Plus Health Tech Ventures Pvt. Ltd, which operates the healthcare startup, Ayu Health Hospitals Thursday said it has raised $27 million (around Rs 207 crore) in its series B funding round led by Nandan Nilekani-backed early-stage growth fund, The Fundamentum Partnership.
Other investors who took part in this funding round include the US-based fund 57 Stars, Capier Investments, and angel investors such as Ashish Gupta, Khadim Batti and Vara Kumar. Existing investors Stellaris Venture Partners, Vertex Ventures, and Alteria Capital also participated in this round.
Founded in 2019 by Himesh Joshi, Arjit Gupta and Karan Gupta, Ayu Health is a network of hospitals and it has over 40 hospitals across Bengaluru and Chandigarh.
“At Ayu Health, we deeply value our employees as we understand how a share of the company will benefit individual employees and give them a sense of ownership. A small secondary component as part of the current round has enabled some of our early-stage employees to cash in part of their ESOPs,” said Karan Gupta, co-founder and COO, at Ayu Health.
The Chandigarh-based startup plans to deploy the fresh funds to expand its hospital network and develop innovative technological solutions for patient experience, insurance processing, efficient procurement, and clinical quality management.
“Over the last two years, we have achieved phenomenal success in Chandigarh and Bengaluru, two markets at different ends of the spectrum. With the support from new and existing investors, we are targeting a network of over 200 hospitals and more than 10,000 beds by December 2022," co-founder of Ayu, Himesh Joshi said.
In September 2021, Ayu Health Hospitals raised $6.3 million (approximately Rs 46 crore) in a Series A financing round from Vertex Ventures, and Stellaris Venture Partners, among others.
Founded in 2020 by Nandan Nilekani and founder of venture capital firm Helion Ventures, Sanjeev Aggarwal, The Fundamentum Partnership has investments in companies like e-pharmacy PharmEasy, online travel portal Travel Triangle, used-car retailing platform Spinny, global SaaS platform provider FarEye and online trading platform Probo.
“The last two years have demonstrated an urgent need for tech-driven disruption in the healthcare space. Looking at the journey of Ayu Health in the last few years, it has the capability and capacity to address significant gaps in clinical care, in-hospital experience, and pricing for patients in India," said Prateek Jain, principal, Fundamentum Partnership.
Jain would be joining the Ayu Health Board, the statement said.
