Category: MyHealthcare

https://www.vccircle.com/sixth-sense-ventures-strikes-debut-deal-in-health-tech-space Venture capital firm Sixth Sense Ventures has invested $3 million (nearly Rs 21 crore at current exchange rates) in InnoCirc Ventures Pvt. Ltd, which operates a digitally integrated technology platform called MyHealthcare. The transaction is part of the Gurugram-based health-tech company’s Series A funding round, it said in a statement. Last year, MyHealthcare raised $2 million in a round led by early-stage investment firm Hunch Ventures. MyHealthcare offers services such as electronic medical records (EMR), health trackers, emergency services, video consultations and health monitoring. It acts as a technology partner for hospitals for their patient-facing services. Fortis Healthcare, Medanta the Medicity and Cygnus Hospitals are among its clients. After India, the company now plans to expand its services to Southeast Asia, including in countries such as Malaysia, Indonesia and Myanmar. “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,” said Shyatto Raha, CEO of MyHealthcare. Incorporated in October 2017, InnoCirc Ventures was founded by Raha, Aneesh Nair and Divya Laroyia. MyHealthcare’s hospital enterprise collaboration platform, called MyHealthcare SPINE, integrates into various systems at a hospital such as the Hospital Information System, EMR and its pharmacy. It offers user-friendly digital platforms for its doctors, nurses, paramedics and patients. Nikhil Vora, founder and CEO of Sixth Sense Ventures, said MyHealthcare has improved commercials for hospitals and healthcare providers, and enhanced customer experience. Also, it runs on a transaction-oriented sustainable business model, he said. The company claims that it is in the process of closing the remainder of its Series A funding round over the next few months. Private wealth management firm Client Associates Investment Banking served as the financial adviser to MyHealthcare for this transaction. Sixth Sense’s investments The consumer-focussed venture capital firm was founded in 2014 by Vora, the former managing director and co-head of research at IDFC Securities. It runs two funds—it raised Rs 125 crore for the first fund and had a target corpus of Rs 350 crore for the second fund. The company claimed to have marked the first close of the second fund in March 2018. In its debut deal, it had invested in luxury watch retailer Ethos. From the first fund, it invested in 10 companies such as Cross Roads India Assistance Pvt. Ltd, a roadside assistance provider for cars and two-wheelers; media group NDTV's e-commerce venture Gadgets360; Grab, a Mumbai-based hyperlocal logistics service provider; gaming arcade operator Smaaash Entertainment Pvt. Ltd, besides Hindustan Foods and JHS Svendgaard. From its first fund, it has made Sixth exited three investments, recording an internal rate of return of 40%. From the second fund, it has invested in seven companies and exited none so far. These include Rakesh Jhunjhunwala-backed Fullife Healthcare Pvt. Ltd, which sells sports nutrition supplements under the brand Fast & Up, AVG Logistics, and Eupheus Learning, which develops textbooks and their digitised versions to integrate class and home learning.

https://tech.economictimes.indiatimes.com/news/internet/myhealthcare-raises-3-million-from-sixth-sense-ventures/68941540 Digital healthcare platform MyHealthcare has raised $3 million as part of its ongoing Series A round from Sixth Sense Ventures, a domestic consumer-focused fund that had so far backed companies in the retail, logistics, services and consumer products sectors. MyHealthcare, a Bengaluru and Gurugram-based company, said it would utilise the capital to expand across Southeast Asia. “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,” said Shyatto Raha, founder and CEO of MyHealthcare. MyHealthcare works with hospitals, diagnostic labs and speciality health clinics to build a suite of enterprise software solutions for healthcare players. With 70% of India’s healthcare services concentrated in just the top 20 cities, MyHealthcare wants to utilise technology and a data-driven approach to help all players reach more patients and reduce cost of care. The company said it expects the market for mHealth in India to touch $1 billion by 2020. “With MyHealthcare improving commercials for hospitals and 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,” said Nikhil Vora, founder and CEO of Sixth Sense Ventures. Sixth Sense Venture is a Rs 500-crore fund that has backed ed-tech firm Eupheus Learning and holiday accommodation firm Saffron Stays among others.