Chandigarh Angels Network has invested Rs 1.6 crore ($235,000) in Mumbai-based healthcare startup Yolo Health.
Yolo Health, run by Health ATM India Pvt. Ltd, provides a walk-in kiosk with medical devices and staffed by a medical attendant. Patients can walk into a Yolo Health ATM without an appointment and get a quick health check-up and instant health report. They can also consult with healthcare providers via video conferencing.
“It’s more of a social investment for us, and we hope to drive healthcare ATMs into under-privileged areas,†says Kunal Nandwani, lead investor from Chandigarh Angels Network and CEO of uTrade Solutions.
Yolo Health will use the funds to develop Health ATMs, which will dispense generic drugs. The company will also invest the funds in research and marketing.
The startup was founded in 2015 by IIT alumni Shreyans Gandhi, Dhilly Babu and Arpit Mishra. It has a team of 13 people.
“Our focus will be to strengthen our existing product and technology capabilities to deliver better virtual care experience while expanding and scaling our existing virtual care touch points by closely collaborating with hospitals, state governments and CSR foundations,†said Babu.
The company has tie-ups with Dr Balabhai Nanavati Hospital in Mumbai and Glocal Hospitals in Kolkata as well as companies such as Dell, Intel Corporation, Indian Railways and Essar Steel. Yolo plans to set up 100 virtual care touch-points across rural and urban communities in 2017.
“We also want to experiment with consumer-focused virtual care delivery and model through innovative business and revenue models while on-boarding critical stakeholders and partners to expand our virtual-care delivery,†Babu said.
This is the angel network’s seventh investment till date. In November 2016, the network had invested an undisclosed amount in The Gourmet Jar, which offers a range of jams, mustards, relishes and condiments.
In January 2016, it backed Gurgaon-based Invexgo Solutions Pvt. Ltd, which runs on-demand concierge services Qlivery. In December 2015, the network invested an undisclosed amount in Chandigarh-based JumboBasket Pvt. Ltd, which runs e-commerce returns platform JumboBasket. Previously, it put money in New Delhi-based Eckovation Solutions Pvt Ltd, which runs a social learning platform for students.