Indian healthtech startup ConnectedH shuts down due to market realities, adding to the list of startups affected by the funding crunch in the ecosystem.
ConnectedH’s Decision to Wind Up Operations
ConnectedH, a healthtech startup backed by Kalaari Capital, has become the latest victim of the funding winter as its founders decided to cease operations last month. In a LinkedIn post, cofounder Suresh Singh announced the closure and expressed his gratitude towards the team members who have now found their next roles. The startup faced market challenges that proved insurmountable with the available resources and its place in the ecosystem, leading to this difficult decision.
ConnectedH’s Journey and Services
Established in 2018 by Subham Gupta, Rahul Kumar, and Suresh Singh, ConnectedH was a B2B healthtech startup that offered comprehensive CRM solutions and online report management tools to diagnostic labs. Over a span of five years, the company served more than 5 lakh patients from 400-plus healthcare providers across five cities, amassing a database of 10 million health data points.
Funding and Prominent Backers
Throughout its lifetime, ConnectedH raised $2.5 million in funding, securing investments from prominent names such as Kalaari Capital, Incubate Fund India, and angel investors like Kunal Shah (CRED), Roman Saini (Unacademy), Farid Ahsan (ShareChat), and Ashish Mohapatra, Ruchi Kalra (OfBusiness).
Plans for the Future and New Ventures
Despite the challenges faced by ConnectedH, cofounder Suresh Singh remains optimistic about the future. In his post, he expressed his intention to explore new ventures over the next few months, building on the experiences gained from his time with the startup.
Growing List of Startup Shutdowns
ConnectedH’s closure adds to the growing list of Indian startups facing shutdowns in recent months. Companies like Vah Vah, FrontRow, Pillow, and Friyey have all wound up operations due to various challenges, with the ongoing funding crunch in the Indian startup ecosystem being a major factor. Investors have shifted their focus to profitability and sustainability, leading to significant changes within the ecosystem in the past year.
The Impact of Funding Winter on Indian Startups
The ongoing funding crunch has resulted in a challenging environment for many startups, prompting them to evaluate their operations and sustainability. Despite the difficulties, founders like Suresh Singh remain committed to the entrepreneurial spirit, seeking new opportunities and solutions to contribute to the Indian startup ecosystem.
