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Promising Healthtech Investors of Mumbai

Written by : Aishwarya Sarthe

April 27, 2024

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A silent revolution brews in the pulsating heart of Mumbai's entrepreneurial landscape, promising to reshape the city's healthcare technology sector. Against the backdrop of towering skyscrapers and bustling streets, Mumbai emerges as a beacon of innovation, drawing the attention of investors and visionaries alike. With a wave of strategic investments propelling the growth of healthcare startups, Mumbai's tech scene stands on the cusp of transformation. 

From Lightbox Venture's visionary approach to Kunal Shah's impactful investments, the city's ecosystem buzzes with potential, offering a fertile ground for pioneering ventures. 

As the dawn of a new era in healthcare technology breaks over Mumbai's horizon, stakeholders eagerly anticipate the dawn of a healthier, more technologically advanced future.

In this article, we feature some promising healthcare investment firms & investors who entrusted these healthtech startups with funding and other support.

Lightbox Ventures: Nurturing India's Tech Entrepreneurs

Lightbox Ventures, born in Mumbai in 2014, is a notable venture capital firm with a vision to support differentiated businesses addressing India's diverse consumption market. 

With a portfolio boasting names such as Furlenco, Rebel Foods, and Dunzo, Lightbox has established itself as a key player in the Indian startup landscape.

Led by a team with extensive experience in both entrepreneurship and investing, Lightbox has made strategic investments in companies including Zeno Health, formerly known as Generico. 

Zeno Health, founded by IIT Bombay alumni Siddharth Gadia and Girish Agarwal, recently raised $25 million in a Series C funding round, with Lightbox Ventures as a significant participant. Zeno Health provides generic medicines through its chain of pharmacies and online platforms, catering primarily to Maharashtra's market.

Inflection Point Ventures: A Catalyst for Growth

Founded by Vinay Bansal, Ankur Mittal, Mitesh Shah, and Vinod Bansal, Inflection Point Ventures (IPV), based in Gurgaon, Haryana, plays a pivotal role in fuelling the growth of healthcare technology startups in Mumbai. 

Established in 2018, IPV stands out for its inclusive approach to angel investing. With a vast network of over 14,000 angel investors, IPV provides startups capital and mentorship, essential for scaling operations. 

IPV's commitment to transparency and rigorous due diligence ensures that only startups with high growth potential receive funding, contributing to Mumbai's vibrant healthcare technology ecosystem. 

By democratizing angel investing and breaking geographical barriers, IPV enables promising startups in Mumbai to access the resources they need to thrive and make a meaningful impact in the healthcare sector. 

One of IPV's recent investments includes a top-up in the Pre-Series-A funding round of QubeHealth, a healthcare payments company founded in Mumbai in 2019. 

Led by Chris George, Pankaj Shukla, and Gagan Kapur, QubeHealth offers non-insurance healthcare services to large corporations, focusing on primary care and health screening.

Kunal Shah: A Serial Entrepreneur's Impactful Investments

Kunal Shah, the founder of CRED, has emerged as a prominent figure in Mumbai's healthcare technology investment landscape. Shah's influence extends far beyond financial backing, with a track record of investing in over 200 startups, including notable names such as Neodocs and Segwise. 

His investments provide startups with essential capital and offer strategic guidance and industry insights. By leveraging his experience as a successful entrepreneur, Shah empowers healthcare technology startups in Mumbai to navigate challenges and seize growth opportunities. 

His extensive portfolio and knack for spotting promising ventures make him a key player in shaping the future of healthcare technology in Mumbai.
In a recent funding round led by All In Capital and Utsav Somani’s iSeed Fund, Kunal Shah played a pivotal role in Mave Health's success. 

The mental healthtech startup raised INR 6 Cr in pre-Seed funding, with participation from esteemed investors such as Bharat Founders Fund, Deepinder Goyal (Zomato), Mohit Kumar, and Vatsal Singhal (Ultrahuman).

This investment will fuel Mave Health's ambitious plans to launch Arc, a groundbreaking non-invasive brain stimulation wearable designed to treat depression. 

Founded in 2023 by Dhawal Jain, Jai Sharma, and Aman Kumar, Mave Health aims to revolutionize mental well-being by developing human-centric, evidence-based programs. 

Omidyar Network India: Driving Social Impact

Founded in 2004 by Pierre Omidyar, Omidyar Network India is dedicated to empowering entrepreneurs who address India's most pressing challenges, especially for low-income and lower-middle-income populations. The firm's investment areas include Advancing Cities, Digital Society, and Financial Inclusion.

