BeYouPlus, a startup which is aiming to standardise beauty treatments by partnering with local clinics, has raised $3 million (approximately Rs 21.20 crore at current exchange rates) in a Series A funding round led by the Mumbai-based IvyCap Ventures.
Other investors that participated in the round include Madison Capital and Singapore Angel Network, the Gurugram-based company said in a statement.
BeYouPlus, which is operated by Dermacy Healthcare Pvt. Ltd, will use the funds to enhance its technological infrastructure and expand its products and services to new markets, it added.
Ankit Khurana, founder and chief executive officer at BeYouPlus, said the firm was committed to providing globally-recognised medical procedures to domestic masses at an economical price point. “It is our firm belief that the answer to India’s lack of healthcare infrastructure rests with a standardized distributed model for day care and elective medical procedures,” he said.
BeYouPlus’ operating model improves private practitioners’ efficiency while at the same time providing consumers with quality and reliable healthcare, he added.
As part of its investment, IvyCap founder and managing partner Vikram Gupta will join BeYouPlus’ board of directors.
Separately, Gupta said IvyCap was confident in its investment because of the startup’s focus on accessibility, transparency and standardisation in healthcare treatments.
BeYouPlus says it has developed a model wherein it can offer highly specialised doctors with a procedural solution to add to their outpatient department (OPD) practice. The firm manages the end-to-end delivery of services, and currently focusses on dermatology services, with plans to expand to other specialties in the future.
IvyCap Ventures was founded in 2011 by Vikram Gupta, and says it focuses on an entrepreneur-centric investment approach, with an emphasis on sectors such as consumer, healthcare, enterprise technology, financial technology and emerging technology.
It operates at least two funds, with companies in its portfolio including BiryaniByKilo, Clovia, Pharmarack, Vinculum, GrabOnRent, and BlueStone.
Deals in the health-tech segment
Investment activity in the health-technology segment has been strong as startups seek to differentiate themselves by addressing gaps in traditional healthcare models and even offering frontier technology-based solutions.
Earlier this month, the Singapore based Child Health Imprints (CHIL) announced that it raised $2.4 million (around Rs 17.01 crore) in a pre-Series A funding round from investors including HealthXCapital and Enterprise SG. CHIL provides neonatal-care solutions to hospitals.
In September, Meddo, a health-technology startup that integrates physical and online healthcare services, raised $3 million (about Rs 21.53 crore) in a pre-Series A funding round led by the Philadelphia- and Hyderabad-based SRI Capital.