Alyve Health, a health tech startup based in Mumbai, India, has successfully raised $5.5 million in Series A funding. The round was led by Axilor Ventures with participation from 1Crowd Fund and Inhealth Ventures. Additionally, the company secured venture debt funding from Trifecta Capital as part of this financing round.
Founded in May 2020 by Shashank Avadhani, Sushant Roy, and Vineet Mehta, Alyve Health is a comprehensive health-plan-tech platform that offers a wide range of healthcare services to individuals, employers, and businesses. The platform’s health plans encompass various healthcare journeys including doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships, and proactive well-being initiatives. Alyve Health aims to provide a seamless, cashless experience and assured care for both preventive and curative health needs.
The fresh capital will be utilized for strategic growth initiatives focusing on platform enhancement, talent acquisition, expansion of operations, amplification of services, and increasing member engagement. Currently, Alyve Health serves over 1 million members through its mobile app and web portal, offering services like Customized Health Plans, Outpatient Medical Care, 24/7 Doctor Consultations, Diagnostic Scans, Annual Health Check-Ups, Habit Coaching, Lifestyle Improvement, and Personalized Programs.
Alyve Health’s platform integrates seamlessly with various stakeholders in the healthcare ecosystem, including payers (insurers and TPAs), intermediaries (brokers, financial institutions, and digital platforms), and providers (clinics, diagnostic centers, and fitness studios). This integration allows Alyve to offer tailored solutions to different groups such as employees, customers, and channel partners.
Shashank Avadhani, co-founder and CEO of Alyve Health, emphasized that the funding will enable the company to further disrupt traditional healthcare models by offering more personalized, customer-centric healthcare solutions. The Indian healthcare industry, which was valued at over $370 billion in 2020, is projected to grow to over $610 billion by 2026, presenting significant opportunities for innovative health tech solutions like those offered by Alyve Health.