Healthtech Startups Who Secured Funding in Nov & Dec, 2023

In 2023, the healthtech sector in India, home to over 99, 371 startups, witnessed a notable funding decline to $682.7 million, down from $1.5 billion in 2022. This shift was attributed to reduced late-stage investments, a decrease in the number of funding rounds (from 247 to 103), and a decline in average cheque size. As the sector faced challenges, a remarkable narrative unfolded through the funding journeys of innovative startups, showcasing resilience and determination in the face of adversity.

Exploring the Funding Triumphs

All not gloomy at the startup funding scenario still, rather the healthtech startups have scripted a transformative healthcare delivery. As we navigate the intricate web of advancements, the funding journey of these startups becomes a captivating narrative, signifying not only financial support but also a vote of confidence in their potential to revolutionise the healthcare industry. 

In this article, we’ve captured 10 healthtech startups who received funding, mostly in the month of November & December 2023. 

1. Peptris Technologies: Pioneering AI-Driven Drug Development

Funding Secured: $1 million in Pre-Seed round led by Speciale Invest in December 2023

Bengaluru-based Peptris Technologies, an AI-driven drug development startup, secured a substantial $1 million in Pre-Seed funding led by Speciale Invest. Founded in 2019 by Narayanan Venkatasubramanian, Anand Budni, and Amit Mahajan, Peptris envisions transforming the traditionally lengthy and costly drug discovery process by harnessing the power of advanced AI. This funding injection from Speciale Invest serves as a testament to the potential of Peptris in advancing solutions for undruggable targets, particularly in oncology, inflammation, and rare diseases. The startup's commitment to exploring new applications in drug discovery, including antibody-drug conjugates, vaccines, and COVID-19 therapies, positions it at the forefront of innovation in the healthcare domain.

2. Monitra Health: Scaling New Heights in Remote Cardiac Monitoring

Funding Secured: $1.5 million in Pre-Series A round led by Equanimity Ventures and Kotak Alternate Asset Managers in December 2023

Established in 2015 by Ravi Bhogu, Aparna Bhogu, and Krishnaveni Bhogu, Monitra Health, a Hyderabad-based startup specializing in remote cardiac monitoring, has successfully secured $1.5 million in Pre-Series A funding. Led by Equanimity Ventures and Kotak Alternate Asset Managers, this funding is poised to propel the growth of Monitra Health's flagship product, upBeat. Positioned as India's first full-stack remote cardiac monitoring platform, upBeat plays a crucial role in diagnosing unexplained fainting, dizziness, and palpitations. The funding not only signifies investor confidence in Monitra Health's capabilities but also underscores the critical role of advanced technology in addressing cardiac health issues on a global scale.

3. BetterSpace: Nurturing Mental Well-being through Innovation

Funding Secured: INR 4.5 million in Pre-Seed round led by PedalStart in December 2023

Venturing into the realm of mental health, Chhattisgarh-based startup BetterSpace secured INR 4.5 million in its maiden Pre-Seed funding round, with PedalStart leading the investment charge. Founded in 2020, BetterSpace is on a mission to tackle existing mental health challenges through a holistic approach. The funding infusion is earmarked for enhancing existing services, developing a new product range, optimising technology for broader accessibility, and fortifying marketing efforts. The cofounders, Shivli Shrivastava and Abhilash Shrivastava express gratitude for the investors' faith, emphasising the commitment to stable, sustainable growth with a socially impactful approach.

4. Sugar.fit: Empowering Diabetes Management with Smart Technology

Funding Secured: $11 million in Series A round led by MassMutual Ventures in November 2023

Bengaluru-based Sugar.fit, a healthtech startup focused on diabetes management, achieved a significant milestone by securing $11 million in a Series A funding round. MassMutual Ventures led the investment, with contributions from Cure.fit, Tanglin Venture Partners, and Endiya Partners. Established in 2021 by Madan Somasundaram and Shivtosh Kumar, Sugar.fit adopts a holistic and data-driven approach to manage and reverse Type 2 diabetes and pre-diabetes. The funds are strategically allocated for service expansion, the launch of offline facilities, and substantial research and development endeavors in diabetes management. 

