Hospals, a cross border health benefits and travel platform that enables international patients to access healthcare across India, UAE, Turkey and Thailand, announced part raise of its pre-Series A investment from Inflection Point Ventures, 9Unicorns, Singapore-based Wavemaker and prominent Angels like Kunal Shah, Sanjeev Mishra and Razorpay founders. Existing investor Venture Catalysts has also participated in the current round.
The funds raised will be used for expanding geographically to reach $900 mn in GMV, serving 1.5 million subscribers and patients to get quality medical and cosmetic treatments across the world.
Vinay Bansal, Founder & CEO, Inflection Point Ventures says, “Healthcare expenses which include treatment costs and travelling expenditure can be daunting for a family. Having a guided advisory from companies like Hospals can ease the stress as their model connects you with the best doctors and surgeons in their respective disciplines. They also provide translation & residential assistance close to the hospitals. Hospals sit at the crossroads where it is helping patients and medical professionals. Healthcare as a market opportunity is booming and with growth in insuretech, we are very bullish on Hospals and healthcare in general.”
Dr. Apoorva Ranjan Sharma, Co-Founder of 9Unicorns and Venture Catalysts, said, “We at Venture Catalysts are happy to have been its early backer and are now reinvesting in its growth story along with our commitments from 9Unicorns.”
Hospals was founded by Danish Ahmed. Obaidullah and Suneel Kapur. Suneel had earlier worked as the Group Sales head for Fortis Hospitals and Chief Marketing Officer at Radiant Group, recently acquired by Max Healthcare.
Danish Ahmed, who Co-Founded Hospals after quitting his role as Vice President at Paytm said, “We’re solving problems in accommodation, remittances and medicine delivery across the border. We’ll soon launch fintech services like medical loans and crowdfunding to help patients finance their treatments beyond insurance coverage, so that each human has access to the best healthcare globally.”
Medical tourism is a $78 billion industry globally and was growing at 25 percent CAGR before COVID brought international travel to a halt.