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Healthtech Startups Secure $1.13 Bn in 2024: Report

Written by : Dr. Aishwarya Sarthe

February 3, 2025

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The sector saw 112 funding deals in 2024, with growth and late-stage startups raising $880.6 million across 22 deals, while early-stage startups secured $250.44 million through 72 deals.

India’s Healthtech sector witnessed a sharp increase in funding in 2024, securing $1.13 billion.

This marks a significant recovery from 2023 when investments had dropped to $418.97 million. The resurgence is attributed to growing investor confidence in AI-driven healthcare, digital health solutions, and telemedicine.

According to a report by TheKredible, the sector saw 112 funding deals in 2024, with growth and late-stage startups raising $880.6 million across 22 deals and early-stage startups securing $250.44 million through 72 deals.

An additional 18 startups did not disclose the amount raised. PharmEasy led the funding charts with $216 million, followed by biotech firm Engrail with $157 million and dialysis provider NephroPlus with $102 million. Other key funding recipients included Qure.ai, Redcliffe Labs, HiLabs, Ultrahuman, and Even Healthcare.

Financial Performance & Market Leaders

The financial performance of leading Healthtech companies in FY24 reflected strong growth. PharmEasy reported the highest revenue at INR 5,664.29 Cr, closely followed by MedPlus at INR 5,624.85 Cr and Entero Healthcare at INR 3,922.31 Cr.

Other companies that recorded notable revenue figures include CitiusTech with INR 3,536.16 Cr, Tata 1mg with INR 1,967.75 Cr, Cult.fit with INR 926.66 Cr, MediBuddy with INR 645.4 Cr, and Pristyn Care with INR 600.52 Cr. Akumentis Healthcare and Innovaccer rounded off the list with INR 398.47 Cr and INR 350.91 Cr, respectively.

Mergers, Acquisitions, & IPO Developments

The sector also saw 12 mergers and acquisitions (M&A) in 2024, highlighting consolidation among key players. Some major deals included Suven Pharma’s acquisition of Sapala Organics for $27.65 million and Redcliffe Labs' acquisition of Celara Diagnostics for $7 million. Thyrocare completed the acquisition of Think Health Diagnostics and Polo Labs, while Acko acquired OneCare.

On the IPO front, Portea has received SEBI approval, while Pristyn Care is exploring a public listing. However, PharmEasy’s IPO remains on hold due to market conditions.

Investor Landscape

Several venture capital firms actively shaped the Healthtech landscape in 2024. Venture Catalysts, Eight Roads Ventures, 360 One Asset Management, and HealthQuad were among the most prominent investors, backing companies such as PharmEasy, Qure.ai, Redcliffe Labs, and HiLabs.

With the increasing demand for digital healthcare solutions, AI-driven diagnostics, and advanced medical technologies, the Healthtech sector is expected to continue its growth trajectory.

The report suggests that industry funding will remain strong, supported by investor interest in long-term innovation and scalable healthcare solutions.


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