ETtechHealth tech startup Alyve Health said it has raised $5.5 million from investors to fuel initiatives across areas such as platform enhancement, talent acquisition and operation expansion.
The funding was led by Axilor Ventures, with participation from existing investor 1Crowd Fund as well as healthcare-focused fund Inhealth Ventures.
“I think we are in a very large market with a large opportunity. However, to build and scale the platform as per our aspiration and ambition, we would need to invest in people, predominantly engineers, product managers and deep technology,” cofounder and CEO Shashank Avadhani told ET.
The company had last raised $900,000 in seed funding from Axilor Ventures and 1Crowd Fund in April 2022.
Alyve, set up in 2020 by Avadhani, Sushant Roy and Vineet Mehta, offers health plans that include services such as doctor consultations, diagnostics, medicine purchases, insurance, dental procedures and gym memberships--all on one platform.
The startup integrates with payers (insurers and third-party aggregators), intermediaries (brokers, financial institutions and digital platforms), and providers (clinics, diagnostic centres and fitness studios) to offer tailored and customisable healthcare services to individuals and employers.
Avadhani said the platform has more than 1.1 million users. It has four offices and 108 employees, with plans to increase employee count by 30 to 50 in the current financial year.
“With rising incomes and awareness, consumers are asking for offerings beyond just hospitalisation benefits,” Prachi Sinha, principal at Axilor, said. “In a market fraught with noise, Alyve’s customer-centric approach to enhancing the healthcare experience while offering tailor-made, high-utilisation OPD services, gives the company the right to win. We have been early partners with Alyve and are proud to support them in their next stage of growth.”
The company, citing an International Trade Administration report, noted that the size of the Indian healthcare industry crossed $370 billion in 2020 and is expected to reach over $610 billion by 2026.
Axilor Ventures, founded by former Infosys cofounders Kris Gopalakrishnan and SD Shibulal, has previously backed startups such as Medfin, Numen and 5C Network in the healthcare space.
The funding was led by Axilor Ventures, with participation from existing investor 1Crowd Fund as well as healthcare-focused fund Inhealth Ventures.
As part of this round, the Mumbai-based company also secured venture debt funding from Trifecta Capital.
“I think we are in a very large market with a large opportunity. However, to build and scale the platform as per our aspiration and ambition, we would need to invest in people, predominantly engineers, product managers and deep technology,” cofounder and CEO Shashank Avadhani told ET.
The company had last raised $900,000 in seed funding from Axilor Ventures and 1Crowd Fund in April 2022.
Alyve, set up in 2020 by Avadhani, Sushant Roy and Vineet Mehta, offers health plans that include services such as doctor consultations, diagnostics, medicine purchases, insurance, dental procedures and gym memberships--all on one platform.
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The startup integrates with payers (insurers and third-party aggregators), intermediaries (brokers, financial institutions and digital platforms), and providers (clinics, diagnostic centres and fitness studios) to offer tailored and customisable healthcare services to individuals and employers.
Avadhani said the platform has more than 1.1 million users. It has four offices and 108 employees, with plans to increase employee count by 30 to 50 in the current financial year.
“With rising incomes and awareness, consumers are asking for offerings beyond just hospitalisation benefits,” Prachi Sinha, principal at Axilor, said. “In a market fraught with noise, Alyve’s customer-centric approach to enhancing the healthcare experience while offering tailor-made, high-utilisation OPD services, gives the company the right to win. We have been early partners with Alyve and are proud to support them in their next stage of growth.”
The company, citing an International Trade Administration report, noted that the size of the Indian healthcare industry crossed $370 billion in 2020 and is expected to reach over $610 billion by 2026.
Axilor Ventures, founded by former Infosys cofounders Kris Gopalakrishnan and SD Shibulal, has previously backed startups such as Medfin, Numen and 5C Network in the healthcare space.
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