Healthtech startup ConnectedH has raised $2.3 million as a part of its seed funding led by Kalaari Capital and Incubate Fund India, the company said on Wednesday.
The funding round also saw participation from Anicut Capital and other angel investors, including CRED founder Kunal Shah, Unacademy founders Gaurav Munjal and Roman Saini Sharechat founder Farid Ahsan, along with Mars Shot Ventures and others.
Existing investors First Cheque and Point One Capital also participated in the round.
According to the company, it plans to use the fresh funds to expand its product portfolio, invest in technology and expand its presence across Delhi and the national capital region.
Three-year-old, ConnectedH provides customer relationship management software to diagnostic centres while helping them extend options of online booking and reports.
“We’re happy to partner with Kalaari Capital and Incubate Fund India in our journey. Diagnostics sector has been insulated from all the tech advancements over the past decade. However, with growing competition and increasing patient expectations, there is an organic shift to adopt tech solutions. We grew 10X over the past year and this round will help us accelerate our efforts to create a technology-driven platform for diagnostics,” said ConnectedH founders Shubham Gupta, Rahul Kumar, and Suresh Singh in a joint statement on Wednesday.
“We are strong believers in ConnectedH’s vision to build a full-stack platform for diagnostic labs in India. The diagnostics industry in India is a $10 billion highly fragmented market with only a few organized players. ConnectedH is providing all the relevant tools to help the small and medium diagnostic labs go digital,” said Kiran Vasireddy, partner at Kalaari Capital.
According to the company’s estimates, there are over 100,000 diagnostics centers in India, of which only 15% or less are operating in the organized market.
On the other side, more than 85% of the diagnostic centres which lie in the unorganized diagnostics market, face myriad levels of challenges ranging from lack of technology, retrograded operations with the inability to serve home collection demands, the company said.
“Since it is fragmented and not digitized, the operation of diagnostic centres have been very inefficient in India. ConnectedH is solving this issue by empowering diagnostic centers with technology implementation. It is beneficial both for diagnostic centres and patients,” added Nao Murakami, partner at Incubate Fund India.
Source: Mint