Mykare Health Secures USD 2.01 Million in Seed Funding

• ByStartupStory     |    June 15, 2023

Bengaluru-based digital health startup Mykare Health has successfully raised USD 2.01 million in a seed funding round. The funding will be instrumental in enhancing patient care and expanding the company’s team to support its improved care delivery efforts. The round witnessed participation from notable investors including OnDeck ODX – US, Avaana Seed, Huddle, Endurance Capital, F Health, VeritasX, Stanford Angels, Phoenix Angels, and several prominent individuals such as Ajit Mohan (Founding CEO, Hotstar & Former MD, Meta India), Nitish Mittersain (Joint Managing Director, Nazara Technologies), and Hari TN (Ex-BigBasket).

Mykare Health aims to build India’s largest asset-light, affordable, and standardized hospital network, focusing on delivering high-quality healthcare experiences to India’s middle-class segment. The company seeks to address the challenges faced by patients, including the identification of appropriate doctors and hospitals, long waiting times, transparent treatment pricing, insurance processes, and surgical fears. Senu Sam, Co-founder and CEO of Mykare Health, drew inspiration from his own experience when his father required treatment at a medium-sized hospital, realizing the operational inefficiencies and fragmented treatment journey faced by patients.

Highlighting the significance of the investment, Senu Sam stated, “Factors such as dearth of administrative and pricing transparency, skyrocketing healthcare cost, poor patient to hospital ratio, and paucity of quality care, are the key reasons causing surgery-related fear amongst patients, resulting in treatment delays and poor quality of life. We aim to mitigate these challenges through a patient-first approach.”

Mykare Health provides an integrated ecosystem that empowers patients and their families, ensuring a seamless healthcare journey. The company takes care of various aspects such as selecting appropriate facilities, ensuring transparent pricing, managing paperwork, coordinating insurance, facilitating communication with doctors, and providing post-care support. By addressing the underutilization of infrastructure and doctors’ skills in small and medium-sized hospitals, Mykare Health aims to increase trust and visibility for its network facilities and doctors, resulting in increased patient footfalls and stable revenue for these facilities.

Sanil Sachar, Founding Partner at Huddle, expressed confidence in Mykare Health’s growth potential, stating, “Mykare Health’s vision to standardize, streamline, and optimize the existing healthcare infrastructure is truly transformative. By prioritizing quality, accessibility, and transparency, Mykare Health is not only poised to penetrate the length and breadth of India but also make an impact on a global level.”

In the coming year, Mykare Health plans to expand its operations in the cities of South India, with a focus on improving healthcare experiences and transparency for the low and middle-income groups.

About Mykare Health:

Founded in 2021, Mykare Health aims to build India’s largest asset-light, affordable, and standardized hospital network, providing quality healthcare experiences to the middle-class segment. The company offers 24×7 quality care, complete price transparency, zero-cost financing options, logistics, insurance, and administrative support to address the information, accessibility, and financing gaps in the industry. Mykare Health has already made a significant impact, serving over 85,000 patients and establishing partnerships with more than 200 hospitals across 12+ cities in India. The founder, Senu Sam, has been recognized with the Times 40 Under 40 Award for his contributions to the healthcare sector.

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