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11 Indian Healthtech Startups To Watch Out For In 2018 [Startup Watchlist]
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Startup Watchlist: 11
Indian Healthtech
Startups To Watch Out
For In 2018
Meha Agarwal
Inc42 Staff
03 Jan'18
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Indian healthtech startups raised
about $346 Mn across 111 deals
This article is part of Inc42’s Startup Watchlist annual
series where we list the top startups to watch for 2018
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from industries like AI, Logistics, HealthTech etc. Explore
all the stories from ‘Startup Watchlist’ series here.
In May 2016, a Forbes article written by VC Dave Chase stated
98% digital health startups (globally) to be walking dead and
synonymous with Zombies. He feared that these startups are
unable to go beyond angel funding and lack resources to scale
ahead. Fast forward to 2017, one can easily witness the
change in the scenario.
As per an August 2017 CB insights report, globally, the sector
attracted over $10 Bn funding with the market moving closer to
consolidations, indicating the rise of big powers. Another report
reveals that since 2016, $4.3 Bn has been invested in Asia
HealthTech across 296 deals up to and including Q3
2017.ace.
Traditionally, Healthtech startups were associated with those
providing diagnostic, enterprise, medicine delivery solutions,
etc. However, a new breed of startups has emerged trying to
solve issues on the root causes such as the consumer lifestyle,
mental stress, early diagnosis of genetic disorders and even
reducing the after effects of painful processes such as
chemotherapy in the recent years.
These startups are not only bridging the gaps between the
doctors and the patients but are also creating an ecosystem to
facilitate a better and faster healthcare environment.
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How The HealthTech
Sector Fared In India
According to a recent PWC report, India ranks among the top
10 global growth markets for nutritional food and beverages.
Further, the Indian healthcare market, which is worth $100
Bn, is likely to grow at 23% CAGR to reach $280 Bn by
2020, as per a Deloitte 2016 report.
A rising middle-class, state-of-the-art healthcare facilities,
expert physicians, and increased dependency on technology to
facilitate healthcare at the prevention stage are driving the
growth of the industry in India, thereby expecting the industry
to attain double-digit growth.
According to a United Nations Population Fund report, the
number of people aged 60+ in India will increase from 100 Mn
in 2011 to 300 Mn by 2050. And of these 300 Mn, 200 Mn will
suffer from chronic ailments such as cancer, cardiovascular
diseases, diabetes and more.
Another report reveals that at present the average medical
expenditure of Indians in a private hospital comes to around
INR 32,375. Moreover, if we talk about life-threatening
diseases such as cancer, then, according to a 2004 research,
the spend in a home increases 36-44% more than in other
households with similar demographics.
Thus, opening up doors of opportunities for healthtech startups
trying to disrupt untapped niche sectors in this space. As per
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Inc42 DataLabs, in 2017, Indian healthtech startups raised
about $346 Mn across 111 deals.
A significant contribution here is although made by online
pharmacy startups such as Netmeds which secured $14 Mn
funding. In addition, the other startups who are already leading
the brigade of Indian healthtech ecosystem include 1mg,
Medfinder, Curefit, Practo, Curofy, Portea Medical,
Medgenome among others.
As we will soon be stepping into another year, let’s have a look
at 11 healthtech startups (raised less than $30 Mn funding),
handpicked by Inc42 DataLabs team, which showcase the
similar promise to grow and keep their flags flying high in 2018.
Indian HealthTech
Startups To Watch Out
For In 2018
Consure Medical
Founded in 2012, Consure Medical is a medical device
company focused on developing medical devices for the
management of critical care and long-term care patients. This
product emerged from the Stanford Biodesign program.
It is fundamentally catering to the $7 Bn fecal incontinence
market with a differentiated product and aims to innovate a
technology platform that would augment the way infection
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control and wound care was being approached in hospitals and
in homes.
Consure Medical Fact Sheet
Fecal incontinence (FI) is the inability to control bowel
movement, leading to the involuntary and untimely release of
feces or flatus. As mentioned on the startup’s website,
hospitals lose millions of dollars in poor clinical outcomes,
withheld Medicare reimbursements, and missed quality targets
due to fecal contamination. Although FI is a benign condition,
its clinical complications such as bed sores and crossinfections are often devastating to both patient and the care
provider.
