New Delhi-based fertility healthcare platform ElaWoman, has raised $3 million (~ Rs.22 crores) in series A funding round led by Chiratae Ventures (formerly IDG Ventures India), along with Alkemi Venture Partners, a healthcare and consumption focused early growth stage fund.
The startup will use the funds to boost its technology platform, along with expanding presence in non-metro cities and overseas in Asia Pacific countries.
Founded in 2016, by Ritu Singh, Aditya Kandoi and Yogesh Agarwal, ElaWoman provides a platform to connect patients to renowned fertility doctors, IVF centres, ART treatments, standard-transparent pricing, patient recommendations, holistic rating system and services.
The platform is said to use an AI-powered algorithm to match a patient with the doctor, based on the patient’s medical history, budget, and treatment needs. The platform also offers mobile app, Ela App, that allows fertility tracking, ovulation calculator and period tracking beside having community of 500,000+ users to share and discuss experiences with like-minded fertility users & couples globally.
“Infertility is a major social taboo in India which can be addressed with the help of technology. Furthermore, absence of independent advice and non-transparency in pricing for most fertility treatments including IVF and Surrogacy further widens the void. We aim to bridge this gap by building a transparent data-driven community where users can access independent and trusted advice and can connect with specialised experienced doctors specific to their fertility need,” said Ritu Singh, CEO of Elawoman, who is also a co-founder of CareOnGo, a mobile chain of co-branded pharmacies that brings the fragmented micro-pharmacies in India under a single umbrella brand.
ElaWoman currently does over 2500 fertility consultations a month and has more than 250,000 monthly active users.
Ranjith Menon, Executive Director, Chiratae Ventures said, “Infertility is a very sensitive issue. The Asia-Pacific region alone has more than 70 million couples going through the challenges of infertility. This number is only expected to increase given the impact of stress and other lifestyle issues are having on conception. We are very happy to partner with the team at Elawoman who are putting together a platform to help couples deal with the challenges of infertility more effectively.”
Last year, we featured a similar platform called InfertilityDost, which is an online platform that facilitates couples to brave infertility with support and knowledge. They hold hand, facilitate right guidance so that couples can take good decisions and stay away from misleading advertisements and fraud clinics, answer their queries by connecting them to experts.
According to a report by Allied Market Research, The India in vitro fertilisation (IVF) Services market was valued at $256.0 million in 2016, and is estimated to reach $829.5 million by 2023, registering a CAGR of 18.2% from 2017-2023.
Source – Economic Times