Gurugram-based MyHealthcare, a digital integrated healthcare technology platform operated by InnoCirc Ventures, has reportedly raised $3 Mn as part of its ongoing Series A funding round, led by Sixth Sense Ventures.
Earlier in July 2018, the company raised $2 Mn in a Series A funding round from Hunch Ventures and Ajay Nanavati, Angel Investor and Retired Managing Director of 3M India and Israel.
Launched in 2017 by Shyatto Raha, Aneesh Nair and Divya Laroyia, the healthtech platform is on a mission to utilise tech and a data-driven approach to help all healthcare players reach more patients and reduce the cost of care.
The company’s flagship product is a mobile healthcare platform that enhances patient engagement and offers features such as Electronic Medical Records (EMR), health trackers, emergency services, video consult and 24×7 health monitoring, among others. The platform helps connect healthcare givers, hospitals, diagnostics, patients and their family and brings them into a digital ecosystem. The solutions are offered on a partnership model with hospitals, whereby MyHealthcare plugs in as the technology partner for the hospital network across all its patient-facing services.
It is particularly trying to bridge in the gaps within the indoor patient department. As Ajay Nanavati, one of MyHealthcare’s investors’ said, “The challenge of post-IPD (indoor patient department) patient care, given the pressures on hospitalisation, needs a robust, data-driven delivery mechanism, which MyHealthcare offers.”
After expanding in India with clients like Fortis Group of Hospitals, the company is now looking to expand and strengthen its operations in Indonesia, Malaysia and Myanmar.
Both Sixth Sense Ventures and MyHealthcare were not available for further comments till the time of publication.
According to IBEF, hospital industry in India stood at INR 4 Tn ($61.79 Bn) in FY17 and is expected to reach INR 8.6 Tn ($132.84 Bn) by FY22. Overall, the Indian healthcare sector is expected to reach $280 Bn by 2020. This growth, along with the adoption of new age techs like AI and ML is attracting both the startups and the investors to bet on several niche segments.
In 2018, Inc42 Datalabs estimated that around 59 unique angels and 56 unique VCs participated in the healthcare startups’ funding round, taking in more than $504 Mn. These startups are catering to a wide range of patient needs right from scheduling the appointment to lab diagnosis and from delivering medicines online to creating a 24×7 support system both inside and outside the hospitals.
Other healthcare startups offering different solutions in niche areas are Lybrate, MUrgency, Thangvung Privilege Services, Mediklik, among others.
[The development was reported by ET.]