MyHealthcare, a digitally integrated healthcare ecosystem has raised ₹21 crores ($3 million) from Sixth Sense Ventures, as part of its ongoing Series A fundraiser. Sixth Sense is one of India’s leading consumer-centric VC funds.
MyHealthcare works with hospitals, diagnostics & speciality health institutions in building their digital health business. The platform works with private healthcare providers across India, in improving the accuracy, efficiency of healthcare delivery and enhancing their digital patient engagement.
Founded by Shyatto Raha, Aneesh Nair and Divya Laroyia (refer attached their pictures), MyHealthcare began operations in January 2018, based out of Bangalore, Gurgaon and is now expanding their operations across South East Asia.
“Over 30% of India’s population continues to have limited or no access to primary healthcare. The discrepancy between rural and urban healthcare is evident with 70% of the country’s healthcare infrastructure and speciality care remaining limited to the top 20 cities and over 67% of doctors present in the urban centres. Our endeavour is to build the digital healthcare delivery protocols in partnership with the best hospitals in the private health sector and work towards enhancement of primary and secondary public healthcare needs in partnership with national and state governments,” explains Shyatto Raha, Founder and CEO of MyHealthcare.
MyHealthcare has at its core a hospital enterprise collaboration platform – MyHealthcare SPINE, a HIPAA compliant middleware that integrates into various systems in the hospital such as the HIS, EMR, LIS, RIS-PACS, its pharmacy and offers user-friendly digital platforms for its doctors, nurses, paramedics and patients.
Shyatto further added, “We are excited to have Sixth Sense join us on the MyHealthcare journey. More than the investment, Nikhil, Swati and the team at Sixth Sense bring with them a great wealth of experience in working with founders to build valuable businesses. We look forward to working together in building out a formidable healthcare offering for India and South East Asia.”
Using data-driven care processes, MyHealthcare is able to enhance patient engagement, improve the care continuum process and offer a holistic diagnosis to cure the digital journey. The business has launched its first deep clinical AI offering – MyHealthcare AI, in partnership with one of India’s leading super speciality hospital.
This is the first healthcare technology investment by Sixth Sense Ventures, India’s first domestic, consumer-centric venture fund. It has made successful investments across multiple sectors such as retail, logistics, services and consumer products, to name a few.
Commenting on the investment in MyHealthcare, Nikhil Vora, Founder & CEO of Sixth Sense Ventures said, “MyHealthcare fits well into the Sixth Sense investment thesis – a largely untapped opportunity, first-gen entrepreneurs and business catering to the “consumer of tomorrow. The digital healthcare system has seen the entry of various players who have tried to solve for various gaps in the broken chain of healthcare in India. Our sense is that for any player in this space to scale and sustain, it would be imperative for all the stakeholders in the value chain to benefit and create value. With MyHealthcare improving commercials for hospitals/healthcare providers, enhancing customer experience and at the same time running on a transaction-oriented sustainable business model, it is best positioned to capture the large opportunity and create value. We have strong faith in the founding team and do see MyHealthcare being a game-changer for the Indian healthcare ecosystem”
Healthcare in India is growing at a rapid pace, expected to touch ₹1,96,000 crores ($280 billion) by 2020. mHealth is possibly one of the biggest sectors in India within digital healthcare, with a projected market size of ₹7,000 crores ($1 billion) by 2020. MyHealthcare offers to its hospital partners services such as telehealth, video consultation, remote health data & medicine monitoring, integration into wearables and IoMT devices.
“In terms of digital technology, healthcare is one of the most underserved sectors in India. Ensuring access to basic primary care and management of care in remote areas can only be served through a combination of deeply integrated digital health technology and AI. The MyHealthcare platform has positioned itself well, partnering with the leading hospitals and doctors in building data-driven clinical modules and a robust ecosystem of care delivery,” said Karan Pal Singh, Founder and Managing Director of Hunch Ventures.
MyHealthcare had raised ₹14 crores ($2 million) in 2018, led by Hunch Ventures and Ajay Nanavati. The company is in the process of closing out its remainder fundraise activity over the next couple of months. Client Associates Investment Banking (CAIB), acted as the exclusive financial advisor to the transaction. CAIB is a part of Client Associates, the leading multi-family office firm.
Shyatto’s experience in business strategy spans the Indian Sub-Continent, South East Asia and the Middle East. With over 25 years of experience working with organisations such as NDTV Group, Astro Networks (Malaysia and Indonesia), he has deep operational and business expertise across the SE Asia region. Shyatto created NDTV’s first services division, which launched and managed successful media business operations across Malaysia, Indonesia, Vietnam, Myanmar, Bangladesh, Dubai, Kuwait and India.
As an entrepreneur, he co-founded IndianRoots.com, an online retail platform offering the best of Indian fashion. Combining customer and digital experience, Shyatto founded MyHealthcare, a platform that helps connect healthcare givers, hospitals, diagnostics, patients, their family and brings them into a unified digital ecosystem. Shyatto is an alumnus of the Harvard Business School and a member of the Harvard Angels Network (India).
Aneesh is an alumnus of National Institute of Engineering and IIM-Ahmedabad and is a hard-core Information Security Practitioner. He started his career and worked for over a decade with large enterprises automating factories & hospitals; implementing enterprise systems like ERP, SCM, MRP, CRM and HCM.
During the last decade in his various roles as CIO and CTO, he has delivered high availability Internet and eCommerce businesses, mobile applications and enterprise digital ecosystems. He has built teams and end-to-end technologies required to power eight eCommerce ventures.
He has won several industry accolades as Top CIO and CISO. During 2017, he has been awarded as India’s Technology Icon, CIO of the year, and is on the CIO Power List. He is also among the Top 50 eCommerce influences in India.
A media professional with 23+ years of experience in broadcast and digital content production and design, Divya was with the NDTV Group in various leadership roles. She has worked with clients across SE Asia and the regional markets of India to help build brand strategies for their broadcast, web and mobile platforms.
As Co-Founder and Head of Product Design at InnoCirc Ventures, Divya and her team implement efficient UX/UI processes to ensures that the MyHealthcare product design supports the patient’s needs, and delivers on the value of the brand and business goals of the healthcare provider.
Sixth Sense Ventures is India’s first domestic, consumer-centric venture fund, founded by Nikhil Vora (Ex-Managing Director of IDFC Securities), who is regarded as one of the strongest analytical minds in the country.
Sixth Sense has a formidable core team with a cumulative experience of over 70 years in the wider consumer domain. Within a short time of 5years, Sixth Sense is now managing an AUM of more than $100 million with over 16 portfolio companies.