Healthtech Startup ConnectedH Raises $2.3 Mn Seed Funding From Kalaari Capital And Incubate Fund IndiaThe startup is aiming to make the Indian Diagnostics ecosystem more tech-enabled and organized through their platform and streamlining their business processes
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Healthtech startup ConnectedH, a one-stop solution for diagnostics centers—on Wednesday announced to have raised $2.3 million in seed funding led by Kalaari Capital and Incubate Fund India. The funding round also saw participation from Anicut Capital and other angel investors like Kunal Shah (CRED), Gaurav Munjal and Roman Saini (Unacademy), Farid Ahsan (Sharechat), Asish Mohapatra and Ruchi Kalra (OfBusiness), Mars Shot Ventures, and others. Existing investors First Cheque and Point One Capital also participated in the round.
The platform plans to utilize the fresh funds to expand its product portfolio, invest in technology and expand its presence in Delhi/NCR Region.
"We're happy to partner with Kalaari Capital and Incubate Fund India in our journey. Diagnostics sector has been insulated from all the tech advancements over the past decade. However, with growing competition and increasing patient expectations, there is an organic shift to adopt tech solutions. We grew tenfold over the past year and this round will help us accelerate our efforts to create a technology-driven platform for diagnostics," said Shubham Gupta, Rahul Kumar, and Suresh Singh, co-founders, ConnectedH, in a joint statement.
Founded in 2018 by Shubham Gupta, Rahul Kumar (Both IIT Kanpur Alumni), and Suresh Singh (IIM Bangalore Alumni), ConnectedH is a full-stack enabler for diagnostic centers helping them focus on testing while taking care of all other aspects. The startup provides solutions like CRM, online reports, and on-demand phlebotomists to the diagnostics partners helping them extend their options along with online booking and online reports.
"We are strong believers in ConnectedH's vision to build a full-stack platform for diagnostic labs in India. The diagnostics industry in India is a $10 billion highly fragmented market with only a few organized players. ConnectedH is providing all the relevant tools to help the small and medium diagnostic labs go digital. We are very impressed with the deep understanding of founders on challenges of the diagnostics industry and excited to partner with them in building ConnectedH," shared Kiran Vasireddy, partner, Kalaari Capital.
"Since it is fragmented and not digitized, the operation of diagnostic centers have been very inefficient in India. ConnectedH is solving this issue by empowering diagnostic centers with technology implementation. It is beneficial both for diagnostic centers and patients. Founders have shown a strong execution capability in this complicated industry so we believe the startup will grow rapidly with creating a huge positive impact to the industry," added Nao Murakami, partner, Incubate Fund India.
There are over 100,000 diagnostics centers in India out of which only 15 per cent or less are operating in the organized market (Dr Lal, Thyrocare, SRL). On the other side, more than 85 per cent of the diagnostic centers lie in the unorganized diagnostics market, facing myriad levels of challenges ranging from lack of technology, retrograded operations with the inability to serve home collection demands and virtually non-existent patient relationships with very poor customer experience.ConnectedH is democratizing access to new-age tech solutions for individual diagnostic centers and empowering them to provide a quality experience to their patients with minimal investments, the platform said.
