Glamyo Health Raises $3 Mn In Series A Round The Glamyo team has plans to scale up in more than 20 cities in the next 6 months
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Glamyo Health, an Asset Light healthcare startup operating in the field of elective surgeries, on Tuesday announced to have raised $3 million in Series A.
The startup has raised the round from an array of esteemed investors and led by Ananta Capital and participation from Agility ventures, Udtara Ventures, We Founder Circle, Dexter Angels, Tej Kapoor of Fosun, Vivek Gupta and Abhay Hanjura of Licious, Dhruv Kapoor of Sistema, Aditya Singh of Stride VC, Ayush Jain of AWS and others.
"Due to the pandemic, there has been a huge backlog of elective surgeries. The lack of quality healthcare professionals and facilities is also a challenge in India. At Glamyo Health, we are bridging the gap by keeping quality at the core. In the last three quarters, we have witnessed 300 per cent percentage surge in the business through our platform. Besides, we have also grown threefold in a number of cities in the last 3 months," said Archit Garg, co-founder, Glamyo Health.
Started at the end of 2019, the brand has raised in total $3.5 million Including the current round.
"We have grown with a monthly CAGR of ~ 35 per cent in the last 18 months. The key reason for this growth is that we keep the patient at the centre of all our offerings. Surgical care in India is riddled with challenges like price opacity, even pricing shocks, friction inpatient experience - just to name a few. Glamyo Health is essentially solving this trust deficit" shared Dr. Preet Pal Thakur, co-founder, Glamyo Health.
"At Ananta we like to partner with founders who are chasing large market opportunities and building strong businesses with fundamental economics intact. We really liked the passion, vision and execution of Archit and Preet, as Glamyo has built its hospital network in more than 250 pin codes in 10 cities. It is a big achievement for the 1.5-year-old startup as many asset-heavy players in the industry still do not have such a diverse presence," mentioned Lovkesh Kapoor, managing partner, Ananta Capital.
"In this COVID era, Glamyo has used technology to deliver personalized patient care. We're confident that in the times to come, Glamyo will be a leading consumer-centric elective surgery provider in India," noted Prashant Narang, co-founder, Agility Ventures.
"Glamyo health has disrupted the healthcare industry with its asset-light infrastructure and highly capital-efficient business model, enabling the company to grow at over 40 per cent month on month. We are sure that Glamyo will soon grab a significant market share in the fragmented healthcare infrastructure and services category, driving larger benefits to its consumers" added Ankit Lakhotia, partner, Udtara Ventures.
"Elective surgery market in India remained unexplored for a long time. Glamyo Healthcare comes with great technology, surgeon network, and professionals to provide the latest and finest treatment to the audience. Given the fact that after a long time the field is getting disrupted, the scope is huge and thus it makes for a good investment," mentioned Neeraj Tyagi, co-founder, We Founder Circle.
The company currently has a presence in 10 cities which include Mumbai, Bengaluru, Hyderabad, Pune, and also tier-II cities like Indore, Bhubaneshwar, Chandigarh, and Patna. Glamyo team has plans to scale up in more than 20 cities in the next 6 months.
