Healthtech company MedTel to raise around $10 Mn in Series A funding to scale up operation

MedTel

MedTel Healthcare, a B2B & B2B2C connected care, and remote patient monitoring company, said it plans to raise around $10 Mn in Series A funding. The company said it is going to close the fresh round within the ongoing financial year itself.

The brand had earlier raised around $1 Mn in Pre-Series A in August 2021 led by a Singapore-based institutional investor besides a group of angels, HNIs, Meta Health (A Singapore based listed company), Physician VC (A global healthcare-focused VC firm founded and managed by doctors), and KIIT-Technology Business Incubator.

MedTel plans to raise Series A funding for rapid business expansion, product improvement, and conducting relevant clinical validation studies. Existing investors and leading VCs have already expressed interest in the series A fundraise, said the company.

It further claims to have been witnessing a splendid year-on-year growth of 3x in revenue.

The Bengaluru-based MedTel, founded by Dr Lalit Ranjan Manik, Dr Timiresh Das, Dr Soumyakant Das and Mr Ajit Choudhury, caters to doctors, hospitals, health insurance companies, telemedicine providers, home care providers, governments, and other care delivery organisations.

The company helps them to have Plug & Play Remote Care and Hospital home solutions bundled with Population Health Management, Connected IoT Devices, and Digital Therapeutics.

Also Read | Home Healthcare: The future of healthcare in India

“MedTel now provides solutions in Singapore, Indonesia, Africa, and North America and is partnering with leading care delivery organisations in India, with a strong revenue pipeline for the year 2022-2023, and looking to raise Series A Funding,” said Dr Soumyakant Das, an IIM Lucknow Alumni, Co-founder & Head, Business and Strategic Partnerships, MedTel Healthcare.

“While digital health was once a personal choice, the pandemic has turned it indispensable. We at MedTel proved ourselves and became the best choice for the providers like top Insurance providers, leading Hospitals, Pharma companies & for government projects in Odisha and Maharashtra,” said Dr Lalit Ranjan Manik, a UK-trained public health professional and Cofounder & CEO, MedTel Healthcare.

MedTel further aims to tackle healthcare challenges by increasing patient engagement and compiling patient data such that doctors can draw insights faster and in real-time while motivating patients to stay on track.

The company said it strives to make healthcare accessible, affordable, and user-friendly for all patients and integrates technology and healthcare approaches to ensure that every patient is empowered to improve their lives.

The global connected care market is estimated to grow by $85 Bn by 2028. The value of the global DTx (discontinuous transmission) market is estimated at $1.8 Bn in 2018, which is expected to reach $7.1 Bn by 2025.

A recent report estimates the biggest applications for DTx to be diabetes and weight loss shortly, with other applications likely to be observed in conditions such as chronic obstructive pulmonary disorder (COPD), pregnancy, developmental disorders and post-traumatic stress disorder, with the use of virtual reality.

Also Read | Fast-tracking healthcare innovation

If we talk about the healthtech segment in India, it has been raising a good amount of capital from investors. For example, the funds raised by Indian startups in H1 CY22 were almost double the cumulative fund raise of $10 Bn during the same period last year, said the latest report.

In fact, it was much more than the cumulative funds raised by Indian startups during the same period in the last eight years. Besides, the average ticket size also rose 10% year-on-year (YoY) to $22 Mn in H1 2022. The average ticket size stood at $20 Mn and $16 Mn in the corresponding period of 2021 and 2020, respectively.


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