HealthTech Startup Funding in 2024: A Transformative Year for India's Healthcare Innovation

India's Health Tech sector entered a transformative phase in 2024, marking a significant rise in investments. Total funding hit $707 million in the first half of the year, compared to $362 million in 2023. 

As of mid-2024, the cumulative funding for HealthTech startups in India has exceeded $9.9 billion, underlining the country's rapid emergence as a global hub for healthcare innovation. This growth is propelled by breakthroughs in telemedicine, AI-driven healthcare solutions, and health insurance, which are positioning India as a front-runner in the future of global healthcare.

Rising Demand & Technological Growth

The Indian HealthTech ecosystem, which now boasts over 10,000 startups, is leveraging cutting-edge technologies to address the healthcare gap between urban and rural regions. With the expansion of digital literacy and internet access, there has been a marked surge in demand for accessible healthcare solutions, especially in underserved rural areas. Artificial intelligence and machine learning are playing a pivotal role in reshaping patient care, from diagnostics to personalized treatment plans, thus enhancing healthcare efficiency nationwide. As per Inflection Point Ventures, the market potential of India's HealthTech industry is projected to reach $50 billion by 2033, making it one of the most optimistic sectors in the global healthcare landscape.

While challenges from previous years, such as reduced late-stage investments and fewer funding rounds, affected the sector in 2023, the HealthTech ecosystem remains resilient. 

Despite the dip in funding—from $1.5 billion in 2022 to $682.7 million in 2023—startups are maintaining a steady trajectory. With hiring projected to grow by 15-20% in the coming years, the outlook for the sector remains optimistic, driven by continuous innovation and expanding consumer needs.

Startup Funding Milestones: January to December 2024

January

Healthtech startup CureBay secured $7.4 million in its Series A1 funding round led by Elevar Equity. The funding was secured to develop a comprehensive health data platform and hire over 200 professionals, including data scientists, diagnostics experts, and pharmacy professionals. CureBay, founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra, and Sanjay Swain, operates on a hybrid model combining teleconsultation services with physical healthcare services through a network of microsatellite centers, extending healthcare access to remote areas.

FlexifyMe, a platform for chronic pain management, raised INR 10 Cr in seed funding. The funds sought to enhance FlexifyMe's AI-based technology, which analyzes joint movements and connects users with specialists, including orthopedists, physiotherapists, and yoga therapists. Founded by Manjeet Singh and Amit Bhayani in 2021, the platform aims to provide permanent solutions for chronic pain, which affects over two billion people globally.

February

Mumbai-based nanotechnology startup Piscium secured INR 6 Cr in Series A funding led by Unicorn India Ventures. The funds bolstered the startup's sales and marketing team, ramped production capabilities, and expanded operations into international markets. Piscium, founded in 2017 by Malay Dikshit and Dr Trupta Dikshit, focuses on developing advanced dental and medical devices.

In the same month, healthtech startup Cult.fit raised INR 84.5 Cr in a funding round led by Valecha Investments. The funds further developed Cult.fit's fitness and wellness services, expanding its reach and enhancing its offerings to provide comprehensive health and fitness solutions. Cult.fit was founded in 2016 by Mukesh Bansal and Ankit Nagori.

March

Cardiotrack, a Bengaluru-based healthcare screening technology provider, raised $2 million in pre-Series A funding led by Girish Narasimhan and other angel investors. The capital sought to expand Cardiotrack's healthcare screening solutions for health and life insurance providers. Founded in 2014 by Avin Agarwal and Ashim Roy, the startup offers telemedicine kits, data analytics tools, and unique screening technologies to make healthcare more accessible and personalized.

Another leading startup, Sugar.fit, a diabetes care platform, secured an additional $5 million in an extended Series A funding round led by B Capital. Founded in 2021 by Madan Somasundaram and Shivtosh Kumar, Sugar.fit integrates devices, including continuous glucose monitors and fitness trackers, with access to diabetes specialists and health coaches. This funding brings Sugar.fit's total Series A funding to $16 million.