As claimed by the founders, they have a unique distinction of
being one of the few emerging market medical device
companies to have both US FDA clearance and granted
patents in all important markets including USPTO.
Its first flagship product is Qora, which is a stool management
kit specifically for bedridden diarrhoea patients. After raising an
undisclosed amount of Series B funding in May 2016 from
investors such as Accel Partners, Indian Angel Network,
India Innovation Fund, and India Venture Partners, the
startup is paving its way ahead into the international markets
such as Japan and the US.
There are more products in the pipeline that the company
plans to launch in the next one to three years. With an initial
focus on patients in ICUs and general wards, Consure Medical
plans to move to enhance care in step-down units, nursing
homes, and at-home patients.
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Consure Medical is trying to tap an opportunity in one of the
most niche sectors of healthtech industry and is filling the
much-needed gap. The low-cost products developed by the
company will certainly give the company an edge in both the
local and global markets and it would be worth watching what
other innovations this healthtech startup has in its kitty to
create a hygienic environment for over 16 Mn Indian and 100
Mn global patients worldwide.
DocTalk
DocTalk is a mobile application that allows users to safely save
all their medical files and history on the cloud so that they
never have to carry their files again. A part of Y Combinator’s
Winter 2017 batch, the startup aims to work on an AI-based,
on-demand virtual assistant application to simplify the Indian
healthcare ecosystem.
Using the app, patients can also chat with their doctors and get
prescriptions on-the-go. The platform also services doctors by
preventing revenue leakage, while also assisting them in
maintaining relationships with patients.
As Co-founder Akshat Goenka shared in a blog post on
Medium, “We started reading up on the Indian healthcare
ecosystem and some of our most basic assumptions were
proven drastically wrong. We quickly realised that there is a
great opportunity to simplify problems but the deeper we
looked, the greater the problems seemed.”
DocTalk Fact Sheet
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Within a span of two years, the startup has now extended its
presence in Delhi, Mumbai, and Hyderabad. DocTalk’s
messaging platform has been availed by up to 500 doctors
and more than 30,000 patients as of November 2017. Also,
it has raised $5 Mn in a funding round led by Khosla Ventures
and Matrix Partners India.
A report by KPMG and the Organisation of Pharmaceutical
Producers of India (OPPI) points out that more than 75% of
India’s pharmacies, around 60% of hospitals and 80% of
doctors are located in urban areas. As pointed out above, the
startups like Doctalk are thus filling the much-needed gap and
are trying to provide a better doctor to patient ratio in a densely
populated country like India.
Grow Fit
According to the World Economic Forum, in India alone, over 6
Mn lives are lost every year due to lifestyle diseases. And the
economic burden of lifestyle diseases has been estimated to
be over $4.58 Tn by 2030.
Launched in September 2015 by Jyotsna Pattabiraman, Grow
Fit is trying to address this gap with its healthtech platform. It
aims to help over 300 Mn Indians who are at risk of contracting
lifestyle diseases, with its expert coaching, health foods and
behavioral insights.
Grow Fit Fact Sheet
The platform consists of a group of nutritionists, food
technologists, counsellors, technologists, and product people
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who want to use the power of the mobile to make health a daily
habit. It now offers its solutions on three fronts: the diet chart; a
range of packaged foods that is available online; and, in
Bengaluru, a central kitchen that makes and delivers food in
the city.
Related Article: Mumbai Angels Network Invests In
Healthtech Startup Theranosis Life Sciences
In September 2016, Grow Fit also entered the functional
beverages field with the acquisition of Drink King to expand its
offerings to areas including expert health advice, customised
diet plans, therapeutic and functional foods, and nutritional
beverages.
As of June 2017, the company claims to have an 80% success
rate. As per a company statement, the Grow Fit mobile app
has been downloaded over a million times (Android and iOS)
and delivers about 10,000 healthy meals a day in Bengaluru
currently. The company uses data science and machine
learning to identify and validate strategies for customer
success.
