Fertility services aggregator Elawoman secures Series A funding
New Delhi-based fertility services aggregator Elawoman has raised $3 million (about Rs 22 crore) in a Series A round of funding from Chiratae Ventures and Alkemi Venture Partners, it said in a statement on Thursday.
The announcement comes barely weeks after VCCircle first reported last month that IDG Ventures India and Alkemi Venture Partners had invested in Elawoman. IDG Ventures India renamed itself as Chiratae on Tuesday.
Elawoman, operated by Treemark Solutions Pvt. Ltd, said it will use the funds to enhance its technology platform and expand in non-metro cities in India and also in Asia-Pacific countries.
“The Asia-Pacific region alone has more than 70 million couples going through the challenges of infertility. This number is only expected to increase given the impact of stress and other lifestyle issues are having on conception,” said Ranjith Menon, executive director at Chiratae Ventures.
Elawoman’s management team comprises CEO Ritu Singh, chief operating officer Yogesh Agarwal and senior vice president Aditya Kandoi. All three were co-founders of Careongo Technology Pvt. Ltd, which runs a chain of co-branded online pharmacies, according to their LinkedIn profiles.
Founded in 2016, Elawoman uses artificial intelligence driven doctor-patient matching algorithm, which maps the patient requirements to the doctor specialisation and suggests the best doctor to the patient based on past medical history, budget and treatment needs.
It also provides a patient management system to the doctors and fertility centres for management of patients and maintaining their treatment and billing history.
Elawoman claims to have more than 5,400 fertility doctors and clinics listed on its platform.
This is Alkemi’s first known bet. The New Delhi-based investment firm was founded by Alka Goel, who was earlier a partner at consulting firm McKinsey & Co., and Preet Pal, who was a principal at healthcare-focussed private equity fund Asian Healthcare Fund.
Chiratae, which is investing out of its third fund, has made a slew of healthcare bets.
In June, Chiratae and Accel Partners injected $19 million (around Rs 129 crore) into SigTuple Technologies Pvt. Ltd in the medical-technology startup’s Series B round of funding.
In April, VCCircle reported that Chiratae and Accel invested in Netdox Health, which runs online cancer consultation platform Onco.com.
The venture capital firm’s other bets in the segment include med-tech firm Forus Health, health and fitness startup Cure Fit Healthcare, health and fitness app HealthifyMe and medical equipment firm Perfint Healthcare.