Ultrahuman, a healthtech startup known for its innovative wearables and health tracking devices, raised $35 million. Founded in 2019 by Mohit Kumar and Vatsal Singhal, Ultrahuman planned to use the capital infusion to boost its manufacturing capacity and support research efforts in the health tracking domain.

Likewise, Pandorum Technologies, a Bengaluru-based biotechnology startup, raised $11 million in pre-Series B funding. Founded by Arun Chandru and Dr Tuhin Bhowmick, Pandorum said the funds were secured to advance its technology platform for liver, lung, and neuronal tissue regeneration. Back then, it aimed to move towards the clinical phase of its flagship product, Kuragenx, designed to treat corneal blindness.

April

Medulance secured $3 million in Series A funding to expand its emergency healthcare services across India. The fund was planned to enhance Medulance's emergency management technology and address critical service execution challenges. Founded in 2017, Medulance has a fleet of 10,000 ambulances and partners with government bodies and major corporations to make emergency services accessible nationwide.

Delhi-based Varco Leg Care secured $0.5 million in seed funding. The startup planned to use funds to enhance offline touchpoints, advance R&D initiatives, and scale marketing efforts. Varco Leg Care, founded in 2022 by Anondeep Ganguly, creates products that address various leg health needs.

May

Leading e-pharmacy PharmEasy secured INR 1,804 Cr in a down round of funding led by the family office of Ranjan Pai, chairman of the Manipal Group. The investment followed the Competition Commission of India's approval of PharmEasy's INR 3,500 Cr rights issue. Established in 2015 by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Siddharth Shah, and Hardik Dedhia, PharmEasy offers medication and diagnostic services, among others, under its various brands.

June

Mumbai-based Alyve Health secured $5.5 million in Series A funding. The startup sought to utilize the capital infusion to spur growth in platform enhancement, talent acquisition, operational expansion, and member engagement. Founded in 2020 by Shashank Avadhani, Sushant Roy, and Vineet Mehta, Alyve Health offers comprehensive health plans covering various healthcare services and wellness activities.

Cloudphysician raised $10.5 million in Series A funding to enhance its AI platform and expand its operations in India and new markets such as the United States. Cofounded in 2017 by doctors Dhruv Joshi and Dileep Raman, Cloudphysician partners with hospitals to digitize operations and provide AI-supported healthcare professionals.

July

Watch Your Health, a Mumbai-based B2B health tech platform, raised $5 million in a Series A funding round led by Cornerstone Ventures from India and Conquest Global from Singapore. The capital injection enabled the startup to scale its operations and expand its domestic and international user base. Founded in 2015 by Ratheesh Nair, Abhitosh Pandey, Jay Patel, Prachi Shinde, Prasanth Prabhakaran, and Ashok Nair, Watch Your Health aims to enhance customer engagement and experience for insurers and pharmaceutical companies.

Drucare, a prominent player in India’s health-tech sector, also secured funding of $1.2 million in a pre-Series A round. The investment was led by SATRA Services and Solutions, a consulting firm based in Hyderabad. Drucare, founded in 2016 by professionals from diverse backgrounds, offers a comprehensive range of solutions tailored to healthcare organizations.

August

Sunfox Technologies, a healthtech startup founded in 2016 by Rajat Jain, Arpit Jain, Saurabh Badola, Nitin Chandola, and Sabit Rawat, raised INR 15 Cr ($1.78 million) in a pre-Series A funding round. The round was led by Venture Catalysts, with participation from Finvolve, Brew Opportunities Fund, Universal Group, and RP Singhvi Group. The Dehradun-based startup had previously raised INR 5 Cr from USAID via SAMRIDH Health and LetsVenture, bringing its total funding to INR 20 Cr. 

Sunfox’s flagship product, Spandan, is a portable smartphone-based ECG device that has been used in 20 countries and has saved over 10,000 lives. The company aims to expand its reach and continue its mission to revolutionize accessible cardiac care.

