Healthcare in India is expected to be a $372 Bn industry by 2022 owing to the 1.3 Bn population. This will open a largely untapped opportunity for the healthtech startups globally. Further fueling the growth of Indian healthtech startups are factors like low allopathy doctor to patient ratio (1: 1596), access to smartphones and internet usage expansion.
There are at present more than 4,800 active healthtech startups in India according to Inc42 DataLabs estimate. Last year, there was an overall increase of 45.06% in the total investment made in healthtech startups. As per Inc42 DataLabs’ funding report 2018, the number of investment deals witnessed a 40.51% decline from 116 in 2017 to 69 deals in 2018. The healthtech startups totally raised $504 Mn.
Let’s take a look at some of the top healthtech startups in India that are making their mark in the lives of the people from all segments, including urban and rural markets.
Cure.fit intelligently integrates physical fitness (Cult.fit), mental fitness (Mind.fit), healthy food (Eat.fit) and recently launched a primary care (Care.fit) vertical. The new vertical includes doctor consultation, health checkup and managed care plans on a single platform.Cult.fit focuses on improving individual’s physique strength and fitness,Eat.fit focuses on suggesting healthy and nutritive food diet, and Mind.fit for mental wellbeing. The startup’s physical fitness vertical, Cult.Fit, has over 40 fitness centres primarily based on functional workouts and group exercises. The business is full stack and offers both digital (DIY content on App) and offline fulfilment.
The company raised a $120 Mn round in July 2018 to strengthen its technology platform by offering AI- driven health planning, create its own fitness devices, and also to explore opportunities to expand its services to newer markets, such as Southwest Asia, by mid-2019.
The startup has so far made five acquisitions which include mental healthcare platform Seraniti, Mumbai and NCR-based fitness centre chain Fitness First India Pvt. Ltd, Bengaluru-based yoga studio a1000yoga, online food delivery startup Kristys Kitchen and Bengaluru-based fitness centre chain The Tribe Fitness Club. Also, it’s a soonicorn, according to Inc42’s The State of Indian Startup Ecosystem Report 2018.
DocsApp investors believe that DocsApp has dramatically altered the patient and doctor experience in more ways than one — the platform on-boards only specialist doctors who are then connected with patients in under 30 minutes. The platform goes a step further in understanding the patient’s condition and, accordingly, connecting with the right doctor.
The app offers tech-enabled multi-language service across India with expertise in more than 18 areas such as paediatrics, gynaecology, psychology, cardiology, neurology, oncology, dermatology, sexology, psychiatry, general medicine and weight management, among other domains.
As claimed by the company, in 2018, it reached 5 Mn installs on Google play store and recorded a 150% year on year growth in revenue. Also, it claims to have a 65% user base from rural parts of the country. It is currently offering more than 100K consultations every month. Going ahead, DocsApp is looking to launch its interface in other regional languages. It also plans to make provisions which will enable the users to take unlimited specialist doctor consultations for his/her family as well as to introduce video doctor consultations.
Keep watching this space for more.