Online healthcare platform LetsMD has today received a fresh investment in its seed funding round. The current round saw participation from Calcutta Angels Network, LetsVenture, Anupam Mittal and Currae Healthtech Fund.
Collectively, they’ve all picked up around 25 percent stake in the company. While financial details related to the deal haven’t been disclosed, a report from ETtech claims that Calcutta Angels Network has bought around 8 percent of the company for approximately Rs. 1 crore.
Commenting on this investment, Calcutta Angel Network’s president Siddharth Pansari said,
LetsMD is in the process of creating a platform by bringing together all the players of the healthcare ecosystem on to a single integrated marketplace. It is CAN’s first round with LetsMD. Incidentally, it is also CAN’s biggest investment in terms of the amount invested.
Nivesh Khandelwal, co-founder of the company, said,
LetsMD will enable accessienable accessibility and affordability of tertiary level healthcare in India. We believe CAN, with its large and diverse network of investors, will play key role in enabling relay a key role in enabling relationship acquisition for LetsMD.
Founded in December 2015 by Nivesh Khandelwal, Tenzin Thargay and Prakhar Gupta, LetsMD addresses the discovery, transparency and affordability problem in healthcare through a marketplace-based approach.
The platform is working as partners with around 300 hospitals including the likes of Fortis Healthcare, BLK Hospital and Apollo Hospitals. Along with them, the company is also working with single specialty chains in Delhi-NCR.
As per the reports, the Indian healthcare sector is expected to register a compound annual growth rate(CAGR) of 22.9 percent during 2015-20 to $280 billion. Rising income level, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance would be the key contributors to growth.
The private sector has emerged as a vibrant force in India’s healthcare industry and accounts for almost 74 percent of the country’s total healthcare expenditure. Further, presence of world-class hospitals as well as skilled medical professionals has strengthened India’s position as a preferred destination for medical tourism.