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Credihealth to invest Rs.100 crore to expand its footprint pan India

Laxmi Yadav, Mumbai
Saturday, October 21, 2017, 08:00 Hrs  [IST]

Credihealth, online healthcare startup connecting patients with hospitals, is planning to invest Rs.100 crore in the next three years to augment technology and infrastructure for expansion in new geographies pan India.

The fund will be generated in the next six months through existing investors and new private investors and will be utilised to introduce new technology and start operations in new geographies especially tier III and IV cities to make sure patients in remote areas get access to quality healthcare facilities located just 3-4 hours away, said Ravi Virmani, founder and managing director of Credihealth.

In April 2017 Credihealth has raised $1.5 million in pre-Series A funding from Tolaram Inc., the family office investment arm of Tolaram Group, and Mountain Pine Capital. The round also saw the participation of Bala Swaminathan, former KPMG partner and one of the earliest investors in the platform.

Credihealth is an online platform where user can access verified information on hospitals and doctors, compare customer feedback and get cost estimates. The company has 40 medical experts who personally understands the medical symptoms and offers the most appropriate options. Patients and their families can then book an appointment with the right medical specialist and also get a second opinion through the platform. They also assist the patient in the admission and discharge process as well as during post-care.

Till date it spent around Rs.25 crore on its operations in 10 cities where it partnered with 630 hospitals including Fortis, Medanta, Columbia Asia, BLK, Paras, Artemis and served over 1,80,000 patients. It is planning to partner with 170 hospitals more by the end of 2017 taking the number of hospitals on board to 800. By then the startup plans to increase presence in 15 cities. Over next couple of months it will start operations in Kochi and Ahmedabad.

Talking about growth strategy, Virmani said, “We step up growth by partnering with hospitals. We target at least 40 hospitals in each city where we start operation. We are already clocking traction of over 6 lakh users on our website each month.”

The company earned Rs.6 crore in revenue and generated gross revenues of Rs.50 crore for hospitals during FY 2016-17. It has maintained a phenomenal 15 to 18% m-o-m growth rate during the year. With a panel of over 30,000 specialist doctors, Credihealth gets about 35% of its patients from smaller towns and villages; they have even created websites in regional languages.

Three months back Credihealth launched 24*7 ambulance services in metro cities- Delhi NCR, Hyderabad and Chennai. The health platform offers patients two types of ambulance service-- hospital ambulance service and independent ambulance service. It is going to start ambulance service in four more cities Mumbai, Kolkata, Bengaluru and Pune by next month.

It also forayed into medical tourism three months back which saw overwhelming response from patients abroad. It gets around 1,000 patients every month from South Asia, Middle East, Indonesia, Africa, etc.

Talking about medical tourism services, Credihealth MD said “We offer services to patients from abroad in line with domestic patients. We help them select hospital, compare rate, accommodation facility as well as facilitate visa approval.”

Credihealth has recently facilitated organ swapping services on its platform through a digital, algorithm-based system. Besides this, the company also offers medical loan and home healthcare services to patients.

 

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Ramanuj Bhatnagar Oct 23, 2017 9:12 AM
Credihealth is definitely going to be a huge successful company, not because of their investment and money but purely bcoz they are actually solving a problem for patients. Kudos!!
 
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