In an exciting development for the digital health sector, Kochi-based startup Mykare Health has successfully raised $2.01 million in a seed funding round. The startup attracted investments from prominent players in the industry, including OnDeck ODX – US, Avaana Seed, Huddle, Endurance Capital, F Health, VeritasX, Stanford Angels, Phoenix Angels, and several notable individuals such as Ajit Mohan (Founding CEO, Hotstar & Former MD, Meta India), Nitish Mittersain (Joint Managing Director, Nazara Technologies), Hari TN (Ex-BigBasket), and Arjun Vaidya (Founder, Dr. Vaidya’s), among others.
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Mykare Enhanced Patient Experience and Talent Acquisition
Mykare Health has announced that the funds raised will be utilized to enhance the overall patient experience and strengthen their talent acquisition efforts. The company aims to revolutionize the healthcare landscape by offering a standardized and affordable hospital network that caters specifically to India’s middle-class segment.
Addressing Challenges and Prioritizing Patient Care
According to Senu Sam, the CEO and Co-founder of Mykare Health, the startup recognizes the prevalent challenges faced by patients, such as the lack of administrative and pricing transparency, soaring healthcare costs, inadequate patient to hospital ratio, and a scarcity of quality care. These factors often lead to surgery-related fears among patients, resulting in treatment delays and a diminished quality of life.
To overcome these challenges, Mykare Health adopts a patient-first approach. Senu Sam emphasizes the startup’s commitment to serve every common middle-class person in India and beyond, providing affordable, high-quality care with a seamless experience. Additionally, the company is empowering small and mid-sized hospitals to enhance their visibility and trust, thereby increasing patient footfalls. With adequate support, these hospitals can significantly contribute to reducing India’s uneven patient to hospital ratio.
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Expansion Plans in South India
As part of its growth strategy, Mykare Health plans to focus on the cities of South India in 2023. The company aims to improve the healthcare experience and transparency for the low and middle-income groups across the country. By prioritizing quality, accessibility, and transparency, Mykare Health envisions making a substantial impact on a global scale, not just within India.
Impressive Milestones and Recognition
Over the past year, Mykare Health has successfully treated more than 85,000 patients and established operations in over 12 Indian cities, collaborating with over 200 hospitals. The startup has garnered significant recognition, including awards such as TiE Kerala Best Startup of the Year, SLP Best Startup of the Year, Headstart 23 Startups to Watch, KMA Best Startup of the Year, Inc42 Best Startup to Watch, Naturals Best Startup, and Business Connect Best Startup in 2023. Furthermore, Senu Sam, the founder of Mykare Health, has been honored with the prestigious Times 40 Under 40 Award.
Conclusion
Mykare Health’s recent seed funding success highlights the growing potential of digital health startups in India. With a mission to address key healthcare challenges, Mykare Health aims to provide quality, affordable, and standardized healthcare solutions to the middle-class population. By leveraging the funding to enhance the patient experience and talent acquisition, the startup is well-positioned to expand its reach and make a significant impact in the healthcare industry.
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