Friday, May 17, 2024
Despite having over 1 lakh diagnostic players only 15% are operating in the organised market. One player who wants to make the unorganised small and medium-sized diagnostic lab go digital is ConnectedH.
The $9 billion diagnostic market of India is highly fragmented. Despite having over 1 lakh diagnostic players only 15% are operating in the organised market. The rest 85% are part of an unorganised market. They face many challenges like a severe lack of technology, inability to reach a larger customer base and inefficiencies in operations. They cannot meet the demand of at-home diagnostic services.
One player who wants to make the unorganised small and medium diagnostic lab go digital is ConnectedH. Started in 2018 by Subham Gupta, Rahul Kumar and Suresh Singh, it is a full-stack enabler for diagnostic centres and labs. The former two were IIT-Kanpur alumnus while Singh graduated from IIM-Banglore.
The B2B startup takes care of CRM, campaign and social media of small diagnostic firms so that the latter can focus solely on testing and result creation. At present, the company has gained 43 clients and 1.6 million patients.
They had earlier raised $227 thousand from First Cheque, Point One Capital and other angel investors. In 2020, they gained ₹20.4 million. This year many notable names have contributed ₹170 million. This includes Anicut Capital and Mars Shot Ventures.
CRED founder Kunal Shah, Unacademy co-founders Roman Saini and Gaurav Munjal and Sharechat founder Farid Ahsan contributed in the latest round. Existing investors First Cheque and Point One Capital too participated. With the fresh funds, ConnectedH plans to expand across Delhi and invest in new technology. They also want to use their funds for their bigger goal.
ConnectedH’s bigger goal is to provide an ecosystem where patients can have complete access to their healthcare data from multiple partners like doctors, laboratories and hospitals. Will ConnectedH’s plan for single-point access to all healthcare data improve the health outcomes of millions of Indians?
The question naturally arises, will ConnectedH be able to help small and medium-sized laboratories break the barriers and be accessible to millions of Indians? Will the 85% unorganised market be turned into an organised market?
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