Ayu Health Hospitals,healthcare startup with a network of 70+ hospitals across India, has announced that it has raised $27 million in Series B funding led by The Fundamentum Partnership, an early growth stage fund founded by Nandan Nilekani and Sanjeev Aggarwal.
The round also saw participation from US based fund 57 Stars, Rohit MA led Capier Investments, angel investors like Ashish Gupta, Khadim Batti, Vara Kumar, and existing investors Stellaris Venture Partners, Vertex Ventures, and Alteria Capital. With this fund raise, Prateek Jain of Fundamentum Partnership, would be joining the Ayu Health Board.
Founded in 2019 by Himesh Joshi, Arjit Gupta and Karan Gupta, the company currently works with more than 70 hospitals across Bengaluru, Chandigarh, NCR and Jaipur.
Funds raised from the fresh round of investments will be used to expand Ayu Health's hospital network and develop innovative technological solutions for patient experience, insurance processing, efficient procurement, and clinical quality management at network hospitals. With the addition of 4,000 plus beds in multiple locations across India, the organization is set to become the largest hospital chain in the country by the end of 2022.
The company had raised Series-A funding of $6.3 million from Vertex Ventures and Stellaris Venture Partners in September, 2021.
Himesh Joshi, co-founder and CEO at Ayu Health, said, “We started Ayu Health in 2019 with a mission to build India’s most trusted hospital chain promising high quality patient outcomes, transparency on pricing and world-class patient experience. Over the last 2 years, we have achieved phenomenal success in Chandigarh and Bengaluru, two markets at different ends of the spectrum. With the support from new and existing investors, we are now well-positioned to take this model to more geographies, and are targeting a network of 200+ hospitals and 10000+ beds by December '22 ensuring high quality healthcare for all”.
Arjit Gupta, Co-Founder and CTO at Ayu Health said, “Tech hasn’t created a meaningful dent in the healthcare space so far, especially in-hospital care. We are focused on changing that”.
Commenting on this development, Prateek Jain, Principal, Fundamentum Partnership added, “The last two years have demonstrated an urgent need for tech-driven disruption in healthcare space in order to build solutions that can provide efficient, affordable and quality care. Looking at the journey of Ayu Health in the last few years, it has the capability and capacity to address significant gaps in clinical care, in-hospital experience, and pricing for patients in India. We are excited to partner with Himesh and team to help create India’s largest private hospital chain.”
Karan Gupta, Co-Founder and COO, at Ayu Health said, “A small secondary component as part of the current round has enabled some of our early-stage employees to cash in part of their ESOPs.” said