Likewise, Farmako, a Gurugram-based startup, secured $1.6 million in funding from investors, including 535 West Capital, Bayhouse Capital, and Goodwater Capital. Founded in 2019 by Aman Bhandula, Kaishu Sahu, and Nikhil Kumar, Farmako began as an AI-powered EMR app before pivoting to quick medicine delivery in 2023. Partnering with Swiggy Genie, it now offers 30-minute medicine delivery in Gurugram, targeting convenience and quick access to essential healthcare supplies.

Cambrian Bioworks, a biotechnology startup founded in 2020 by Vaibhav Hegde, Rohit Asil, and Raghav Sridhar, raised INR 12 Cr ($1.45 million) in seed funding, led by the Irani family office. This investment was used to scale its molecular diagnostics platform, which automates nucleic acid extraction for advanced DNA sequencing and diagnostics. Cambrian’s flagship product, Manta, aims to transform diagnostics with precision and efficiency, and the company plans to expand its operations globally.

Also, SigTuple, a Bengaluru-based medtech startup founded by Tathagato Rai Dastidar in 2015, raised INR 33 Cr ($4 million) in a funding round led by SIDBI Venture Capital. The company integrates AI, robotics, and data science to create intelligent healthcare screening solutions. The funding will help SigTuple expand geographically, achieve regulatory clearances, and continue its product development to improve healthcare access and diagnostic accuracy.

September 

Qure.ai, an AI diagnostics startup founded in 2016 by Prashant Warier, secured $65 million in Series D funding led by Lightspeed Venture Partners, with participation from Merck Global Health Innovation Fund and 360 ONE Asset Management. The funds will support Qure.ai’s global expansion, particularly in the US, and enhance its generative AI models for disease detection. 

Operational in 90 countries, Qure.ai specializes in detecting diseases such as tuberculosis and stroke, and the funding aims to bolster its efforts in revolutionizing healthcare through AI.

October 

Lissun, a mental health startup founded by Dr Krishna Veer Singh and Tarun Gupta, raised $2.5 million in a Pre-Series A funding round led by RPSG Capital Ventures. The round also saw participation from Ivycap Ventures, Rainmatter, Multiply Ventures, and Atrium Angels. Based in Gurugram, Lissun planned to use the funds to enhance its technology, expand its services, and make mental health care more accessible across India. The startup’s mission is to bridge the mental health care gap and ensure that mental wellness services are available to a broader population.

Another leading startup, Oncare, a Gurugram-based startup co-founded by Deepak Kumar and Amar Sneh, raised $1 million in seed funding led by Huddle Ventures, with participation from TRTL Ventures, Cloud Capital, and DeVC. Oncare aims to establish affordable oncology wings in underutilized hospital spaces, with the goal of reducing treatment costs by 40%. The funds were secured to help the startup open 10 new cancer care centers in cities such as Delhi-NCR, Bengaluru, and Jaipur, thereby expanding access to affordable cancer treatment.

Even Healthcare, a Bengaluru-based healthtech startup founded by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, raised $30 million in a Series A round led by Khosla Ventures, alongside Founders Fund, 8VC, and Lachy Groom. The company provides free consultations and diagnostic services through a network of clinics. The funds aimed to expand hospital operations, improve patient care, and enhance healthcare delivery systems, particularly focusing on making quality healthcare services accessible to more communities.

Healthify, an AI-driven health and fitness platform, closed a $45 million funding round led by Khosla Ventures and LeapFrog Investments, with participation from Claypond Capital. Founded by Tushar Vashisht, Mathew Cherian, and Sachin Shenoy, Healthify plans to enter the US market and enhance its AI-driven health solutions. The funds are secured to support technology upgrades and the development of culturally adaptive AI models, enabling the company to offer personalized health recommendations to a global audience.

Additionally, Lifechart, a Gurugram-based startup founded by Mukul Shah, secured $500,000 in funding to scale its AI-powered gut wellness solutions. The funding was raised in two parts: $250K from Prajay Advisors LLP, and another $250K from investors including Agility Ventures, Expert Dojo, and angel investors like Ahana Gautam, Nitish Mittersain, Sarath Sura, and Marwari Angels. Lifechart aims to expand its reach into Tier II, III, and IV cities across India, focusing on holistic gut health solutions. The funds enhanced Lifechart’s AI capabilities, launched proprietary diagnostic solutions, and developed India’s first plant-based microbiome-focused products. The startup also plans to roll out DIY gut health diagnostic kits, allowing users to test their gut health at home and receive personalized recommendations from experts.

