Ayu Health, a Bengaluru-based health tech company, raised $6.3 million in a Series A funding round from Singapore-headquartered Vertex Ventures and Stellaris Venture Partners.
The round saw participation from serial entrepreneur and angel investor Ashish Gupta, Mamaearth’s co-founder Varun Alagh, and Rajat Goel, Founder of Gurugram-based EyeQ Super Speciality Eye Hospitals.
The fresh funds will be focused on expanding their hospital network, improving technology solutions, procurement as well as quality management. It further looks forward to expanding its bed capacity to 5000+ beds across six cities by December 2020.
Launched in 2019 by repeat entrepreneurs Himesh Joshi, Arjit Gupta and Karan Gupta. The trio previously founded used-goods marketplace Zefo, which was later acquired by Quikr in 2019. Presently the health tech firm has about 20 hospitals across Chandigarh and Bengaluru.
Himesh Joshi, Co-founder, Ayu Health said, “Our mission at Ayu is to democratize hospital care by using technology to improve both the quality, efficiency and reach of stand-alone hospitals. Our partner hospitals use our technology platform to improve clinical quality, procure medicines and consumables, and process insurance claims; this results in better clinical outcomes, a smooth in-hospital experience and transparent pricing for patients. We are thrilled to partner with Stellaris and Vertex, as well as our angel investors to take our cause forward.”
Ritesh Banglani, Partner at Stellaris Venture Partners, said, “We have partnered with Himesh, Karan and Arjit previously when they were running Zefo, and have very high regard for their capabilities. Their plan to tech-enabled the $100 billion private hospital market and create India’s largest branded hospital chain resonated deeply with us. With their technology-led approach, they can provide high-quality and affordable hospital care to the mass market of patients,”.
Piyush Kharbanda, Partner at Vertex Ventures Southeast Asia and India said, “At Vertex, we are continuously looking for ways in which technology can drive efficiencies in healthcare by demystifying complex tenets of care such as pricing, insurance and non-medical interventions. We are excited to partner with Ayu Health on this mission, especially with evolving customer behaviour towards healthcare in the post-pandemic world.”