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May, 26 2016

Pediatric healthcare chain AddressHealth raises about Rs10cr from Gray Matters, Unitus

A bunch of health-tech startups in the country provides online childcare advice. Some of them have also raised funding. Last month, Integrated Child Health Records (iCHR) had raised a seed round of funding from a Delhi-based angel investor.

According to PricewaterhouseCoopers India (PwC India) estimates, on the basis of data from individual players, right now Pediatric healthcare is a Rs1,500-crore market, with over 2,000 paediatric beds, largely paediatric arms of multi-specialty adult hospitals, nursing homes and paediatric clinics.

The overall paediatric market in India is about Rs 55,000 crore. Growing at the rate 14-18 per cent per annum with at least 8-12 new players may enter the market over the next three-five years, says recent media reports.

Joining the same, Bengaluru-based Pediatric healthcare chain AddressHealth Solutions India Pvt Ltd has raised $1.5 million (around Rs 10 crore) in a Series A funding round led by US-based Gray Matters Capital. Existing investor Unitus Seed Fund also participated in the round, it said in a statement.

“We will use the funds to expand our school health programme and set up specialty child health clinics in schools,” Anand Lakshman, CEO of AddressHealth.

“With its market-based model for pediatric healthcare, AddressHealth has served more than 100,000 children already—what I believe to be a fraction of its future potential," said Bob Pattillo, founder and CEO of Gray Matters Capital.

“The service delivery model in partnership with schools will help AddressHealth scale, not only in providing curative care, but also in offering preventive intervention for diseases,” said Dave Richards, managing partner, Unitus Seed Fund.

Founded in 2006 by Pattillo, Atlanta-based Gray Matters Capital invests in sustainable, replicable business models that benefit underserved populations in developing countries. Its investments span across sectors like micro finance, mobile/IT, healthcare, energy and education. In 2007, it turned its focus on education for underserved children in developing countries, especially India.

Founded in 2010 by doctors Anand Lakshman and Anoop Radhakrishnan, AddressHealth provides pediatric primary care through its child health clinics. With four child health clinics in Bengaluru, the startup reaches out to schools and pre-schools through its health programme.

In 2014, AddressHealth had raised an undisclosed amount in seed funding from the Unitus Seed Fund.

A bunch of health-tech startups in the country provides online childcare advice. Some of them have also raised funding. Last month, Integrated Child Health Records (iCHR), a digital platform that integrates child health data through cloud computing and mobility technology, had raised a seed round of funding from an unnamed Delhi-based angel investor.

In March, AddoDoc Technologies Pvt. Ltd—that runs Babygogo, a mobile app that connects parents with child healthcare experts—had raised $300,000 in a seed funding round led by angel investor Rajul Garg.

Lybrate, an online and mobile-based platform that connects patients to doctors, had raised $10 million from Tiger Global Management; Tata Sons chairman emeritus Ratan Tata and others in July last year.

In February, parenting app BabyBerry secured $1 million (Rs6.8 crore) in angel funding from industrialist Nitin Bagmane and a group of undisclosed investors.

My Child App, which helps parents track learning disorders in children, had raised $100,000 from Singapore Angel Network and others in January.

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