Alyve Health Secures USD 5.5 Million in Series A Funding to Fuel Expansion and Enhance Healthcare Coverage for Millions of Users in India
21.06.2024 - 12:03:19
Business Wire India
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| (L-R) Vineet Mehta co-founder & CTO; Sushant Roy - co-founder, CBO & COO; Shashank Avadhani co-founder and CEO |
Alyve Health, India's fastest-growing health tech platform, announced a Series A funding round of $ 5.5 million. The investment round was 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.
Founded by Shashank Avadhani, Sushant Roy, and Vineet Mehta in May 2020, 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. The personalized plans, cashless experience and assured care across prevention & cure sets the brand apart.
“We are thrilled to secure more fuel for our growth,” said Shashank Avadhani, Co-founder & CEO at Alyve Health. "We are privileged to play a significant role in shaping the future of health plans.”
Sushant Roy, Co-founder, CBO & COO at Alyve Health, expressed how the company intends to use the funds: “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. This investment empowers us to continue innovating on our product and technology."
Prachi Sinha, Principal at Axilor, who led this investment, said, “Even for a mature product like IPD insurance, India struggles with not just poor coverage but also under coverage. 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-utilization OPD services, gives the company the right to win. We have been early partners with Alyve and are proud to support them in their next stage of growth.”
The Alyve Health platform is seamlessly integrated with payers (insurers, TPAs), intermediaries (brokers, financial institutions, digital platforms), and providers (clinics, diagnostic centers, fitness studios). The platform provides tailored solutions to multiple groups - employees, customers, and channel partners - and currently serves over 1 million members.
Vineet Mehta, Co-founder, and CTO at Alyve Health said, “This funding will enable us to further fortify our platform and enhance our data, security, and AI capabilities.”
Anil Gudibande, Co-founder of 1Crowd Fund, said, "Alyve Health is a unique technology venture in the insurance industry weaving an ecosystem of service providers and providing an assured experience to all stakeholders. With growing coverage, we believe that Alyve Health can help redefine health plans. 1Crowd is privileged to continue backing Shashank, Sushant, Vineet, and their team as they pioneer a new paradigm in the space"
Lavanya Bhamidipati, Principal at InHealth Ventures said, “We are excited to support Alyve Health (our second investment in India) in their mission to democratize healthcare access and empower individuals to take charge of their well-being ”
The company has won several awards including Dun and Bradstreet’s Startup Trailblazer 2024, Integrated Health & Wellbeing (IHW) Council’s Healthcare Startup of the Year 2024 as well as the Healthy Lifestyle Startup of the Year 2024.
Nilesh Kothari, Co-founder, and Managing Partner, Trifecta Capital said, “We are excited to partner with Alyve Health during this pivotal growth phase. Led by Shashank, Sushant, and Vineet, one of the most execution-focused founding teams in the ecosystem, Alyve Health is uniquely positioned to address the rising awareness of insurance and healthcare in India."
Alyve Health caters to individuals, employers, and other businesses, offering a comprehensive suite of preventive and medical care services. By prioritizing prevention, early detection, lifestyle management, mental health, high-quality medical care, and providing cutting-edge technology, Alyve Health not only delivers diverse benefits but also reduces healthcare costs, solidifying its role as a transformative force in healthcare.
By leveraging technology and human expertise, Alyve Health aims to disrupt traditional healthcare models, offer a more customer-centric experience, and tailor healthcare plans to each individual's unique needs and goals. The size of the Indian healthcare industry crossed $ 370 billion in 2020 and is expected to reach over $ 610 billion by 2026, as per the International Trade Administration report. Alyve Health recognizes the opportunity in the Indian healthcare industry, its focus area is corporates and modern workforces. It is trying to remove the complexities in providing comprehensive healthcare coverage to individuals and groups. For more information visit www.alyve.health.
Founded by Shashank Avadhani, Sushant Roy, and Vineet Mehta in May 2020, 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. The personalized plans, cashless experience and assured care across prevention & cure sets the brand apart.
“We are thrilled to secure more fuel for our growth,” said Shashank Avadhani, Co-founder & CEO at Alyve Health. "We are privileged to play a significant role in shaping the future of health plans.”
Sushant Roy, Co-founder, CBO & COO at Alyve Health, expressed how the company intends to use the funds: “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. This investment empowers us to continue innovating on our product and technology."
Prachi Sinha, Principal at Axilor, who led this investment, said, “Even for a mature product like IPD insurance, India struggles with not just poor coverage but also under coverage. 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-utilization OPD services, gives the company the right to win. We have been early partners with Alyve and are proud to support them in their next stage of growth.”
The Alyve Health platform is seamlessly integrated with payers (insurers, TPAs), intermediaries (brokers, financial institutions, digital platforms), and providers (clinics, diagnostic centers, fitness studios). The platform provides tailored solutions to multiple groups - employees, customers, and channel partners - and currently serves over 1 million members.
Vineet Mehta, Co-founder, and CTO at Alyve Health said, “This funding will enable us to further fortify our platform and enhance our data, security, and AI capabilities.”
Anil Gudibande, Co-founder of 1Crowd Fund, said, "Alyve Health is a unique technology venture in the insurance industry weaving an ecosystem of service providers and providing an assured experience to all stakeholders. With growing coverage, we believe that Alyve Health can help redefine health plans. 1Crowd is privileged to continue backing Shashank, Sushant, Vineet, and their team as they pioneer a new paradigm in the space"
Lavanya Bhamidipati, Principal at InHealth Ventures said, “We are excited to support Alyve Health (our second investment in India) in their mission to democratize healthcare access and empower individuals to take charge of their well-being ”
The company has won several awards including Dun and Bradstreet’s Startup Trailblazer 2024, Integrated Health & Wellbeing (IHW) Council’s Healthcare Startup of the Year 2024 as well as the Healthy Lifestyle Startup of the Year 2024.
Nilesh Kothari, Co-founder, and Managing Partner, Trifecta Capital said, “We are excited to partner with Alyve Health during this pivotal growth phase. Led by Shashank, Sushant, and Vineet, one of the most execution-focused founding teams in the ecosystem, Alyve Health is uniquely positioned to address the rising awareness of insurance and healthcare in India."
Alyve Health caters to individuals, employers, and other businesses, offering a comprehensive suite of preventive and medical care services. By prioritizing prevention, early detection, lifestyle management, mental health, high-quality medical care, and providing cutting-edge technology, Alyve Health not only delivers diverse benefits but also reduces healthcare costs, solidifying its role as a transformative force in healthcare.
By leveraging technology and human expertise, Alyve Health aims to disrupt traditional healthcare models, offer a more customer-centric experience, and tailor healthcare plans to each individual's unique needs and goals. The size of the Indian healthcare industry crossed $ 370 billion in 2020 and is expected to reach over $ 610 billion by 2026, as per the International Trade Administration report. Alyve Health recognizes the opportunity in the Indian healthcare industry, its focus area is corporates and modern workforces. It is trying to remove the complexities in providing comprehensive healthcare coverage to individuals and groups. For more information visit www.alyve.health.
