Exciting news alert- A health tech startup announced a funding of USD 2.2 million
The world is now introduced to the field of health tech. Imagine technology being used in the health industry, what all wonders it can do!
Let us talk about the health tech industry. We all are aware of the extent to which technology has taken part in our lives. Be it education, finance, watching TV, or even reading a book, we have technology everywhere. But just imagine the use of technology in the field of healthcare. So, defining health tech, first of all, it is healthcare + technology. So, the term health tech is used to refer to a family of companies that are engaged in solving the hardware and software issues of the healthcare centers and the facilities. Normally people use heath tech and Medtech interchangeably, but this is not the case.
Heath tech is related to preventive or analytic systems. It can be like fitness trackers, diet planners. But Medtech on the other hand is related to cure systems in hospitals and medical centers. The health tech industry is growing but is taking some time because initially all the data and the policies and procedures were on pen and paper. So to transfer them to digital means is taking a lot of time. There are six segments in the health tech market. The different verticals are telemedicine, e-pharmacy, healthcare IT, analytics, home healthcare, personal health management, fitness, and wellness.
Market research has been done by Facts and Factors, according to which the market size and revenue share of Digital Health around the world are expected to increase from USD 84.08 billion in the year 2019 to USD 220.94 billion in the year 2026. This increase will be growing at a CAGR of 14.8% yearly during the forecast period 2021-2026. The major players in the health tech industry around the world are CISCO Systems, Vodafone Group, Allscripts, Cerner Corporation, Google Inc, AT&T, and many others.
Now let’s talk about the health tech market of our country. According to a report published, it is expected that the health tech market of our country will grow at a CAGR of 39% from FY 2020 to FY 2023, and will be reaching USD 50 billion by the year 2023. The current value of the health tech market is USD 2 billion, which is actually less than 1% of the total healthcare industry of India.
Talking about the different segments of the health tech market, e-pharmacies had a revenue of USD 700 million and were the largest part of the health tech market of India in the year 2020. Then came the B2B health tech market with a revenue of USD 60.2 million, then B2B medical supplies, with a revenue of USD 28.8 million, then other health tech services with a revenue of USD 100 million, then e-diagnostics with a revenue of USD 70 million, and then teleconsultation with a revenue of USD 45 million.
Now investors have found out about health tech startups and are making huge investments in them. Some of the previous fundings in the health tech startups are as follows-
Innovaccer, which received a funding of USD 225 million
Pharmeasy, which received a funding of USD 651.5 million
1mg which received a funding of USD 191.3 million
Curefit received a funding of USD 404.6 million
Practo which received a funding of USD 232 million
Let us now have a discussion on the funding of a health tech startup that has taken place recently.
Announcement of funding of a health tech startup
The startup, Traya, has raised funds worth USD 2.2 million, as announced on January 14, 2022. This round of funding which took place was the pre-series A round of funding and was taken by Fireside Ventures. The other participants of this round of funding were the existing investors of the startup Kae Capital and Whiteboard Capital.
The startup plans to use the funds raised in strengthening its research and development, building technology with the aim to personalize the experience of hair growth. The startup also plans to use a portion of the funds raised in the acquisition of its talent and expanding its reach. According to the deal made, the partner at Fireside Ventures, Kannan Sitaram, will be joining the board of the startup.
About the health tech startup that has recently announced its funding
The health tech startup, Traya, was founded by Altaf Saiyed and Saloni Anand and is located in Goregaon, Mumbai. The story of the creation of the startup is as follows-
When the founders of the startup struggled and faced issues with the hair loss of Altaf, they realized that hair loss is not just about issues of exposure like water quality, pollution, and chemical treatments, but also a result of underlying health conditions. This led to the creation of Traya.
The startup’s plan for hair loss consists of Ayurveda, Dermatology, and Nutrition. The approach combines the goodness of three sciences. With ingredients from the most authentic sources, the startup personalizes the treatment of the clients, thus delivering them assured results.
The values followed by the startup are-
Purity- Right guidance and a pure treatment can do wonders and hence the services, the employees, and even the customers at the startup are pure.
Transparency– The clients of the startup deserve to know what is in these products and the startup believes in doing the same. They are completely transparent about what herbs go in the treatment and it shares that upfront. And what it promised, that what is printed on its labels is what is in its product.
Authenticity– This winning value makes the treatment the best! The startup uses the highest quality handpicked herbs and carefully formulate them according to the case of the customer.
The startup gives its customers the customized treatment which is prescribed by the doctors-
Dr Jaspreet Sarna, Dr Shailendra Chaubey, and Dr Sangeeta Menon. The startup helps its clients in finding out the type, stage, and root cause, and then formulate a plan accordingly. An ayurvedic doctor and a dermatologist are provided to each client so that they can track, tweak, and prescribe the most suitable plan. Their diet is combined with a proprietary formula that has no side effects, which helps the clients in managing the root causes, along with the hair growth, for long-lasting results.
What has been said about the deal?
Altaf Saiyed, who is the co-founder of the startup, made a statement saying that out of 100000 cases which have been handled by the startup last year, 76% of them had digestion issues, 78% of them had dandruff, 52% of them had the issue of anemia, 36% had IBS, 22% had thyroid, and 16% had PCOS.
The startup is trying to solve the problem which nowadays has become one of the major ones. We wish the startup good luck as it movies forward in healing the world.
Edited and published by Ashlyn