by consumers is expected to grow nearly 2.5 times to $100 Bn by 2020
- Overall, the global healthtech market is estimated to reach $104.5 Bn by 2020, according to a new report by Grand View Research
- The Indian healthcare market is expected to reach $280 Bn by 2020, from the current $100 Bn, according to an IBEF
