Hotline: 1800 102 2007
Hotline: 1800 102 2007
May, 29 2018

healthcare aggregation HealWell24 bags Rs 1.4 cr from Angel Investors, others

HealWell24 had raised $100,000 in angel funding from three high-net-worth individuals in September last year.

healthcare aggregation HealWell24 bags Rs 1.4 cr from Angel Investors, others

The home-based healthcare firm, HWell24 Plus Healthcare Pvt Ltd, which operates home healthcare aggregator under the brand, HealWell24 has raised $200,000 (Rs 1.4 crore) in its pre-Series A round of funding from new and existing individual investors.

Prashant Mehta, Mitali Pawar, Nikhil G and Bhavesh P, members of Indian Cooperative Oncology Network (ICON), and angel investor R Ranganathan are the new investors, Jyoti Kumar Singha, co-founder and director, HealWell24, said in a statement.

Existing investors a member of the oncology network in Mumbai, ONCOTRUST, and an executive at medical intelligence provider Medintel Services Pvt. Ltd also contributed funds, he added.

The firm will use the funds to develop its artificial intelligence (AI)-based patient mobile app, expand its services and hire talent, among others. The app is expected to be launched by October this year, Singha explained.

The Mumbai-based company, which was founded by Singha and Harddik K Patel in 2017, provides solutions to patients at home-to-hospital-to-home, which is known as a 3H model. The startup provides home nursing, home attendants and has recently added home dental care as part of its services in the city. It aims to expand to Delhi, Bengaluru, Nagpur, Kochi, and Pune by the financial year 2019-2020.

HealWell24 had raised $100,000 in angel funding from three high-net-worth individuals in September last year. It generated revenue of Rs 1.25 crore in the last financial year through March since it began operations in June, Singha said.

The company has also started a CHHA (Certification of Home Healthcare Attendant) programme which provides certification to all attendants as the biggest challenge for any home healthcare service is to find trained people.

The home healthcare industry is still at a nascent stage in India but some startups have already raised multiple rounds of funding.

According to estimates by market research, consulting and advisory services firm Cyber Media Research (CMR) Ltd, India’s home healthcare market was around $3.2 billion in 2016, and is expected to grow to around $4.46 billion by 2018 and $6.21 billion in 2020.

One of the prominent ventures in the space is Portea Medical Pvt. Ltd, which is owned by Bengaluru-headquartered Healthvista India Pvt. Ltd. It raised $26 million (Rs 168 crore) in a Series C round led by new investors Sabre Partners and MEMG CDC in November last year.

Other big players in the space include Medwell Ventures Pvt. Ltd, which runs home healthcare services under the brand Nightingales, and Quadria Capital Advisors Pvt. Ltd-backed Health Care At Home India.

MyCareLine, Care24, Zoctr and Healers At Home are among the other funded startups in the home healthcare space.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • The Champion Industries is a leading manufacturer of wire mesh..
    Locations looking for expansion TELANGANA
    Establishment year 1969
    Franchising Launch Date 2010
    Investment size
    Space required 300 sqft
    Franchise Outlets -NA-
    Franchise Type -NA-
    Headquater Hyderabad TELANGANA
  • Cosmetics & Beauty Product Stores
    Started in 2015, NIDO is an Early Childhood Center running..
    Locations looking for expansion Haryana
    Establishment year 2017
    Franchising Launch Date 2020
    Investment size Rs. 2lac - 5lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Haryana
  • About Us: Launched in 2014, Little Brooks, Early Learning Centre is..
    Locations looking for expansion Maharashtra
    Establishment year 2014
    Franchising Launch Date 2018
    Investment size Rs. 30lac - 50lac
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Quick Service Restaurants
    About Us: Grill Masters started its first outlet in August 2015..
    Locations looking for expansion Haryana
    Establishment year 2015
    Franchising Launch Date 2016
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Yamuna Nagar Haryana
Insta-Subscribe to
Entrepreneur
Magazine
sme-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities