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Innovative Healthtech Startups of Mumbai Driving Connected Healthcare

Written by : Aishwarya Sarthe

March 31, 2024

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In India, digital healthcare transformation has been particularly pronounced, with segmental startups playing a pivotal role in addressing long standing challenges in the sector.

Mumbai, a bustling innovation hub, has emerged as a hotspot for groundbreaking healthtech startups, each offering unique solutions to enhance healthcare accessibility, affordability, and efficiency.

In response to the pressing need for innovative healthcare solutions, a thriving ecosystem of healthtech startups has emerged in Mumbai. These startups leverage cutting-edge technology to address various gaps in the healthcare system, ranging from primary care access to personalized diagnostics.

In this article, we present you briefly about some of the innovative healthtech startups that have exemplified healthcare delivery with their services & tech offerings.

HealthAssure

HealthAssure, founded in 2011 by Varun Gera, is a pioneering healthtech startup based in Mumbai. It aims to bridge the gap in primary healthcare access by aggregating over 4,500 primary care medical centers across 1,300 cities in India.

The startup offers various health services, including diagnostics, pathology, consultations with specialists, vaccinations, and home care.

Noteworthy clients include corporate giants including FedEx, L'Oreal, Deloitte and prominent insurers such as ICICI Prudential and HDFC Life. HealthAssure's innovative approach includes OPD cover for corporate employees, diabetic networks for insurers, and customizable individual plans.

In 2022, the startup raised INR 50 Cr in a Pre-Series B funding round, affirming investor confidence in its mission to democratize healthcare access.

PharmEasy

PharmEasy, founded in 2015 by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Siddharth Shah, and Hardik Dedhia, is an online healthcare aggregator headquartered in Mumbai. The platform facilitates seamless access to genuine health products and services, connecting patients with local pharmacy stores and diagnostic centers.

PharmEasy prioritizes accessibility and affordability, ensuring patients receive the best healthcare solutions with significant cost savings.

With over $1.53 billion raised in funding across 17 rounds, including a recent Series G round led by LGT Capital Partners and ADQ, PharmEasy has solidified its position as a key player in the healthcare sector, catering to the diverse needs of millions of individuals across the country.

HaystackAnalytics

HaystackAnalytics, established in 2018 by Dr Anirvan Chatterjee and Gaurav Srivastava, is a Mumbai-based healthtech startup specializing in clinical genomics products.

Supported by India's leading science agencies, HaystackAnalytics offers innovative solutions for personalized diagnostics, including genomic analysis for infectious diseases such as tuberculosis and COVID-19.

The startup's flagship products have been recognized for their impact on healthcare challenges, with its TB genomics test lauded as one of the top innovations supported by BIRAC in the past decade.

HaystackAnalytics' focus on advancing genomics research and diagnostic capabilities underscores its significance in addressing critical healthcare needs in India and beyond.

HealWell24

Founded in 2017 by J K Singha, HealWell24 is a Mumbai-based healthtech startup pioneering India's first doctor-patient network healthcare solutions. The startup offers a comprehensive range of services, including telemedicine, home visits by physicians and dentists, and B2B ecommerce platforms.

HealWell24's innovative approach bridges the gap between doctors and patients, ensuring seamless access to healthcare services.

With a mission to make healthcare more accessible and patient-centric, HealWell24 has garnered significant attention from investors. In 2021, the startup raised the first tranche of its Series A funding round.

Led by a team of experienced professionals, including cofounders Chittaranjan Mishra, Dushyant Bhatt, and RK Ningthem Devi, HealWell24 is poised to revolutionize the healthcare industry, leveraging technology to improve patient outcomes and overall wellness.

The startup has been acquired by NFG Investments Ltd & Family Office, a company specializing in healthcare, life sciences, diagnostics, and investments in emerging technologies technology. The acquisition, announced on May 2, 2023, involved a $1.5 million deal in cash and stock.

Medikabazaar

Medikabazaar, founded by Ketan Malkan and Vivek Tiwari, in 2015, has transformed medical supply procurement through its online B2B marketplace.

It claims to be the largest ecommerce platform for medical supplies in India, with a digital catalog featuring over 400,000 products. The platform enables hospitals across 20,000 pin codes, including Tier-II and III cities and remote locations, to compare specifications and prices in real-time.

In September 2023, it raised $75 million from Creaegis and CDC Group, the UK’s development finance institution, marking it one of the biggest fundraisers in the B2B healthcare space.

