While technology has touched nearly every aspect of lifestyle, including digital wellness in India’s urban context today, there’s a long way to go before India can match up to the technologically-advanced cities in the Western world as it enters the era of startups.
There’s been great progress in the past decade in e-commerce, logistics, and online consumer services, but the one area that was lagging was digital wellness. While several health tech startups in the Indian ecosystem, these startups’ scope was very narrow, but things have changed with time.
Scope Of Digital Wellness Startup In India
Medical services in India has consistently been a sector with great chances, and now, having firmly connected with innovation, the area is near the edge of enormous development. The nation has been deficient regarding the product; however, the potential is tremendous; the necessity is to recognize it.
With a sum of $367 million invested in this area in 2018, 55 percent higher than the earlier year’s $237 million, digital wellness recorded 45 startups accepting a huge amount of cheques from investors. Among the great names to raise funds, the health and fitness startup, CureFit raised $120 million, Chennai-based online drug store, NetMeds raised $35 million, and online medication stage PharmEasy got a cheque of $55 million.
The Healthcare sector in India is supposed to be one of the quickest developing areas sponsored by India’s rising income, digital wellness awareness, and approach to insurance and increase in quality of life and stress-related issues. The IBEF has assessed the Indian medical market to be esteemed at $372Bn by 2022.
The Indian government has additionally funded to improving access to medical services development with initiative, for example, Pradhan Mantri Jan Arogya Yojana (PMJAY), which vowed to give health care insurance worth INR 500K ($ 7.1k) to more than 100 Mn families every year.
List of Digital Wellness Startup
In India, startups are slowly redefining quality healthcare delivery India, bridging the gap between patients and healthcare providers through various digital solutions. It fills the gap and creates an ecosystem designed to deliver better and faster quality healthcare within the environment.
Government initiatives like Startup India and Digital India are further propelling this trend forward. This growth is corroborated by several research types that indicate that the Indian healthcare market is likely to grow at 23 percent CAGR and touch 280 billion dollars by 2020.
Here the top 3 startups in the healthcare sector.
Established in 2015 by Sheth and Dr. Dhaval Shah, PharmEasy came up with developing a pharmacy startup. They offer different services, for example, teleconsultation, medicine deliveries, and test reports of diagnostic tests. This digital wellness startup has a membership-based service, which is right now live on a limited basis.
PharmEasy works on a full-stack infrastructure to obtain medicines directly from manufacturers and deliver it to customers. The organization has extended its presence to over 22K pin codes in India and has joined more than 150 partner vendors. The whole funding amount of the organization is $328.5 million.
Cure.fit was started in 2016 by Mukesh Bansal, co-founder of fashion retailer Myntra, and Ankit Nagori, a former chief business officer of Flipkart. The founders realized the need for combining multiple services on the same platform, eliminating the need for various applications on a mobile phone, and offering a well-rounded approach to digital wellness.
Cure.fit’s business verticals include physical fitness (Cult.fit), food delivery (Eat.fit), fitness clothing (Cult Sport), primary care (Care.fit), and mental wellness (Mind.fit). The startup has received over $400 million to date from Accel Partners, Temasek Holdings, Chiratae Ventures India, and Kalaari Capital.
Backed by Phasorz Technologies Pvt. Ltd., this digital wellness app was established in 2015 by IIT Madras graduated Satish Kannan and Enbasekar Dinadayalane. The application enables patients to talk with specialists and offer pictures and reports with them, maintaining privacy. It professes to have around 500 doctors and about 80,000 clients.
DocsApp has partnered with MediBuddy, a cashless online medical stage, for an undisclosed fund. Doctor consultation application DocsApp has received seed funding of $1.2 million (Rs 8 crore) from investors led by Japanese investment firm Rebright Partners.
As digital wellness in India keeps developing with the overarching innovation, the domino effect of tech advancements will probably be felt over the whole area. A thriving health tech environment is supported by innovation entrance and adoption, which will add to the accessibility of information in this area, tapped by health tech IT startups.
This information-rich medical care system is probably going to have a significant positive effect on research in the field of heredity and genome, just as the conveyance of auxiliary administrations, for example, insurance. This shows the association among the various specializations that organizations have adopted, which is more grounded in the digital wellness area than any other startup areas in India.