Health-tech startup LetsMD gets angel funding
Delhi-based health-tech startup LetsMD has secured an undisclosed amount of angel funding from Calcutta Angels Network (CAN). LetsVenture, a platform that connects startups with investors, Anupam Mittal, founder and chief executive of People Group and Currae Healthtech Fund also participated in the round.
The startup, operated by Medbay India Pvt. Ltd, will use the funds to develop its technology, build the team and create marketing campaigns, Nivesh Khandelwal, co-founder, told Techcircle in an email interaction.
Launched in December 2015, LetsMD enables users to compare the prices of surgeries across hospitals.
"We are a healthcare classifieds focused on tertiary-level planned surgeries which allows a user to get detailed information about hospitals, interact with the operating doctor and convert their bill into an EMI (equated monthly installment)," explained Khandelwal.
The firm has 300 hospitals on board and single specialty chains such as Fortis Healthcare, BLK Hospital and Apollo Hospitals in the Delhi-NCR region.
LetsMD earns its revenues through a facilitation fee of 7-25% charged from the hospitals for lead generation and an origination fee charged from lending partners which varies from 2%-3%. The firm has partnered with fintech firms to allow users to raise loans online, which can convert a patient's bill into an EMI. Currently, the firm provides its services through a website.
"LetsMD addresses two of the biggest problems of the Indian healthcare industry: price transparency and timely financing for an almost uninsured population. Patients and their families need such platforms to meaningfully compare the quality and pricing of procedures across hospitals, and be able to pay for them before it is too late," said Shanti Mohan, founder of LetsVenture.
LetsMD was founded by Nivesh Khandelwal, a Wharton MBA with entrepreneurial experience across food & beverages and healthcare; Prakhar Gupta, a Purdue university graduate with startup experience across Silicon Valley and India; Tenzin Thargay, an IIM-Bangalore alumnus with more than a decade of experience across consumer internet and digital health platforms. In the next three months, LetsMD intends to cover about 20 elective surgeries and 75% of the tertiary care infrastructure in NCR.
Other recent deals in the healthcare space have been Healthians.com, an online diagnostics and wellness startup, which last week raised $3 million (Rs 20 crore) in a Series A round led by Beenext. Bengaluru-based Idea Bubbles raised $700,000 (Rs 4.5 crore) last week from early stage funding platform 1Crowd, health and hygiene firm Eureka Forbes Ltd, along with its parent Shapoorji Pallonji & Co Pvt. Ltd.
In September, Neurosynaptic Communications, a provider of telehealth technologies, raised about $1 million (Rs 7 crore) led by Indian Angel Network, with participation from Axilor Ventures. The same month saw healthcare consultation startup Doctor Insta secure over $1 million (Rs 6.7 crore) from US-based venture capital firm RoundGlass Partners.