November

Beta Drugs, an oncology-focused pharmaceutical startup based in Himachal Pradesh, raised INR 117 Cr to further its expansion in the oncology sector. The investment was led by HealthQuad Fund II, with participation from a Singapore-based investment fund and a private wealth management firm. This funding enabled Beta Drugs to solidify its position as one of India's leading oncology manufacturers. The company already exports to over 46 countries and holds key accreditations such as ANVISA Brazil, INVIMA, PICS, and EAEU. Beta Drugs aims to become one of the top five oncology companies in India within the next five years.

Likewise, QubeHealth, a digital health startup, raised an undisclosed sum in a pre-Series A round from Unicorn India Ventures and CanBank Venture Capital Fund. The funding will support the company's technology advancements, including the integration of embedded insurance, an AI-powered recommendation engine, and the development of a healthcare marketplace. QubeHealth is aiming for a Series A round to raise $9 million, with a valuation of INR 270 Cr. 

Theranautilus, a deep-tech startup focusing on nanorobotics in healthcare, secured $1.2 million in a seed funding round led by Pi Ventures, with contributions from Golden Sparrow Ventures and angel investors. This funding sought to support the development of nanorobotic medical devices, with a focus on dental care applications. Founded in 2020 and incubated at the Indian Institute of Science (IISc), Theranautilus focuses on addressing critical dental health challenges, including hypersensitivity, a condition affecting over two billion people worldwide. 

December

Orange Health, a Bengaluru-based on-demand diagnostics startup, secured $12 million in a funding round led by Amazon Smbhav Venture Fund, with additional support from existing investors such as Accel, General Catalyst, Bertelsmann India Investments, and Y Combinator. This funding enabled Orange Health to scale its operations and expand its presence across key cities. Founded in 2020 by Dhruv Gupta and Tarun Bhambra, Orange Health specializes in rapid, home-based diagnostics. The company provides sample collection services at home and promises results within six hours of collection. 

VitusCare, a Gurugram-based dialysis care provider, is preparing to raise $10 million in its next funding round. The capital is expected to support the startup's plans to triple its network of dialysis centers and enhance its operational and technological capabilities. Further, the startup is targeting underserved regions and focusing on training dialysis technicians to improve service delivery efficiency. 

In another notable development, Neuranics, a healthcare diagnostics startup, raised $700K in seed funding led by Inflection Point Ventures (IPV). The funds will support the development of its portable blood analysis device, which aims to provide comprehensive blood count (CBC) results within 10 minutes from a simple finger-prick sample. This technology is designed to transform point-of-care diagnostics, particularly in primary and emergency care settings. The rapid, low-maintenance nature of the device will help healthcare professionals make faster treatment decisions and improve patient outcomes.

Wrapping up-

As more startups emerge, leveraging technologies to bridge the healthcare gap, especially in underserved rural areas, the HealthTech ecosystem is well-positioned to meet the growing demand for accessible, affordable healthcare. 

Despite challenges faced in previous years, funding is steadily increasing, with investments surpassing $707 million in the first half of 2024 alone. Moreover, with India’s Health Tech market projected to reach $50 billion by 2033, the sector’s resilience and continuous push for innovation promise a bright future, not just for investors but also for the millions of patients who stand to benefit from these transformative advancements. 

The ongoing funding rounds highlight the sector's dynamic nature. Innovative startups are tackling everything from chronic pain management to advanced diagnostics and mental health, setting the stage for a healthcare revolution across the country.

Disclaimer: This report highlights major funding events in the healthtech sector in 2024. Other significant funding events may not be included. We are not responsible for any omissions or inaccuracies. The information is based on available sources and is not exhaustive. The total figure is approximated.