Calcutta Angels, with a target to achieve more than double its equity support plan in 2016-17, is picking up 8% stake in LetsMD ( a health tech startup based out of Delhi). This investment which is slightly above Rs. 1 crore bracket in the health aggregator is considered to be biggest by Calcutta Angel Network (CAN). Calcutta Angels Network, a three-year-old strong network of 68 investors for start-ups is the largest angel network in the east. It is going to be CAN’s 12th investment in a startup. Around 25% of the stake in the company is getting diluted by the promoters for an undisclosed amount. Prashnt Jalan and S Dudhoria has Led this fund raising round for Calcutta Angel Network.
In December 2015, LetsMD was founded by serial entrepreneurs Nivesh Khandelwal, Prakhar Gupta and Tenzin Thargay with heavy experience across many sectors; Nivesh Khandelwal with more than 12 years of experience in entrepreneurial sectors is a Wharton MBA. While Prakhar Gupta a Purdue university alumnus has a heavy startup experience across India and Silicon Valley. Tenzin Thargay an IIM-B graduate possesses more than a decade experience across digital healthcare platforms and consumer internet sector.
LetsMD through a marketplace based approach focuses mainly on the discovery, transparency and affordability problem in healthcare segment. LetsMD has convinced around 300 hospitals to come on board and specialty chains in Delhi-NCR as partners for the Health care marketplace. It now includes big names like Fortis Healthcare, Apollo Hospitals and BLK Hospital. “Apart from Calcutta Angel Network, a clutch of other investors, including Anupam Mittal of Shaadi.com invested in the health technology firm,” confirmed a source.
Nivesh Khandelwal shared, “LetsMD will now enable accessibility and affordability of tertiary level healthcare sector in India. We believe Calcutta Angel Network, with its huge and different network of investors will play an important role in aiding relationship procurement for LetsMD. This fund will be utilized to develop a more potent team, build the next level of technology and promotions.”
One of the founders of LetsMD, Shanti Mohan during the event shared that it addresses two of the major problems of the Indian healthcare sector: timely financing and transparency of price for a huge chunk of uninsured population. “Patients and their families definitely needs such platforms to implicitly compare pricing of procedures and the quality across the hospitals, and be able to afford to pay for them before it becomes too late,” he added.
The Indian healthcare sector is expected to scale up at a compound annual growth rate (CAGR) of nearly 23.2 percent during 2015-21 to $290 billion as per the reports. Thanks to greater health awareness, rising income levels, hike in precedence of lifestyle diseases and enriched access to insurance would be the key factors for growth.
The private sector has established themselves as a vibrant force in the healthcare industry of India and has accountability for almost 74 % of the country’s full healthcare expenditure. Adding to this, presence of Top world-class hospitals as well as highly skilled medical professionals has reinforced India’s position as a favorite destination for medical tourism.