Navia Life Care raises $1 million

Navia Life Care, a digital health start-up, has raised $1 million in funding en route to their Series A to strengthen the company’s position in the digital health space.

In a statement issued on Tuesday, the company said that it is aiming to close a $5 million Series A in the next three to four months. The investment was led by Anicut Angel Fund, the equity arm of Anicut Capital, with participation from nine unicorns and other notable angel investors, including the healthcare and life science practice lead of a top-tier strategy consulting firm, strategic partnerships lead at Google India, and the CEO of a renowned global pharma company.

Fund usage
“The fresh funds will be focussed on strengthening the company’s position as one of the fastest growing digital health start-ups in India. This will help in reducing information asymmetry and increasing access to quality health information across the ecosystem,” the releases said. It further added that it will allow the company to use the capital for technology, business development, product innovation and development, strategic hiring, and expansion across all healthcare hubs of India, metro cities along with Tier 2 and 3 cities.

“We aim to address a major issue of information asymmetry, which includes lack of availability of electronic medical records for easy access by patients and doctors, or view on prescription patterns for pharma, or even smaller scale issues such as unavailability of waiting times in OPDs for patients or information about drug availability at their nearest drugstore. With the new funding coming in we have an opportunity to build a base for the next leg of our growth and we are grateful to partner with investors who share our vision,” Navia’s Co-Founder Kunal Kishore Dhawan said.

“Healthcare in India faces several challenges including access and affordability. Technology can be transformative in delivering healthcare services. In recent times, digital health in India has significantly moved from ‘good to have’ to ‘must have’ all because of this pandemic. We are privileged and delighted to partner with Navia Life Care as they march ahead in their mission to re-imagine the health ecosystem for Indians. We are looking forward to accelerating the growth of as well as building a global company”, said Ashvin Chadha, Co-Founder, Anicut Angel Fund.

According to the release, Navia Life Care has recorded exponential growth in FY21 with 10 times jump in revenue and a 30 times growth in user base, over the last year. It currently serves over 15,000 doctors, spread across more than 400 cities and towns of India, thereby providing better care to lakhs of patients. It has key partnerships with leading pharmaceutical companies, diagnostic providers and pharmacies, to enable adoption of Navia Connected Care across the country. Navia plans to serve over 200,000 doctors and 200 million patients in over 10 countries by 2025. Hindustan Times