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Top 5 Startup Investment Deals in Mumbai Fueling Healthcare Innovation

Written by : Aishwarya Sarthe

April 3, 2024

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India's healthcare sector stands on the cusp of a transformative journey, propelled by robust government policies and steadfast commitment towards wellness. 

With projections indicating a substantial $21.3 billion market value for the home healthcare sector by 2027, India's healthcare industry showcases impressive advancement, boasting a commendable CAGR of approximately 22% since 2016. 

This growth trajectory is underpinned by unwavering support, with public health expenditure anticipated to surge to 2.5% of GDP by 2025.

Mumbai, the bustling metropolis renowned as India's financial nerve center, is witnessing a surge in investment deals catalyzing transformative changes in the healthcare sector. 

Amidst the city's dynamic landscape, key players are leveraging strategic partnerships and capital infusion to drive innovation, expand infrastructure, and address critical healthcare needs. 

Here are the top five investment deals reshaping Mumbai's healthcare ecosystem.

Zeno Health's Series C Funding

In March 2024, Mumbai-based pharmacy chain Zeno Health, formerly Generico, secured a substantial $25 million investment in a Series C funding round, with Korean private equity firm Stic Investments taking the lead. 

This funding round also saw participation from existing investor Lightbox Ventures, underscoring confidence in Zeno Health's growth potential. 

Founded in 2017 by Siddharth Gadia and Girish Agarwal, Zeno Health is dedicated to providing affordable generic medicines through its chain of pharmacies.

With this infusion of capital, Zeno Health plans to accelerate its expansion efforts to increase its store count from 150 to nearly 500 over the next three years. 

Additionally, the startup intends to strengthen its omnichannel presence and develop an e-commerce platform, recognizing the growing significance of digital channels in the pharmaceutical retail sector.

Tata Capital's Investment in Apex Kidney Care

In October 2023, Tata Capital Healthcare Fund II, Tata Group's private equity fund focused on growth-stage healthcare companies, invested $10 million in Apex Kidney Care (AKC), India's second-largest dialysis chain. 

Founded by nephrologists Jatin Kothari and Viswanath Billa, AKC aims to expand its dialysis operations across India with the new funds. 

This funding will assist AKC in expanding its dialysis network to 300 centers across India in the next 18-24 months, focusing on metro and Tier-I cities, and deploying world-class hemodialysis practices to transform kidney care in India.

Cipla's Strategic Investment in GoApptiv

Global pharmaceutical giant Cipla has invested an additional INR 42 Cr ($5.04 million) in Mumbai-based healthtech startup GoApptiv, further solidifying its presence in the digital health sector. 

With this investment, the drug maker seeks to leverage technology to enhance healthcare solutions, particularly in rural and underserved areas. 

GoApptiv provides digital solutions to pharmaceutical companies, offering comprehensive business solutions encompassing distribution, digital marketing, patient support, and healthcare data analytics. 

Cipla's strategic investment aligns with its mission to address critical healthcare gaps and improve patient outcomes through innovative digital platforms.

Omidyar Network India's Funding of Neodocs

Neodocs, founded in 2020 by Nikunj Malpani, Anurag Meena, and Pratik Lodha, received a $2 million investment from Omidyar Network India in February this year. 

The healthtech startup, backed by IIT-Bombay alumni, focuses on democratizing healthcare through at-home test kits and personalized monitoring. Omidyar Network India's investment aligns with its mission to drive social impact and empower individuals through technology. 

This funding will enable Neodocs to scale its offerings and expand its reach, ultimately improving access to healthcare services for a wider population.

Fireside Ventures' Investment in Amaha

Fireside Ventures' investment in Amaha underscores the growing recognition of mental health as a priority area for investment and innovation. 

Founded in 2016 by Dr Amit Malik and Neha Kirpal, Amaha has raised INR 50 Cr in an extended series A funding round, with Fireside Ventures leading the investment with INR 36 Cr. 

Other angel investors and family offices also participated in the funding. Amaha provides self-care tools, access to qualified therapists, expert psychiatrists, and community support for mental health needs. 

This funding will enable Amaha to enhance its services and reach more individuals, contributing to improved mental well-being across communities. Fireside Ventures' support not only provides financial backing but also validates the importance of investing in solutions that address mental health challenges, paving the way for further innovation and progress in this vital area of healthcare.

Wrapping Up

These five investment deals definitely build healthcare innovation in our nation's financial capital. While experienced players such as Cipla and Tata Capital are leading the list, the budding healthcare startups, including Neodocs and Amaha, are also making a significant mark in growing the sector.

Overall, these investment deals reflect Mumbai's pivotal role as a hub for healthcare innovation and entrepreneurship. 

As stakeholders continue to collaborate and invest in transformative initiatives, it will be interesting to see how these organizations utilize the fund and where do they stand in the coming time.

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


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