HealthCare Startup CrediHealth bags Pre Series-A funding of $1.5 Million from Tolaram, the family office investment arm of Tolaram Group, and Mountain Pine Capital. The funding round was also participated by existing investor Bala Swaminathan, the former KPMG partner.
The Gurgaon-based startup was founded in 2013 by Ravi Virmani, Gaurav Gaggar, Saurabh Uboweja and Piush Kumar. CrediHealth envisions a healthcare ecosystem where people from around the world can quickly find credible and reliable answers to their medical problems, along with easy access to the best healthcare experts to guide them towards a healthier, happier and more fulfilling life.
Ravi Virmani, the founder of Credihealth, said: “More than money, it is innovation and steady growth that are needed to survive in the market today. The funding will primarily be utilised to augment technology and infrastructure to expand services and introduce new products.”
CrediHealth has over 30,000 doctors on board and has successfully consulted 1,80,000 patients in 10 cities in India. The company claimed to have earned Rs 6 crore in revenue and generated gross revenues of Rs 50 crore for hospitals during FY 2016-17.
The startup has tie-ups with 630 hospitals such as Fortis, Medanta, Columbia Asia, Paras and Artemis. Read more about CrediHealth.
Tolaram Group is headquartered in Singapore with business interests currently in Asia, Africa and Europe. They trade with companies in over 75 countries.
Manish Tibrewal, CEO of Tolaram Inc., said: “The Indian startup landscape has exhibited exceptional growth across industries and we are glad to participate in such a vibrant market with a high-potential healthcare startup. There is an urgent need for drastic improvements in India’s healthcare delivery system and to bring transparency for the patients.”
Recently, other Indian based healthcare startups which got funded are QorQi, OXA, Celes Care and others. Healthcare has become one of India’s largest sectors – both in terms of revenue and employment. During 2008-20, the market is expected to record a CAGR of 16.5 %.The overall Indian healthcare market is worth around US$ 100 Billion and is expected to grow to US$ 280 Billion by 2020, a Compound Annual Growth Rate (CAGR) of 22.9%. Read more about Indian HealthCare Startups.