The Company plans to leverage the funding to offer improved patient care, and build a robust team to support its enhanced care delivery
Mykare Health, a digital health startup with a greater vision to build India’s largest asset-light, affordable and standardised hospital network focused on delivering quality healthcare experience to India's middle class segment, has raised USD 2.01 Million in a seed funding round. The round saw participation from renowned investors such as OnDeck ODX - US, Avaana Seed, Huddle, Endurance Capital, F Health, VeritasX, Stanford Angels, Phoenix Angels, Ajit Mohan (Founding CEO, Hotstar & Former MD, Meta India), Nitish Mittersain (Joint Managing Director, Nazara Technologies), Hari TN (Ex-BigBasket), Arjun Vaidya (Founder, Dr. Vaidya’s), Sean (Hyunil) Sohn (CEO, Krafton), Niraj Karia , Ankit Tandon (Global CBO and CEO, OYO), Nikhil Jaisinghani (Executive Director, Polycab India), Dr Deepu Sebin (Ex-CEO & Founder, DailyRounds), Vikas Garg (Ex-CFO, Paytm), Rahul Nagar (Ex-VP, Paytm), Himanshu Arora (Ex Gaana), and Bhavya Shah - MD, Ark Impact, amongst others. The freshly raised capital will be deployed towards elevating the overall patient experience and bolstering talent acquisition efforts.
Co-founder & CEO of Mykare Health, Senu Sam comes with an illustrious career of 13 years in healthcare, having worked with leading hospital chains and conceptualised two other start-ups. Hailing from a humble village, he fought against all odds to emerge as a successful entrepreneur. At a time when his father required treatment in a medium-sized hospital, he recognised the magnitude of hurdles faced by patients due to the operational inefficacy of the hospitals and fragmented treatment journey offered by them. This includes the identification of right doctors and hospitals, long waiting lines, getting transparent treatment pricing, managing insurance process and addressing the fear to undergo a surgery. His extensive market research further revealed that numerous small and medium-sized hospitals in India — which cover 80% of India’s healthcare facilities — struggled to get visibility, trust, consequently lacking sufficient patient footfall. This leads to a severe underutilisation of such hospitals’ resources and expertise. These existing white spaces in the healthcare sector led Senu, his co-founders - Rahmatulla TM, CTO and Joash Philipose, CPO, and team to introduce Mykare Health, devoted to offering unmitigated healthcare services at affordable prices, to the middle-class population of the country.
Low and Middle Income Countries (LMICs) like India contribute only 6% to the total 313 million procedures conducted annually worldwide, and about 143 million additional surgical procedures are required to meet the need of saving lives and preventing disabilities in these countries, as per the existing report on the inadequacy of surgeries in LMICs by the Lancet.
Commenting on how Mykare Health aims at alleviating surgery induced fear leading to inadequate number of surgeries in India, Senu Sam, CEO & Co-Founder, Mykare Health said, “Factors such as dearth of administrative and pricing transparency, skyrocketing healthcare cost, poor patient to hospital ratio, and paucity of quality care, are the key reasons causing surgery related fear amongst patients, resulting in treatment delays and poor quality of life. We aim to mitigate these challenges through a patient-first approach. We are committed to serve every common, middle class person in India and cross-border with seamless experience, affordable and quality care. In addition, we are also empowering the small and mid-sized hospitals to improve their visibility and trust, with an aim to strengthen their patient footfalls. Through adequate support, these hospitals can significantly reduce India’s uneven patient to hospital ratio.”
Mykare Health empowers patients and their families through an integrated ecosystem, taking care of every aspect, starting from selecting an appropriate facility and ensuring transparent pricing to managing paperwork, coordinating insurance, providing transportation services, facilitating communication with doctors to understand their procedures, coordinating hospital admission & discharge, and the post-care support. Mykare’s trained and experienced counsellors are available on site to handhold patients to overcome the fright related to lack of funds and transparency, and make their healthcare journey seamless.
The Company also offers a breakthrough proposition for small and medium-sized hospitals, with an aim to eliminate the underutilisation of their infrastructure and the skills of the doctors working in these facilities. This improved trust and visibility for Mykare’s network facilities and doctors, significantly adding to patient footfalls, thereby ensuring credibility, as well as a stable revenue for them.
Speaking on Huddle’s investment in Mykare Health, Founding Partner Sanil Sachar said, “Mykare Health's vision to standardise, streamline and optimise the existing healthcare infrastructure is truly transformative. Given its purpose-led proposition for the middle income segment, as well as small and medium-sized hospitals, we hold a strong belief in its growth potential. By prioritising quality, accessibility and transparency, Mykare Health is not only poised to penetrate the length and breadth of India but also make an impact on a global level.”
In 2023, Mykare Health plans to double down on the cities of South India, with a vision to ensure the low and middle income groups of the country get better experience and transparency in healthcare.
About Mykare Health
Founded in 2021, Mykare Health is building the largest asset-light, affordable and standardised hospital network focused on delivering quality healthcare experience to India's middle class segment. The value propositions of the Company include 24x7 quality care, complete price transparency, zero-cost financing options, logistics, insurance and administrative support — solving the problem of information, accessibility and financing in the industry. In the last one year, Mykare Health has touched the lives of 85000+ patients and has become operational in 12+ Indian cities with 200+ hospital tie-ups. Within a short span of a year, Mykare Health has been recognised as Tie Kerala Best Startup of the Year, SLP Best Startup of the Year, Headstart 23 startups to watch, KMA Best Startup of the Year, Inc42 Best Startup To Watch, Naturals Best Startup and Business Connect Best Startup, 2023. The founder, Senu Sam is the recipient of the Times 40 Under 40 Award.
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