In FY23, Medikabazaar achieved a gross merchandise value (GMV) exceeding $536 million and a net revenue ranging between $70-80 million. The company aims to capture 2-3% of India's healthcare supplies market within the next five years.

Utilizing technology, Medikabazaar streamlines supply chain operations and actively seeks significant investment to drive expansion and explore acquisition opportunities.

Yolo Health

Yolo Health was founded in 2015 by Vinayak Kumar. Specializing in health technology solutions, the startup introduced Health ATM kiosks designed for preventive health screening. These kiosks offer a range of services, including video consultations with healthcare providers, instant health reports, and prescriptions, all accessible via mobile devices.

Yolo Health has secured significant funding, with a total of $683,000 raised across four rounds, including a notable $420,000 raised in January 2020. Investors in Yolo Health include YesssWorks, GrayCell Ventures, Everis, and Skycom.

Karkinos Healthcare

Karkinos Healthcare, also based in Mumbai, India, was established in 2020 by R Venkataramanan.

With a focus on cancer diagnosis and care, the startup aims to improve access to these services through innovative technology solutions. Its model involves establishing a network of cancer diagnostic kiosks and coordinating care with existing healthcare providers via a digital platform.

Karkinos Healthcare raised $39.1 million over two funding rounds, with its latest Series B round securing $24.2 million in May 2022, led by Mayo Clinic.

Qube Health

Qube Health, founded in Mumbai in 2019 by Chris George, Pankaj Shukla, and Gagan Kapur, is a prominent player in the employee healthcare management sector. The startup offers non-insurance healthcare services to large corporations across various industries, including primary care and health screening.

Qube Health raised $3.01 million in a Seed funding round in September 2023, led by IPV, bringing its total funding to $4.93 million across three rounds. Their innovative approach aims to promote wellness in the workplace and enhance overall organizational performance.

Zeno Health

Founded in 2017 by Siddharth Gadia and Girish Agarwal, Zeno Health is Mumbai's leading generic medicine-focused pharmacy chain.

With a vision to democratize healthcare, Zeno Health offers genuine, high-quality medicines at affordable prices through its extensive network of stores in Mumbai and Pune.

The startup in February 2024, secured $25 million in Series C funding led by STIC Investments, with participation from existing investor Lightbox. This funding is expected to support Zeno Health's expansion efforts, technological advancements, and innovative solutions, reaffirming its commitment to revolutionizing healthcare accessibility in India.

Ausra Health

Ausra HealthCare, established in 2021 by Rasika Taskar-Birewar, is a healthtech startup focused on enhancing the skills and knowledge of healthcare professionals.

The startup develops innovative learning tools customized to regional languages, facilitating effective clinical practices and adherence to national and international standards.

Ausra HealthCare's solutions aim to bridge the gap in healthcare workforce training, offering unique tools for simplified learning. By leveraging technology to enhance clinical education, Ausra HealthCare improves the quality of healthcare services and, ultimately, patient outcomes.

MRG Blockchain Solutions

MRG Blockchain Solutions, founded in 2022 by Mihir Gunderia and Rajnikant Ramnalal Gunderia, is a healthtech startup pioneering web 3.0-focused solutions on blockchain technology.

The startup's flagship product, MyKaizen, aims to revolutionize health records management by creating a shared protocol network of connected health ecosystems.

MyKaizen offers a 360-degree view of an individual's health records, leveraging blockchain technology for privacy, security, and seamless access to healthcare services globally. Focusing on proactive care and integrated IoT/AI algorithms, MyKaizen ensures users receive the best treatment.

Disclaimer: This article is factual and does not intend to promote any specific startup. The ranking order in the article is arbitrary and not presented in any particular order. The information is based solely on data gathered from startup websites and other publicly available sources.


About Chime India

The College of Healthcare Information Management Executives (CHIME) is an executive organization dedicated to serving senior digital health leaders. CHIME includes more than 5,000 members in 56 countries and two US territories and partners with over 150 healthcare IT businesses and professional services firms. CHIME enables its members and business partners to collaborate, exchange ideas, develop professionally and advocate the effective use of information management to improve the health and care throughout the communities they serve. CHIME's members are chief information officers (CIOs), chief medical information officers (CMIOs), chief nursing information officers (CNIOs), chief innovation officers (CIOs), chief digital officers (CDOs), and other senior healthcare leaders. The CHIME India Chapter became the first international chapter outside North America in 2016 and is now a community of over 70+ members in India. For more information, please visit www.chimecentral.org

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