Healthcare services startup Alyve Health on Tuesday announced its Series A funding round of $5.5 million led by Axilor Ventures with participation from existing investor 1Crowd Fund and Inhealth Ventures focusing on healthcare investments. The company said it also raised venture debt from venture financing platform Trifecta Capital as part of the latest round.
Alyve Health said that it plans to deploy the new capital to enhance its platform, acquire talent, expand operations, amplify services, and increase member engagement.
Speaking on the funding round, Alyve Health CEO and Co-founder Shashank Avadhani said “This investment empowers us to continue innovating on our product and technology. We are privileged to play a significant role in shaping the future of health plans.”
Founded in 2020 by Shashank Avadhani, Sushant Roy, and Vineet Mehta, the company provides offers preventive care and medical care services. It provides customised plans, outpatient medical care, doctor consultations, diagnostic scans, annual health check-ups, habit coaching, and medical experts through its app. Alyve Health said it serves 1 million customers across India.
“Even for a mature product like IPD insurance, India struggles with not just poor coverage but also under coverage. With rising incomes and awareness, consumers are asking for offerings beyond just hospitalization benefits,” said Prachi Sinha, Principal at Axilor.
As a seed investor, Axilor invests in almost 8-12 startups every year with $500k to $750k in each startup.
“Alyve Health is a unique technology venture in the insurance industry weaving an ecosystem of service providers and providing an assured experience to all stakeholders. With growing coverage, we believe that Alyve Health can help redefine health plans,” said Anil Gudibande, Co-founder, 1Crowd Fund.
According to IBEF (India Brand Equity Foundation), India’s preventive healthcare market, which includes exercise, wellness, foods and supplements, early diagnoses, and health tracking, is likely to grow to $197 billion by 2025, growing at a CAGR of 22 per cent.
