Mumbai-based Alyve Health Secures $5.5 Mn in Series A Funding

Per the startup, the funds will support strategic growth across critical areas such as platform enhancement, talent acquisition, operational expansion, service amplification, and member engagement.

Mumbai-based healthtech platform Alyve Health, has raised $5.5 million Series A funding round. The investment was led by Axilor Ventures and included participation from 1Crowd Fund, InHealth Ventures, and Trifecta Capital through venture debt.

Per the startup, the funds will support strategic growth across critical areas such as platform enhancement, talent acquisition, operational expansion, service amplification, and member engagement.

Commenting on the fundraise, Shashank Avadhani, cofounder and CEO, said, "This investment empowers us to continue innovating on our product and technology. We are privileged to play a significant role in shaping the future of health plans."

The healthtech startup, founded by Shashank Avadhani, Sushant Roy, and Vineet Mehta in May 2020, aims to simplify health plan experiences and provide extensive coverage for its members. Alyve Health offers a range of health plans covering doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships, and proactive well-being.

The platform is integrated with insurers, brokers, financial institutions, clinics, diagnostic centers, and fitness studios, serving over 1 million members and 400+ corporates.

Investor Insights

Highlighting on Alyve Health’s role in the insurance industry, Anil Gudibande, cofounder of 1Crowd Fund, noted Alyve Health’s platform can strengthen the ecosystem of service providers. He said the startup can provide an assured experience to all stakeholders, helping redefine health plans.

Commenting on the same, Prachi Sinha, principal at Axilor Ventures, said, "Even for a mature product like IPD insurance, India struggles with poor coverage. Alyve's customer-centric approach to enhancing the healthcare experience while offering tailor-made, high-utilization OPD services gives the company the right to win. We are proud to support them in their next stage of growth."

Healthtech Funding Landscape

The pace of investment deals in the Indian healthtech segment has been slow but steady. We reported about Sova Health securing a $1 million seed funding round last week. The funding was led by Antler, Accelerating Asia, Practical VC, VC Grid, and Venture Catalysts

Earlier this week, another healthtech startup, Ahmedabad-based C3 MedTech also raised an undisclosed amount from Industrial Metal Powders to launch telemedicine and AI-enabled eye screening devices.

Per the International Trade Administration report, the Indian healthcare industry, valued at over $370 billion in 2020, is expected to reach $610 billion by 2026, presenting significant opportunities for healthtech startups like Alyve Health to innovate and expand.