[Funding alert] Ayu Health raises $27M in series B round led by Fundamentum Partnership
, a healthcare startup with a network of over 70 hospitals across India, has raised $27 million in Series B funding led by The Fundamentum Partnership, an early growth stage fund founded by Nandan Nilekani and Sanjeev Aggarwal.
The round also saw participation from US based fund 57 Stars, Rohit MA led Capier Investments, angel investors like Ashish Gupta, Khadim Batti, Vara Kumar, and existing investors Stellaris Venture Partners, Vertex Ventures, and Alteria Capital.
With this fund raise, Prateek Jain of Fundamentum Partnership would be joining the Ayu Health Board.
Founded in 2019 by Himesh Joshi, Arjit Gupta, and Karan Gupta, who sold their previous firm Zefo to Quikr, Ayu Health acquires specialty hospitals and rebrands them to create a network of hospitals.
The startup currently works with more than 70 hospitals across Bengaluru, Chandigarh, NCR, and Jaipur.
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Himesh Joshi, Co-founder and CEO, Ayu Health, said,
“We started Ayu Health in 2019 with a mission to build India’s most trusted hospital chain promising high quality patient outcomes, transparency on pricing, and world-class patient experience. With the support from new and existing investors, we are now well-positioned to take this model to more geographies, and are targeting a network of over 200 hospitals and 10,000 beds by Dec 2022 ensuring high quality healthcare for all.”
Funds raised from the fresh round of investments will be used to expand Ayu Health's hospital network and develop innovative technological solutions for patient experience, insurance processing, efficient procurement, and clinical quality management at network hospitals. The startup eyes 10X growth by the end of 2022.
“Tech hasn’t created a meaningful dent in the healthcare space so far, especially in-hospital care. We are focused on changing that,” added Arjit Gupta, Co-founder and CTO at Ayu Health.
The company raised Series A funding of $6.3 million from Vertex Ventures and Stellaris Venture Partners in September 2021.
“The last two years have demonstrated an urgent need for tech-driven disruption in the healthcare space in order to build solutions that can provide efficient, affordable and quality care. Looking at the journey of Ayu Health in the last few years, it has the capability and capacity to address significant gaps in clinical care, in-hospital experience, and pricing for patients in India,” said Prateek Jain, Principal, Fundamentum Partnership.