Mykare Health Raises $2.01 Million in Seed Funding to Revolutionize Healthcare Delivery for India’s Middle Class.
Mykare Health, a digital health startup headquartered in Kochi, India, has recently secured $2.01 million in a seed funding round. The company aims to establish India’s largest asset-light, affordable, and standardised hospital network, with a focus on providing quality healthcare experiences to the middle-class segment of the population. The funding round witnessed participation from prominent investors, including OnDeck ODX – US, Avaana Seed, Huddle, Endurance Capital, F Health, VeritasX, Stanford Angels, Phoenix Angels, and several notable individuals from the industry.
Addressing the Challenges of Inefficient Healthcare Delivery:
The co-founder and CEO of Mykare Health, Senu Sam, brings with him a distinguished 13-year career in the healthcare sector, having worked with leading hospital chains and conceptualised two previous start-ups. His motivation to establish Mykare Health stemmed from the realisation of the hurdles patients face due to operational inefficiencies and fragmented treatment journeys offered by hospitals. These challenges include difficulties in identifying the right doctors and hospitals, long waiting lines, opaque pricing, complex insurance processes, and the fear associated with undergoing surgery.
The Vision of Mykare Health:
Through extensive market research, Senu Sam and his co-founders Rahmatulla TM (CTO) and Joash Philipose (CPO) discovered that numerous small and medium-sized hospitals in India, which make up 80% of the country’s healthcare facilities, struggle to gain visibility and trust, resulting in a lack of patient footfall. Mykare Health aims to bridge this gap by offering comprehensive healthcare services at affordable prices, specifically targeting the middle-class population.
Tackling the Surgery Deficiency Issue:
Low and Middle Income Countries (LMICs) like India contribute only 6% to the total 313 million procedures conducted worldwide annually, and there is a significant need for an additional 143 million surgical procedures to save lives and prevent disabilities in these countries, as reported by The Lancet. Mykare Health aims to address the fear and inadequate number of surgeries in India by tackling factors such as administrative and pricing transparency, rising healthcare costs, poor patient-to-hospital ratios, and the scarcity of quality care. By prioritising a patient-first approach, the company aims to serve every common middle-class individual in India and beyond, offering a seamless, affordable, and quality healthcare experience.
Empowering Patients and Supporting Hospitals:
Mykare Health empowers patients and their families through an integrated ecosystem that takes care of every aspect of their healthcare journey. This includes selecting appropriate facilities, ensuring transparent pricing, managing paperwork, coordinating insurance, providing transportation services, facilitating communication with doctors, and offering post-care support. The company’s trained and experienced counsellors are available to guide patients and alleviate their fears related to funding and transparency.
Furthermore, Mykare Health offers a breakthrough proposition for small and medium-sized hospitals. By joining Mykare’s network, these hospitals can overcome underutilization of infrastructure and skills, gain improved visibility and trust, and attract a higher number of patients, resulting in stable revenue streams.
Expansion Plans and Recognition:
In 2023, Mykare Health aims to expand its presence in South Indian cities, with a vision to enhance healthcare experiences and transparency for the low and middle-income groups in the country. Within a short span of time, Mykare Health has already made significant strides, operating in 12+ Indian cities, and partnering with over 200 hospitals. The company has received several accolades, including the 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. Founder Senu Sam has been recognized with the Times 40 Under 40 Award.
Mykare Health’s recent seed funding success marks a significant step forward in their mission to revolutionize healthcare delivery for India’s middle class. By addressing the operational inefficiencies and fragmented treatment experiences in the healthcare industry, the company aims to offer affordable and quality healthcare services while empowering patients and supporting small and medium-sized hospitals. With their patient-first approach and focus on transparency and accessibility, Mykare Health is poised to make a transformative impact on the Indian healthcare landscape.