5. Zyla Health: Transforming Healthcare through Personalised Interventions

Funding Secured: $4 million in Series A round led by Exfinity Venture Partners in December 2023

Gurgaon-based healthtech startup Zyla Health secured $4 million in its Series A funding round, with Exfinity Venture Partners taking the lead. Founded in 2017, by Khushboo Aggarwal, Zyla aims to improve health outcomes using the power of data and technology. The startup focuses on delivering personalised lifestyle interventions, including nutrition, physiotherapy, exercise, and medication. The funds are earmarked for accelerating growth across key verticals of insurance, corporates, and pharma. Zyla's commitment to product integrations across the healthcare ecosystem emphasises the importance of a holistic approach to healthcare delivery.

6. Inito: Revolutionising Reproductive Health 

Funding Secured: $6 million in Series A round led by Fireside Ventures  in November 2023

Bengaluru-based medtech startup Inito secured $6 million in a Series A funding round led by Fireside Ventures. Founded in 2012 by Aayush Rai and his partner Varun, Inito is on a mission to simplify healthcare and wellness by equipping households with advanced health trackers. The startup's flagship product, the Fertility Monitor, utilises technology combining hardware, biotechnology, and machine learning to provide personalised analytics on reproductive health. 

The freshly acquired funds will fuel Inito's global market expansion, enhance hormone testing, and fortify analytics using AI. This funding marks a significant step towards empowering individuals with greater control over their reproductive health.

7. Curelo: Reinventing Diagnostic Services 

Funding Secured: $100k funding from IIM Ahmedabad's CIIE.CO in October 2023

Gurugram-based Curelo, a digital healthcare marketplace, and aggregator platform, secured $100k in funding from IIM Ahmedabad's CIIE.CO. Founded in 2022 by Dr. Arpit Jayswal, Curelo focuses on seamless booking of at-home blood sample collections, ensuring swift access to blood reports from a lab of the patient's choice. The funding underscores the importance of efficient diagnostic services, aligning with Curelo's mission to enhance access and speed in the delivery of diagnostic results.

8. Apex Kidney Care: Enhancing Kidney Care with Innovative Technology

Funding Secured: $10 million from Tata Capital Healthcare Fund II in October 2023

Mumbai-based Apex Kidney Care garnered significant attention with a $10 million investment from Tata Capital Healthcare Fund II (TCHF II). The financial arm of the Tata Group allocated 90% of the funding for Apex Kidney Care's expansion, with the remaining 10% serving as an exit opportunity for certain angel investors. 

Founded in 2007 by Babulal Parekh, Mukesh Madhukar Shete, Rajesh Basudeo Kumar, and Rupen Kantilal Kothar, Apex Kidney Care aims to transform kidney care in India, deploying world-class hemodialysis practices. The investment is strategically directed towards expanding the dialysis network to 300 centres across India, contributing to better kidney care accessibility.

9. Clinikally: Elevating Telehealth Offerings

Funding Secured: $2.6 million in funding from Y Combinator, Sequoia Scout Fund, and others in September 2023

Gurgaon-based startup Clinikally raised $2.6 million in funding from a cohort of investors, including Y Combinator, Tribe Capital, Goodwater Capital, Sequoia Scout Fund, and Rebel Fund. Founded in 2021, by Arjun Soin and Nishant Maggon, Clinikally focuses on dermatology and wellness care, connecting consumers with licensed practitioners for personalised treatment plans. The diverse investor group reflects the broad appeal of Clinikally's telehealth offerings, highlighting the increasing importance of accessible and specialised healthcare services.

10. Doceree: Bridging Gaps in Physician Engagement 

Funding Secured: $35 million funding led by Creaegis in September 2023

New York-based Doceree, an integrated programmatic ad exchange for data-driven marketing to physicians and point-of-care platforms, secured a whopping $35 million in funding led by Creaegis. 

Founded in 2019, by Harshit Jain,  Doceree operates in 21 countries, with a strong presence in the United States. The funds are instrumental in Doceree's mission to bridge the gap between pharmaceutical companies, life sciences firms, and healthcare professionals by providing innovative solutions for effective communication and engagement.

Wrapping Up

The chronicles of funding triumphs in India's healthtech sector paint a vivid picture of innovation, determination, and a shared vision for a healthier future. From AI-driven drug development to personalised reproductive health tracking, these startups are not only securing financial support but are also shaping the trajectory of healthcare delivery. As we celebrate these funding milestones, it becomes evident that the fusion of technology and healthcare expertise is creating a more resilient and responsive healthcare ecosystem for the benefit of all. 

The strides made in 2023 are a testament to the resilience and adaptability of the healthcare sector, setting the stage for a future where technology is harnessed for the greater well-being of the population.