In a recent funding round, Omidyar Network India led a $2 million seed investment in Neodocs, a healthtech startup founded in 2020 by IIT-Bombay alumni Nikunj Malpani, Anurag Meena, and Pratik Lodha. Neodocs aims to democratize healthcare by offering innovative urine and smartphone-based at-home test kits. The funding will support the startup's expansion into international markets and the development of instant blood tests.

HealthQuad's Visionary Investment Strategy

HealthQuad, a Mumbai-based venture capital firm, is at the forefront of driving innovation in the city's healthcare sector. Founded in 2016 by Charles-Antoine Janssen, Amit Varma, and Abrar Mir, HealthQuad focuses on early-stage investments in companies leveraging technology to revolutionize healthcare delivery. 

By identifying startups with disruptive solutions addressing critical healthcare challenges, HealthQuad has built a diverse portfolio encompassing telemedicine, digital health, and medical devices. 

With a hands-on investment approach, HealthQuad provides capital, strategic guidance, and operational support to its portfolio companies. This collaborative approach fosters an ecosystem conducive to innovation and growth, positioning Mumbai as a hub for healthcare technology innovation. 

HealthQuad has played a pivotal role in supporting promising healthcare startups in recent funding rounds. 

One notable example is HealthifyMe, a health and wellness startup that raised $30 million in a pre-Series D funding round led by LeapFrog Investments and Khosla Ventures. Founded in 2012 by Tushar Vashisht, Sachin Shenoy, and Mathew Cherian, the company offers calorie tracking, one-on-one nutrition, fitness coaching, diet tracking, and workout plans. 

HealthQuad also helped raise $15 million for Ekincare, a health benefits platform, contributing to the company's growth efforts. Founded in 2014 by Kiran Kalakuntla and Srikanth Samudrala, Ekincare is a personalized, full-stack health benefits platform. 

The platform is built to help employers design a health benefits package that best suits the needs of their employees and their families. The company currently serves around 1.5 million employees across 410 companies.

Rohit M.A.

Based in Bengaluru, Karnataka, India, Rohit M.A. is the managing partner of PeerCapital and cofounder of Cloudnine Hospitals, a leading maternity, women, and child care service provider. 

With nine years of experience as the executive director before assuming his current role, Rohit has been instrumental in Cloudnine's establishment and growth. His responsibilities encompass strategic planning, digital initiatives, employee engagement, and overall operations management. 

Cloudnine aims to become a national-level service provider of international quality and repute under his leadership. Rohit's involvement underscores his aim to advance healthcare and support startups that contribute to this sector's growth and innovation.

Chiratae Ventures

Founded in 2006 by Sudhir Sethi, Bengaluru-based Chiratae Ventures is a prominent India-focused technology venture capital fund. Managing over $700 million across funds and investing in over 80 companies, Chiratae Ventures has a robust portfolio across consumer media & tech, Cloud/Software, healthtech, and fintech sectors. 

As one of India's leading venture capital firms, it is pivotal in fostering entrepreneurship and driving innovation in the technology space. Chiratae Ventures' investments support the growth and scalability of startups, contributing to India's vibrant startup ecosystem and its emergence as a global technology hub.
In a recent development, ClaimBuddy, a health insurance claim assistance platform founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, closed its Series A funding round with a substantial investment of $5 million. 

The round, led by Bharat Innovation Fund, will enable ClaimBuddy to enhance its technology and expand its network, further solidifying its position in the healthcare financing space.

In a Nutshell

A silent revolution brews in the bustling metropolis of Mumbai amidst the cacophony of urban life. It's not just the honking of horns or the rush of commuters; it's the heartbeat of innovation pulsating through the city's entrepreneurial veins. 

As strategic investments pour into the healthcare technology sector, Mumbai's startup ecosystem is at a pivotal moment of transformation. From Titan Capital's visionary seed funding to Kunal Shah's hands-on mentorship, each investment heralds a new chapter in Mumbai's journey toward healthcare innovation.

But this revolution isn't just about numbers on a balance sheet or valuation figures; it's about the lives impacted, the diseases cured, and the futures transformed. 

It's about bridging the gap between accessibility and quality in healthcare, ensuring that every Mumbaikar, regardless of background or postcode, has access to world-class medical solutions.


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