The startup intends to utilise the fresh capital to strengthen its team and expedite product development process
It will also strengthen its presence in the existing market as well as foray into newer markets
As per Inc42 Plus analysis, India’s health market is expected to touch $21 Bn by 2025
Mumbai-based AI-driven healthcare startup Heaps Health has raised $7.45 Mn in its Series A round of funding. The fresh capital infusion was led by NVS Wealth Managers and Rajiv Dadlani Group.
The startup intends to utilise the fresh capital to strengthen its team and expedite the product development process. Heaps Health further intends to strengthen its dominance in its existing markets as well as enter newer territories in the coming months.
Founded last year by Suman Katragadda, Heaps.ai is a healthtech platform and network-as-a-service (NaaS) provider which leverages advanced data analytics, artificial intelligence and machine learning to revolutionise healthcare delivery and payments model by building a ‘Healthcare Network’ and a ‘Value Based Care’ model.
As per its website, the startup offers four products such as health compliance and risk management, clinical outcomes management, behavioural health module, and medical value travel.
The onset of pandemic in early 2020 has exposed the broken healthcare sector of India. Issues related to understaffed medical professionals, lack of beds with respect to the population of the country, absence of new age technology and devices which were raised time and again fell on the deaf ears of the state and central government over the years.
Startups which are more known for challenging the traditional system and addressing the pain points, have studied the unpalatable healthcare infrastructure of India for long to address the issue. During the pandemic, there was a rise in the userbase of healthtech startups in the country as people opted for telemedicine, where doctors treated patients virtually. Medicines and lab tests were also undertaken by such startups of the country.
Indian healthtech startups have not kept its scope limited to treating fever or skin rashes, but are also treating more challenging diseases such as cancer.
In 2021, a year known to be as ‘startups year’ saw the rise of four healthcare startups turn into unicorns. It started with Delhi and California-based startup Innovaccer which competes against Heaps Health entered the club with $115 Mn. Other healthcare startups who managed to cross the billion dollar valuation mark in this year are Curefit, PharmEasy, and Pristyn Care.
The Indian healthtech market is estimated to touch $21 Bn by 2025, which is 3.3% of the total addressable healthcare market i.e., pegged to reach $638 Bn in 2025.
According to Inc42 Plus analysis, in 2021 alone, Indian healthtech startups have raised close to $2 Bn across 127 deals (as of December 11th).