New Delhi | 8th September 2020: ConnectedH, a health-tech company committed to unlocking the full potential of diagnostics, has raised an undisclosed seed amount in funding from venture capital First Cheque, Rohit MA (Founder, Cloudnine Hospitals), PointOne Capital, and other investors.
The funding will be used to expand the brand’s geographical presence and integrate it deeper into the diagnostics ecosystem. It will also be used to widen their value offerings for diagnostic centers thereby making them a one-stop solution for all their marketing and operations needs.
Unorganized medical data is one of the major issues in healthcare delivery and also responsible for the wrong diagnosis in many cases. Since its inception in 2018, ConnectedH has been on a mission to simplify healthcare by organizing healthcare data. The brand is working towards creating a connected healthcare ecosystem where patients have complete control and 24×7 anywhere access to their organized medical information across various stakeholders including diagnostic centers, doctors, hospitals, etc. This is also in alignment with the recent announcement of the government’s National Digital Health Mission.
The other investors in the funding round include Ajeet Singh Kushwaha (Founder, Seekify); Ankur Pahwa (Partner, E&Y); Anurag Mehrotra (President & MD, Ford India); Bharanidharan Viswanathan & Nitin Mathur (Founders of 91mobiles); Harsh Pokharna and Gaurav Kumar (Co-Founders, Okcredit); Kishore Ganji; Kunal Khatter (Managing Director, AdvantEdge in personal capacity); Sprout Investments; Umang Kumar (Founder, Gaadi.com); and Vivek Shah (MD, Investment Banking, Haitong).
Speaking about this, Shubham Gupta, Co-Founder, ConnectedH, said, “ConnectedH was the outcome of a personal experience. I was hospitalized due to a UTI and had to visit doctors every week for almost two years after, waiting for hours at the reception for just 5 minutes of facetime. It was an endless cycle of repeating my medical history with no one having the time to go through it either. While I could solve the issue by collating my data with excel, I realized how others would be undergoing the same issue”.
Adding to this, Suresh Singh, Co-Founder, ConnectedH said, “Shubham’s experience exposed us to the horrors of unorganized healthcare data and brought back similar memories in my family. While the solution was very apparent, the starting point wasn’t so. We had to figure out the right value proposition for various stakeholders. After shadowing multiple doctors, diagnostic center owners, and hospital owners for more than 6 months to identify their pain points and possible solutions, we finally zeroed down on the diagnostics space. Our digital ecosystem offerings enable the creation of an organized diagnostic history of patients, while helping diagnostic centers exceed customer expectations, and increase their business, improve operations, and deliver better margins.”
Adding further, Kushal Bhagia, First Cheque, said, “At a time when India’s healthcare system is already overburdened, ConnectedH has come up with a solution that can become a gamechanger in the area of digitizing health records. Single-point access to all healthcare data will not only enable diagnostic centers to become more organized but also improve health outcomes. We hope to see ConnectedH expanding the scope of their coverage with this funding.”
Rohit M A, Co-founder and Managing Director of Cloudnine Group of Hospitals invested through his investment arm Capier Investments, said, “Suresh, Shubham, and Rahul have set out to solve a very pertinent issue in our country’s healthcare wherein unorganized primary medical data has been a major issue for years. They have identified an approach which can be easily scaled to touch the lives of millions of consumers across the value chain and in a short time, have already demonstrated the ability to organize diagnostic records of over 10% of Delhi population while creating genuine value and engagement for their diagnostic partners.”
The diagnostic sector in India is poised for good growth in the years ahead with estimates pegging the market size at $15 billion in 2020. Despite the 90% hit on the diagnostic volumes in the immediate aftermath of the nationwide lockdown, ConnectedH’s business crossed pre-lock down levels by July 2020.
Adding further, Archana Priyadarshini Point One Capital, said, “We are very happy to support a health-tech startup like ConnectedH, which aims to solve a pertinent problem facing the healthcare sector today. Incorrect and unorganized information is a major cause of misdiagnosis in a majority of health cases. By offering a tech-based solution for collating all this healthcare data at one point, ConnectedH will enable improve health outcomes for patients while also increasing ROI for diagnostic centers.”
Before this funding, ConnectedH raised its first smaller seed round from the top management of CarDekho including Avinash Kumar (Founder, Credenc).