In its endeavour, Grow Fit has been joined by investors and
mentors such as Manipal Education, Medical Group (MEMG),
SAR Group, The Grover Trust, Krishnan Ganesh and Meena
Ganesh of GrowthStory as well as Dr. Ranjan Pai, the MD &
CEO of MEMG and Kris Gopalakrishnan, co-founder, Infosys.
Moving ahead in 2018, we will be watching Grow Fit on three
fronts – its novel approach, investment in R&D, and its
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technology platform. With Indians gradually getting
concerned over their health and looking for convenient
measures, the segment is expected to further expand only,
thus opening up a number of opportunities for Grow Fit.
Further, Grow Fit has the ability to address both national and
international markets.
iGenetics
Launched by the trio from Actis PE, having over a decade of
experience in healthcare investment, strategy and marketing
areas, iGenetics is working in the area of bringing better tools
in the hands of the future medical community.
The startup offers clinically relevant differential diagnosis
panels in addition to a highly accurate range of individual
laboratory tests specifically in areas of critical care, oncology,
gynaecology, and infertility.
iGenetics Fact Sheet
iGenetic is housed in an ICH, NABL, and CAP compliant
laboratory with its central processing laboratory spread
over a 10,000 sq ft facility in Mumbai with satellite labs
across the country.
According to a company statement, as of March 2017, the
startup offers 1,400 tests, including advanced tests for cancer,
infertility, and infectious diseases as well as routine laboratory
tests.
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As claimed on the company’s LinkedIn Page, iGenetic has the
capability to develop many in-house tests and products which
are not available in the market today with several “first in the
market” tests already commercialised.
The company has so far raised $20.48 Mn, with major $19.5
Mn secured in March 2017 from CDC Group Plc, the financial
institution run by the UK government, and the Manipal
Education and Medical Group (MEMG), who have together
pledged to invest $74 Mn in healthcare networks and service
providers in India, Africa and South Asia.
The future-ready generation is looking forward to solutions like
these to cure genetic diseases. It will be worth watching how
far iGenetic can take its innovations in the coming years.
NIRAMAI
The year 2017 has gone extremely well for NIRAMAI. In just
one year, the startup has been selected to be a part of Google
Launchpad Accelerator, Philips HealthWorks Accelerator
Programme, and Axilor Accelerator Programme. Not only this,
it also received a backing from Flipkart founder Binny Bansal,
pi Ventures. Ankur Capital, Axilor Ventures, and 500 Startups.
This startup, led by two women co-founders Dr. Geetha
Manjunath and Nidhi Mathur, bundled in itself over 25 years of
research and innovation expertise in areas such as data
analytics, machine learning, cloud computing, semantic web as
well as years of nurturing from serial entrepreneurship.
NIRAMAI Fact Sheet
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NIRAMAI stands for Non-Invasive Risk Assessment with
Machine Learning. It is working on a non-invasive, radiationfree, painless and low-cost, cancer-screening solution. As per
facts, 95% of breast cancers are curable if detected early. Yet
76,000 women die in India alone and more than 700,000
globally, every year, as stated by the company in an official
statement.
NIRAMAI is thus on a mission to create a universal cancer
screening method that can save lives by detecting breast
cancer at an early stage.
NIRAMAI uses artificial intelligence over thermal images to
address the issues of early detection of breast cancer. The
overall hardware-software solution is portable and uses big
data analytics, artificial intelligence and machine learning for
reliable, early and accurate breast cancer screening. Their
method of screening is based on principles of Thermography
that can detect tumours five years before mammography or a
clinical exam can.
As per a February 2017 report of CB Insights, globally deals
with healthcare-focused AI startups went up from less than 20
in 2012 to nearly 70 in 2016. And like we said above, the
incorporation of IoT, AI, and machine learning in the healthcare
industry is further opening up doors for the startups like
NIRAMAI to experiment and put forward innovative solutions
for rare diseases.
The recent recognition received by NIRAMAI in Amazon AI
Awards further indicates the same.
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NeuroSynaptic
Neurosynaptic offers proven ehealth and mhealth technology
solutions that bring together products, partners, and processes
in the healthcare delivery ecosystem. It develops a point-ofcare diagnostic device capable of performing dry chemistry
tests including biochemistry tests, electrolyte tests, HBA1c, etc.
