OurHealthMate is an online platform that allows non-resident Indians to manage and monitor their family’s healthcare from a distance. Based out of Singapore, the company announced that it has closed a $440K seed funding round led by Bimal Shah, heading an international syndicate of business angels. The round is supported by Singapore-based Benjamin Tsai and a second international angel syndicate led by high frequency trader Ben Ball.
“Every year, 22 million Non-Resident Indians (NRIs) remit $10bn back home to India to pay for the healthcare of their family. Unfortunately the recipients, typically ageing parents, often fail to make and keep medical appointments for themselves,” says Abhinav Krishna, co-founder and CEO of OurHealthMate, a startup that aims to solve the problem. OurHealthMate’s web platform makes it easier for NRIs because it creates a direct link to healthcare professionals providing services from small clinics to multi-speciality hospitals. “Not only do they gain more choice and control but they also benefit from feedback on the care provided,” says Abhinav.
The founders developed their business through the JFDI.Asia accelerator program in 2013 and the money raised will be used to expand the team from six to 16 staff across offices in India and Singapore and to introduce the platform to more cities across Asia. Abhinav adds, “We’ve been incredibly lucky with this business -- people seem to understand it and its potential. It was humbling to receive several firm offers from both funds and high net worth individuals.”
OurHealthMate’s platform makes it easy for people to book and pay for health checkups on behalf of their families, and receive feedback directly from the doctor. By the end December 2013, six months after completing the JFDI program, OurHealthMate was being used by 2,000+ doctors in 700+ medical centres located in 50+ cities spread across India. An additional 30 hospitals are joining each week.
Lead investor Bimal Shah said: “We first met Abhinav at the start of the JFDI.Asia program and it was immediately clear that he and his business were very strong. I brought in LEO TECH, a software development house, as a partner early on and we built a close working relationship. Abhinav and his team delivered on every single promise they made to us, creating the confidence for both LEO TECH and me personally to increase our commitment to the company’s future.” OurHealthMate anticipates releasing upgrades to its service through Q2 2014 that will give users more visibility of the many healthcare options that its expanding network of hospitals can offer.
Watch their pitch at JFDI.Asia demo day: