Alyve Health has announced a Series A funding round of $5.5 million. The investment round was led by Axilor Ventures and saw participation from 1Crowd Fund as well as Inhealth Ventures, a healthcare-focussed fund. The company also raised venture debt fund from Trifecta Capital as part of this round. The healthtech company plans to use the new funds for strategic growth initiatives across key areas like platform enhancement, talent acquisition, expansion of operations, amplification of services and higher member engagement, a statement from the company notified.
The statement said that Alyve’s health plans cover multiple healthcare journeys like doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships and proactive well-being. The personalised plans, cashless experience and assured care across prevention and cure sets the brand apart.
Founded by Shashank Avadhani, Sushant Roy and Vineet Mehta in May 2020, Alyve Health was built with the vision to provide unparalleled coverage and simplify the health plan experience for its members, mentioned the statement.
“We are thrilled to secure more fuel for our growth. This investment empowers us to continue innovating on our product and technology. We are privileged to play a significant role in shaping the future of health plans,” said Shashank Avadhani, Co-founder and CEO, Alyve Health, in the statement. “
Further, according to the statement, Alyve Health caters to individuals, employers and other businesses, offering a comprehensive suite of preventive and medical care services.
Vineet Mehta, Co-founder and CTO, Alyve Health, said in the statement, “This funding will enable us to further fortify our platform and enhance our data, security and AI capabilities.”
Alyve Health’s mobile app and web portal provide members with customised health plans, outpatient medical care, cashless payments, 24/7 doctor consultations, diagnostic scans, annual health check-ups, habit coaching, lifestyle improvement, and personalised programmes, empowering individuals to make sustainable changes for better health.
Anil Gudibande, Co-founder, 1Crowd Fund, also remarked in the statement, ” 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.”
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 recognises 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, concluded the statement.
