Credihealth raises $1.5M in pre-Series A round from Tolaram Group and Mountain Pine CapitalTeam YS
Medical assistance company Credihealth has raised $1.5 million in pre-Series A funding from Tolaram Inc., the family office investment arm of Tolaram Group, and Mountain Pine Capital. The round also saw the participation of Bala Swaminathan, former KPMG partner and one of the earliest investors in the platform.
The funding will primarily be utilised to augment technology and infrastructure to expand services and introduce new products to address the non-clinical pain points of patients.
Ravi Virmani, Founder and Managing Director of Credihealth, said:
“More than money, it is innovation and steady growth that are needed to survive in the market today. The guidance and mentorship of our investors is what we are looking forward to, for sustained evolution of Credihealth.”
With a panel of over 30,000 specialist doctors, Credihealth has successfully served over 1,80,000 patients across 10 cities in India. The company claimed to have earned Rs 6 crore in revenue and generated gross revenues of Rs 50 crore for hospitals during FY 2016-17. It has maintained a MOM growth rate of 15–18 percent during the year. Credihealth now plans to expand its services to 15 cities by the end of 2017. It aims to further generate revenue of Rs 150 crore for its partner hospitals in FY 2017-18.
Gurgaon-based Credihealth is already clocking traction of over 6 lakh users on its website each month. Android users can also log into the Credihealth mobile application, manage their accounts, and keep a track of appointments seamlessly.
Manish Tibrewal, CEO of Tolaram Inc., said: "The Indian startup landscape has exhibited exceptional growth across industries and we are glad to participate in such a vibrant market with a high-potential healthcare startup. There is an urgent need for drastic improvements in India’s healthcare delivery system and to bring transparency for the patients.”
Credihealth has tied up with over 630 hospitals in Tier 1 as well as Tier 2 geographies and has partnerships with leading names such as Fortis, Medanta, Columbia Asia, BLK, Paras, Artemis, etc.
Spokesperson Sasha Breen, Mountain Pine Capital, said: “India currently has one of the most innovative startup industries in the world. The health-tech sector particularly has been growing rapidly. We are determined to help in developing India’s healthcare industry by helping the company build on its expertise and expand the consumer base with its dynamic offerings.”