Indian Healthtech Sector Raised $233.5 Mn in H1 2024

The Indian startup ecosystem witnessed significant momentum in the first half of 2024. Among the various sectors, healthtech startups received approximately $233.5 million in the first half of 2024. Further, TheKredible data showed, startups collectively secured nearly $7 billion in funding in H1 2024, surpassing the $5.92 billion raised in H1 2023 but falling short of the $20 billion raised in H1 2022.

In 2023, Indian healthtech startups secured around $682.7 million in funding, a 55% decline from the $1.5 billion raised in 2022. This drop is due to reduced late-stage investments, fewer funding rounds (from 247 to 103), and smaller average cheque sizes.

However, in the first half of 2024, the total funding secured by healthtech startups amounts to INR 19134.10 million or $233.5 million, showing a significant recovery compared to 2023. According to a Traxn report, Bengaluru, Delhi, and Mumbai are the top-performing cities.

Here, we chronicle the major funding events in the healthtech sector during H1 2024.

HealthTech Investments Timeline

January

Healthtech startup CureBay secured $7.4 million in its Series A1 funding round led by Elevar Equity. The funding was planned to be used 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 will 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 will bolster the startup's sales and marketing team, ramp production capabilities, and expand 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 will further develop 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 will 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 it will use the funds 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 announced it will 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 will enable 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.

Undisclosed Deals

In June, TechEagle Innovations, an Indian drone delivery specialist, closed its bridge round funding. The investment was led by Navam Capital and Inflection Point Ventures. While the exact funding amount remains undisclosed.

Founded in 2017 by Vikram Singh and Anshu Abhishek, the Gurugram-based startup aimed to utilize the funds to enhance last-mile logistics in urban and semi-urban areas, improving delivery efficiency and reliability.

Wrapping up

The first half of 2024 has shown promising signs of recovery and growth in the healthtech sector. With substantial investments pouring in, healthtech startups are well-positioned to leverage these funds to innovate and expand their services, ultimately enhancing healthcare accessibility and quality.

As the sector evolves, it will be interesting to see how these startups capitalize on their newfound resources to drive the next wave of healthcare transformation in India.

Disclaimer: This report highlights major funding events in the healthtech sector in H1 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.