Healthtech startup Alyve Health has raised $5.5 million in a Series A funding round led by Axilor Ventures and saw participation from 1Crowd Fund, an existing investor, as well as InHealth Ventures, a healthcare-focused fund.
The company also raised a venture debt fund from Trifecta Capital as part of this round.
“We are committed to leveraging these resources to enhance our platform, expand our service offerings, and ultimately, create enriching experiences for millions of users across India to achieve a healthier and quality life,” Sushant Roy, Co-founder, CBO & COO at Alyve Health, said in a statement.
By leveraging technology and human expertise, the healthtech startup aims to disrupt traditional healthcare models, offer a more customer-centric experience, and tailor healthcare plans to each individual’s unique needs and goals.
“With rising incomes and awareness, consumers are asking for offerings beyond just hospitalization benefits. In a market fraught with noise, Alyve’s customer-centric approach to enhancing the healthcare experience while offering tailor-made, high-utilisation OPD services, gives the company the right to win,” said Prachi Sinha, Principal at Axilor.
As per the International Trade Administration report, the size of the Indian healthcare industry crossed $370 billion in 2020 and is expected to reach over $610 billion by 2026.
Founded by Roy, Shashank Avadhani, and Vineet Mehta in 2020, Alyve Health was built with the vision to provide unparalleled coverage and simplify the health plan experience for its members.
Alyve’s health plans cover multiple healthcare journeys like doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships, and proactive well-being.