Mumbai-based home healthcare services aggregator HealWell24 has raised $200,000 (~ Rs 1.4 crore) in its Pre-Series A round of funding from bunch of angel investors including Prashant Mehta, Mitali Pawar, Nikhil G and Bhavesh P, members of Indian Cooperative Oncology Network (ICON), and R Ranganathan, reported VCCircle.
Existing investors who participated in this round too include an executive at medical intelligence provider Medintel Services Pvt. Ltd, and ONCOTRUST, a member of the oncology network in Mumbai.
The startup will use the fresh capital raised to develop its artificial intelligence (AI)-based patient mobile app, expand its services and hire talent, among others. HealWell24, which currently has only a website to operate through, will launch an app by October this year, said the VCCircle report.
Founded in 2017 by Harddik K Patel and Jyoti K Singha, HealWell24, which operates under its parent company HWell24 Plus Healthcare Pvt Ltd, provides solutions to patients at home-to-hospital-to-home, which is known as a 3H model. The startup provides home nursing, home attendants and has recently added home dental care as part of its services in the city.
The startup had earlier raised $100,000 in angel funding from three high-net-worth individuals in September 2017. According to Jyoti Singha, the startup has generated revenue of Rs 1.25 crore in the last financial year through March since it began operations in June last year.
Among HealWell24’s top competitor are — Care24, Portea Medical and Medwell Ventures.
Care24, which is also based out of Mumbai, has raised total of $4.4 million in two separate round of funding from investors including Saif Partners and India Quotient. Bangalore-based Portea Medical, on other hand, has raised $72.5 million in three rounds of funding from Accel Partners, Qualcomm Ventures and Sabre partners, among others.
The current estimates for the home healthcare industry, which is still in its nascent stage in India, is approximately $2 billion and growing at a CAGR of 20 percent.
The home healthcare market stood at around $3.20 billion in 2016, and is expected to grow to around $4.46 billion by 2018 and $6.21 billion in 2020, according to Cyber Media Research (CMR) Ltd analysis and industry estimates. CMR is an ISO 9001: 2008 company and an institutional member of the Market Research Society of India.
[Top Image – VCCircle.com]