Credihealth, an online platform in India that allows patients to compare and select the whole hospitalisation process from their homes, has raised US$ 1.5 million in pre-Series A funding from business conglomerate Tolaram Group and private investment company Mountain Pine Capital — both based in Singapore.
Bala Swaminathan, former Partner at KPMG and one of the earliest investors in the platform, has also contributed to this round.
Credihealth aims to use the capital to expand its operations and fund the new services to address the non-clinical pain points of patients, as per a press statement.
Commenting on the funding, Ravi Virmani, Founder and Managing Director 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. Most importantly, the guidance and mentorship of our investors is what we are looking forward to, for sustained evolution of Credihealth.”
The startup was founded in 2013 by Virmani, Gaurav Gaggar and Saurabh Uboweja, in partnership with venture capitalist Hausela Capital Partners. The startup has hired in-house medical experts who support users throughout their hospitalisation journey with options for super-specialist doctors, booking appointments, getting a second opinion, surgery quotes and feedback on doctors and hospitals. To date, it has partnered with over 630 hospitals in tier 1 and 2 cities, including leading names such as Fortis, Medanta, Columbia Asia, BLK, Paras, and Artemis.
Credihealth claims to have achieved break-even already.
The Gurgaon-based startup had earlier raised an undisclosed funding from from Rajat Malhotra, Director of Engineering at Twitter India.
Manish Tibrewal, CEO of Tolaram: “There is an urgent need for drastic improvements in India’s healthcare delivery system and to bring transparency for the patients. Standing true to its name of providing credible healthcare assistance, Credihealth is currently one of the most disruptive healthcare startups in the Indian market, having achieved such phenomenal growth in a very short period of time. It is most certainly one of the few startups in India to watch out for.”
The Indian medtech and healthcare-tech sector has been on a growth trajectory for the past few years. Many startups have raised funding over the last couple of years, despite a huge investment crunch in the overall consumer Internet space. Bangalore-based Practo, which recently gobbled a US$55 million Series D funding led by Tencent Holdings, has been an invincible leader so far.
Image Credit: Credihealth
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