ConnectedH, a Healthtech startup, raised USD 2.3 million in a seed funding round co-led by Kalaari Capital and Incubate Fund India on 29 September 2021.
Investors: Kalaari Capital and Incubate Fund India co-led the latest funding round with participation from Anicut Capital and several angel investors, including CRED founder Kunal Shah, Unacademy founders Gaurav Munjal and Roman Saini, Sharechat founder Farid Ahsan, along with Mars Shot Ventures and others. In addition, existing investors, including First Cheque and Point One Capital, also participated in this round.
The Objectives behind the funding: The company plans to deploy the current proceeds to expand its product portfolio, invest in technology and expand its presence across Delhi and the national capital region.
About ConnectedH
Founded in 2018 by Shubham Gupta, Suresh Singh and Rahul Kumar, ConnectedH aims to make diagnostic centres more patient-centric. The company intend to make patients experience in seeking medical help as hassle-free and straightforward as possible. The startup gives patients complete control over their information.
What the Founder has to say:
“We’re happy to partner with Kalaari Capital and Incubate Fund India in our journey. The 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 10X over the past year, and this round will help us accelerate our efforts to create a technology-driven platform for diagnostics,” said ConnectedH founders Shubham Gupta, Rahul Kumar, and Suresh Singh in a joint statement on Wednesday.
What the Investors have to say:
“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 organised players. ConnectedH is providing all the relevant tools to help the small and medium diagnostic labs go digital,” said Kiran Vasireddy, partner at Kalaari Capital.
“Since it is fragmented and not digitised, the operation of diagnostic centres have been very inefficient in India. ConnectedH is solving this issue by empowering diagnostic centres with technology implementation. It is beneficial both for diagnostic centres and patients,” added Nao Murakami, partner at Incubate Fund India.
The diagnostics industry in India is mainly unorganised (85%) and has remained insulated from technology adoption and advancements over the last decade. There are over 100,000 labs in India. Most of these standalone labs face challenges with meeting growing customer expectations, low penetration of technology, unoptimised and costly home collection. ConnectedH aims to reduce these challenges by empowering diagnostic centres with technology implementation, helping them extend online booking and reports options.
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