Do You Know How Many Lives The Top 5 Healthtechs Touch? Some 5,000 startups, including four unicorns, currently cater to India's healthcare needs
By Soumya Duggal •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
While the pandemic wreaked havoc on India's economy, it also accelerated the growth of hitherto less active sectors, one of them being health-tech. Many a health and fitness startup sprung into action in the past two years to offer a variety of digital services, such as online consultations, telemedicines, digital therapeutics, and smart wearables, among others, to cater to a population under lockdown in a country with severe healthcare infrastructural issues.
According to one report, while the Indian health-tech industry stood at $1.9 billion in 2020, it has since been growing at a compound annual growth rate of 39 per cent and is likely to reach $5 billion by FY23.
As a result of this boom, some 5,000 startups, including four unicorns, currently cater to the country's healthcare needs. Here's a snapshot of the numerous lives the top 5 Indian healthtech startups by valuation currently touch:
1. PharmEasy
Last valued at $5.4 billion, the Mumbai-based company has the lion's share in the e-pharmacy segment, accounting for 50 per cent of it compared to Tata-owned 1mg having 16% share and Reliance Industries' Netmeds with 15% share. PharmEasy claims to deliver to over 1,000 cities and towns across more than 22,000 pin codes and offer over one lakh products through its online store. According to the company, it had 2.4 million transacting customers and processed 8.8 million orders in fiscal 2021.
2. Innovaccer
Currently valued at $3.2 billion, this Noida and San Francisco-based data-driven healthcare startup was the first Indian company to turn into a unicorn in the healthcare sector in early 2021. Innovaccer claims that its solutions have been deployed across more than 1,000 care settings in the United States, its biggest market, helping more than 37,000 providers access over 24 million patient records to transform care delivery and improve collaboration. The company states that it has signed over 50 customers to date, including One Medical, Roche, CommonSpirit Health, Sentara Healthcare, Community Care Physician Network, Children's Health Alliance, etc., and generated over $600 million in savings.
3. Curefit
Valued at $1.5 billion, this Mumbai-headquartered health and fitness startup claims to operate more than 350 owned and partnered fitness centres in over 25 cities in India. Backed by Singapore state investor Temasek Holdings, Cure.fit offers four distinct services Eat.fit, Cult.fit, Mind.fit and Care.fit.
4. Pristyn Care
Valued at $1.4 billion, this Gurugram-based healthcare startup is backed by Sequoia Capital and Tiger Global. Pristyn Care claims to have built a network of over 400 expert surgeons and more than 800 surgical centres across over 40 cities to cater to patients in need of advanced surgeries. The firm offers services covering over 50 diseases and is almost in line to do about 100,000 surgeries in 2022, Pristyn Care said last year.