The company aims to enable access to affordable healthcare
in rural and semi-urban areas, using its cloud-based
telemedicine platform called ReMeDi (Remote Medical
Diagnostics). The software claims to provide screening and
primary diagnosis by connecting patients with doctors.
NeuroSynaptic Fact Sheet
As claimed by the founders, not only does ReMeDi connect the
entire fragmented ecosystem for last-mile delivery, but it also
offers several features like workflow configuration, and the
latest sensor and wireless communication technologies.
The startup raised an undisclosed amount of Series A funding
round in October 2016 from Indian Angel Network (IAN),
Healthquad, and Axilor Ventures to gain international
certifications and to expand business in Africa and Southeast
Asia.
According to World Bank 2015 report, around 67.25% of Indian
population still resides in rural areas. However, only 2%
doctors are available to cater to their needs, making the
availability of medical facilities at the right time a daunting
task.ReMeDi digital health solutions aim to improve this
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situation and has successfully demonstrated scale on the
ground.
As shared by the Neurosynaptic team at the time of Series A
funding, in near future the startup can bring on the platform
products like SaaS-based, pay-per-use telemedicine and
mhealth solution as well as ReMeDi-NOVA to revolutionise the
last-mile healthcare access.
OncoStem Diagnostics
India is said to be the largest contributor of cancer-related
deaths in the world with around 2.2 Mn people falling prey
every year due to this deadly disease. As per doctors, 70% of
the cancer patients take consultation at the terminal stage and
of this maximum times, only 30% are curable. Also, there
remain the chances of relapse.
OncoStem Diagnostics is trying to fill in this gap by providing
personalised cancer treatment planning through the
development of tests that predict the chance of recurrence in
patients. It also helps patients to stay away from the costly and
painful treatment of chemotherapy and its toxic effects.
OncoStem Fact Sheet
Their lead product ‘CanAssist-Breast’ – ‘Morphometric
ImmunoHistoChemistry’ (mIHC) test, can predict the risk of
recurrence for HR+ breast cancer patients from Stage 1 up to
Stage 3A. Currently, it is available in India, Sri Lanka and
Bangladesh. It also claims to have helped close to 50% of
patients to avoid the severe side-effects of unnecessary
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chemotherapy. Patients can update their details and request a
test report, after paying the fees on its website itself.
In addition to CanAssist-Breast, OncoStem will soon launch
another test for patients suffering from Triple-Negative Breast
Cancer (TNBC). Also, the startup is working to expand its
presence in new markets in Asia as well as Europe. Also, it
aims to deepen its R&D efforts, develop effective tests for oral,
brain and colon cancer and automate these tests.
Recently, the startup also received the much required financial
thrust of $6 Mn from marquee investors such as Sequoia India
and Artiman Ventures.
Going ahead, the technology and pricing of OncoStem can
fundamentally change patient access to such cutting-edge
tests, which have been prohibitively expensive in most markets
globally so far. Also, the biomarkers discovered through
OncoStem’s predictive analysis of cancer recurrence will help
pharma companies in developing new targeted drugs.
The way OncoStem is leading its way to develop affordable
and innovative tests to accurately predict the risk of cancer
recurrence, it can become a crucial tool for doctors in the
near future to lay their hands on an actionable blueprint for
personalised treatments.
PharmEasy
PharmEasy stands for Pharmacy made easy. It not only helps
patients and their care-takers connect with the local medicine
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shops but also offers free sample collection service for
diagnostic tests by authorised phlebotomists.
The startup claims to ensure that medicines are delivered
within six hours of prescription validation by a licensed
pharmacist. The app also has an in-built dosage reminder for
users. Further, in case a patient does not have a prescription,
the PharmEasy team connects with him/ her and provides a
valid prescription. The firm has tied up with nearly 700 doctors
across India.
PharmEasy Fact Sheet
Since its launch in 2015, this Mumbai-based startup has
expanded its presence to 700 cities and 2000 pincodes with
over 150 partner vendors. As of April 2017, the company has a
network of 100 offline retailers and various licensed
pharmacies to deliver medicines, free of charge, on submission
of a valid prescription.
