The seed round also drew in renowned investors such as Avaana Seed, Endurance Capital, F Health, VeritasX, Stanford Angels, Phoenix Angels, Snap Asia Pacific president Ajit Mohan, Nazara Technologies joint managing director Nitish Mittersain, BigBasket founder Hari TN, besides other founders and senior executives.
The newly raised capital will be deployed for elevating the overall patient experience and hiring talent at the Kochi, Kerala-based firm that currently employs 95 staffers, the company said in a statement.
“About 80% of India’s healthcare facilities lie with small to midsize standalone hospitals. The middle income or lower class are missing out on quality healthcare. This is something that Niti Aayog also highlighted this year,” cofounder and CEO of Mykare Health Senu Sam told ET in an interaction.
Mykare, which kicked off its services in January 2022, has serviced over 85,000 patients and is now operational in more than 12 Indian cities with over 200 hospital partners. In 2023, the company plans to double down in south India — where it is now present only in tier-1 cities — to provide a better healthcare experience and transparency to lower and middle income groups.
Explaining the difference between current venture capital-backed elective surgery startups and Mykare, Sam said the former group focuses on its own set of select doctors to onboard on the platform while the latter relies on an existing network of doctors at hospitals it is working with.
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The elective surgery space in healthtech includes the likes of Pristyn Care, Glamyo Health, Ayu Health, Practo, PharmEasy and Medfin.Mykare Health supports patients with selecting an appropriate facility from its partner hospitals, pricing managing paperwork, coordinating insurance, transportation services, communication with doctors, hospital admission, discharge and post-care support.
Low and middle income countries (LMICs) such as 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 prevent disabilities in these countries, as per the existing report on the inadequacy of surgeries in LMICs by the Lancet, the company said in the statement to identify its target market.
Sam, who spent 13 years of his career in the healthcare space with companies such as Gleneagles Global Hospitals and Apollo Hospitals, is aided by co-founders including chief technology officer Rahmatulla TM and chief product officer Joash Philipose.
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