[Funding alert] Healthtech startup Ayu Health raises $6.3M from Vertex Ventures, Stellaris VP
Bengaluru-basedraised $6.3 million in Series A funding round from Singapore-headquartered Vertex Ventures and Stellaris Venture Partners, which is based in Bengaluru.
The round also saw participation from serial entrepreneur and angel investor Ashish Gupta, Mamaearth's co-founder Varun Alagh, and Rajat Goel, Founder of Gurugram-based EyeQ Super Speciality Eye Hospitals.
The healthtech startup will use the funds to expand their hospital network, as well as improve technology solutions, procurement and quality management. Ayu Health also expects to expand its bed capacity to over 5,000 beds across six cities by December 2022, according to a release shared by the company.
Founded in 2019 by Himesh Joshi, Arijit Gupta, and Karan Gupta, who sold their previous firm Zefo to Quickr, Ayu Health acquires speciality hospitals and rebrands them to create a network of hospitals. Currently, the firm has about 20 hospitals across Chandigarh and Bengaluru.
"We started with Chandigarh because we wanted to see if this model is only a metro city model or if it would work in smaller cities as well," Himesh told YourStory over a call.
The founder hopes to digitise hospitals across India. "Even today if you go to a hospital with an appointment it would not be a quick trip. It would be a couple of hours-long trip because the hospital did not record your appointment or gave the slot to someone else. We want to organise all these processes," he adds.
Ayu Health is also looking to digitise inventory management, follow-up appointments, and ease the insurance-claim procedures, among other things.
“We have partnered with Himesh, Karan and Arjit previously when they were running Zefo, and have very high regard for their capabilities. Their plan to tech-enable the $100 billion private hospital market and create India’s largest branded hospital chain resonated deeply with us. With their technology-led approach, they can provide high-quality and affordable hospital care to the mass market of patients,” Ritesh Banglani, Partner at Stellaris Venture Partners, said in the release.
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