PharmEasy has also tied up with a number of diagnostic
centres across Mumbai, Delhi, and Kolkata to provide
diagnostic services. The startup claims that its partner retailers
are compliant with FDA rules and regulations. The healthtech
startup works on a commission-based model.
And if all these internal traction numbers are not enough, have
a look at this. Earlier this year in April 2017, the startup also
raised $16 Mn from a clutch of investors including Bessemer
Venture Partners, Orios Venture Partners, and Ascent Health
And Wellness Solutions. Some media websites also reported
that PharmEasy has raised an add-on funding round of $2 Mn
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over Series B led by Trifecta Capital and Astarc Ventures,
taking the total funding raised so far to $23 Mn.
Post raising the funds, PharmEasy also announced to expand
to four more states such as Maharashtra, Karnataka, West
Bengal and Tamil Nadu and enrol a total of 1 Cr families on
its platform by the end of 2017. As per reports, the startup is
currently serving 20 Lakh families with a team of 600 and plans
to raise 200 more tech people in next three months.
Within past few years, the startup has evolved from a pure
transactional flow to now being heavy on educating the
customers on the process, which will further improve the
rejections and cancellations on the app. As shared by the
founder in an earlier interaction with Inc42, there were over
35% rejections and cancellations at one point, which have now
reduced to 25%.
Earlier plagued by regulatory hurdles, the online pharmacy
market which is worth $78 Mn – $93.6 Mn (INR 500 Cr- INR
600 Cr), is now paving its way towards a smoother road. Going
ahead in 2018, we expect the Indian health ministry to further
ease of the path for these startups.
As of now, e-pharmacies have already got a mention into the
Niti Aayog’s three-year roadmap and have also got validation
in the draft pharmaceutical policy released by the government
earlier this year. How well PharmEasy will be cashing upon
these opportunities in the upcoming year, will be worth
watching.
SastaSundar
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SastaSundar.com is a digital network for managing healthcare,
pharma, and wellness product supply chain. It acts as a
channel for connecting doctors, diagnostic services, health
care clinics, and health information services. The focus is on
using knowledge and digital connectivity to reduce cost and
make the availability of high-quality medicines convenient.
SastaSundar Fact Sheet
The digital network of the platform is built on the O2O model of
healthcare delivery and inventory-less service centre of the
franchise called Healthbuddy. Launched in 2013 by BL Mittal,
the startup recently raised $5 Mn funding from Japanese
pharma company Rohto which will also assist the startup in
scaling its operations across pan-India.
As per a company statement for the year ended March 2017,
the GMV of SastaSundar.com was $23.6 Mn (INR 153 Cr)
and it claims to have delivered close to 1.7 Mn orders. The
company claims to have about 178 Healthbuddy stores with
440K registered customers.
Currently operational only in West Bengal, this Kolkata based
startup gearing towards a $100 Mn national expansion plan in
next two-three years. Also, the platform aims to have around
250 Healthbuddy stores in West Bengal and 50 Healthbuddy
stores in Delhi by March 2018. The expansion to other cities
will be dependent upon the response it will receive post the
rollout of its services in New Delhi.
SigTuple
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Launched in 2015, SigTuple aims to create a data-driven,
machine learned, cloud-based solution for detection of
abnormalities and trends in medical data for disease diagnosis.
The startup looks to revolutionise the global medical diagnostic
space through data-driven intelligence.
SigTuple has developed a continuous learning platform
powered by AI for healthcare, ‘Manthana’. It allows SigTuple to
ingest visual medical data from different devices and to train,
validate and execute AI and ML powered models to classify
various objects of interest, detect diseases and compute the
metrics for reporting.
SigTuple Fact Sheet
Currently, SigTuple is using Manthana to provide solutions for
automated analysis of peripheral blood smear, urine and
semen sample, retinal scans and chest x-rays.
Another solution by SigTuple, Shonit™, has already undergone
three clinical trials. It will soon be available for user adoption.
Other solutions are in advanced stages of development.
According to a company statement, SigTuple’s solutions will
allow labs and hospitals to scale by implementing a hub and
spoke model, where the medical experts can operate from the
hub and devices, can be installed in spokes. Also, the initial
focus is on the solutions for the screening tests so that the
startup can positively impact a larger population not only in
India but globally as well.
