Glamyo Health, an asset light healthcare startup operating in the field of elective surgeries, has raised $3 million in Series A funding.
The round was led by Ananta Capital with participation from Agility ventures; Udtara Ventures; We Founder Circle; Dexter Angels; Tej Kapoor – Managing Partner at Fosun; Vivek Gupta and Abhay Hanjura, Founders of Licious; Dhruv Kapoor, Partner at Sistema; Aditya Singh, Principal at Stride VC; Ayush Jain, Leading South India for AWS; and others.
Started in the end 2019, the brand has raised in total $3.5 million including the current round.
Commenting on the investment, Archit Garg, Co-founder at Glamyo Health, said,
“Due to the pandemic, there has been a huge backlog of elective surgeries. Lack of quality healthcare professionals and facilities is also a challenge in India. At Glamyo Health, we are bridging the gap with keeping quality at core. In the last three quarters we have witnessed a 300 percentage surge in the business through our platform. Besides, we have also grown 3x in the number of cities in the last three months.”
L-R: Archit Garg and Dr Preet Pal Thakur
“We have grown with a monthly CAGR of 35 percent in the last 18 months. The key reason for this growth is that we keep the patient at the centre of all our offerings. Surgical care in India is riddled with challenges like price opacity, even pricing shocks, friction in patient experience – just to name a few. Glamyo Health is essentially solving this trust deficit,” added Dr Preet Pal Thakur, Co-founder at Glamyo Health.
The company currently has presence in 10 cities, which includes Mumbai, Bengaluru, Hyderabad, Pune, and also Tier-II cities like Indore, Bhubaneshwar, Chandigarh, and Patna. Glamyo team has plans to scale up in 20+ cities in the next six months.
“We really liked the passion, vision, and execution of Archit and Preet, as Glamyo has built its hospital network in 250+ pin codes in 10 cities. It is a big achievement for the 1.5-year-old startup as many asset heavy players in the industry still do not have such a diverse presence,” said Lovkesh Kapoor, Managing Partner at Ananta Capital.
“In this covid era, Glamyo has used technology to deliver personalised patient care. We’re confident that in the times to come, Glamyo will be a leading consumer-centric elective surgery provider in India,” stated Prashant Narang, Co-founder, Agility Ventures.
According to Ankit Lakhotia, Partner, Udtara Ventures, Glamyo health has disrupted the healthcare industry with its asset light infrastructure and highly capital efficient business model, enabling the company to grow over 40 percent month-on-month.
“We are sure that Glamyo will soon grab a significant market share in the fragmented healthcare infrastructure and services category, driving larger benefits to its consumers,” said Ankit.