ConnectedH raises $2.3mn in seed fund led by Kalaari Capital, Incubate Fund
Health tech start-up ConnectedH has raised $2.3 million in seed funding led by Kalaari Capital and Incubate Fund India.
The funding round also saw participation from Anicut Capital & other angel investors like Kunal Shah (Cred), Gaurav Munjal & Roman Saini (Unacademy), Farid Ahsan (Sharechat), Asish Mohapatra & Ruchi Kalra (OfBusiness), Mars Shot Ventures, and others.
Existing investors First Cheque and Point One Capital also participated in the round. ConnectedH plans to utilise the fresh funds to expand their product portfolio, invest in technology, and expand its presence in Delhi/NCR Region.
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 centres helping them focus on testing while taking care of all other aspects. The start-up 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.
Commenting on the investment, the founders stated, “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.”
There are over 100,000 diagnostics centres in India out of which only 15% or less are operating in the organized market (Dr Lal, Thyrocare, SRL). On the other side, more than 85% of the diagnostic centres 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 centres and empowering them to provide quality experience to their patients with minimal investments.
Kiran Vasireddy, Partner at Kalaari Capital added, “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.”
“It is beneficial both for diagnostic centres 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 at Incubate Fund India.
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