In February 2017, the startup also raised $5.8 Mn in Series A
funding round led by Accel Partners, raising the total funds
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raised so far to $6.54 Mn. Not only this, recently during the
Global Entrepreneurship Summit being held in Hyderabad in
November 2017, SigTuple also showcased its product before
PM Narendra Modi and guest of honour Ivanka Trump under
the most innovative startup’s category. It is a DIPP recognised
startup and has also been part of Google Launchpad
Accelerator’s fourth batch selected in May 2017.
The Indian diagnostic market is expected to be worth $32 Bn
by 2022. However, the market is still very fragmented and
lacks proper guidelines and regulations specifically for
upcoming new age healthtech startups. But, now that startups
like SigTuple are being recognised by the government, there
seems wider opportunities to grow in near future.
SigTuple is using innovative technologies such as deep
learning and neural networks to predict any future illness in a
person and has showcased a good average revenue run rate
so far, which in long run can provide an edge to the startup
amidst its fellow competitors.
Tricog
In India alone, 5 Mn people suffer heart attacks every year and
3 Mn of them don’t survive. Forget rural areas, the average
time it takes to diagnose a heart attack even in urban India is
360 minutes. The chance of survival with this delay is a mere
20%. If this delay were reduced to 90 mins, the survival
probability jumps to 80%. Founded by Dr. Charit Bhograj, an
interventional cardiologist with over 16 years of experience,
Tricog is an attempt to achieve the same.
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Tricog Fact Sheet
The Tricog team has built a cloud-based ECG machine, and
appointed a team of doctors who can sit at a centrallylocated hub 24×7 in Bengaluru. The idea was to allow any
doctor at any remote location to take the ECG data of the
patient using this machine and send it via the cloud to the
Tricog team of doctors.
The product and the services are offered on a pay-per-use
model, so it also solves affordability issues for even small
general practitioners. Also, the business model enabled Tricog
to scale and reach even the remotest of locations.
The Tricog team began with Karnataka and is now slowly
expanding to Andhra Pradesh, Telangana, Tamil Nadu,
Kerala, Maharashtra, and Delhi.
It also raised an undisclosed amount in Series A funding from
Inventus Capital Partners, Blume Ventures and other angel
investors in August 2016. In September 2016, it also became
the first startup to be selected by GE Healthcare’s accelerator,
five.eight.
Healthcare diagnosis was historically a major problem due to
the costs involved in procuring the diagnostic hardware. But in
the age of cloud-based service provision, healthcare has the
potential to go through a paradigm shift for the better.
The innovators in this field have been working on similar
issues, but the ones which are able to provide the most costeffective solution will most likely prosper in a developing
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country like India. And we believe, Tricog to be one such
startup.
While these were the Indian Healthtech startups to watch out in
2018, stay tuned for next edition of Startup Watchlist, where we
will be featuring Indian Media & Entertainment startups to
watch out in 2018, click here for more stories!
[The startups mentioned above have been selected on editorial
discretion, our interactions with the startups and other industry
veterans.]
Consure Medical
CureFit
Healthtech Startups
Medwell Ventures
OncoStem Diagnostics
SigTuple
DocTalk
Grow Fit
IGenetics
MedGenome
Neurosynaptic
Niramai
Pharmeasy
Startup Watchlist
SastaSundar
Tricog
Note: We at Inc42 take our ethics very seriously. More
information about it can be found here.
Author
Meha Agarwal
Inc42 Staff
Meha has engineering and MBA degrees, but she has always
been a writer at heart. It was the perfect combination of
https://inc42.com/features/watchlist-healthtech-startups-2018/
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11 Indian Healthtech Startups To Watch Out For In 2018 [Startup Watchlist]
utilising her research and analytical skills and her enthusiasm
for writing that sparked her interest in writing about the Indian
startup ecosystem – the latest tech and gadgets and the
startups that create them. She is always on the lookout for
industry-specific stories in niche areas of interest such as
ecommerce, fintech, greentech and more.
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11 Indian Healthtech Startups To Watch Out For In 2018 [Startup Watchlist]
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