Mumbai-based health-tech startup Alyve Health has secured a Series A funding of $5.5 million.
The funding was led by Axilor Ventures and saw participation from existing investor 1Crowd Fund and a healthcare-focused fund Inhealth Ventures. The company also raised venture debt fund from Trifecta Capital as part of this round.
The company plans to use the funding to acquire talent; enhance its platform, services and engagement with members; and expand operations.
“This investment empowers us to continue innovating on our product and technology. We are privileged to play a significant role in shaping the future of health plans,” said Shashank Avadhani, Co-founder and CEO, Alyve Health.
Alyve Health strives to provide comprehensive healthcare services to individuals, employers, and businesses. Its services include doctor consultation, medicine purchase, diagnostics, gym membership, dental procedures, and proactive well-being.
The platform is integrated with payers (insurers, third party administrators), intermediaries (brokers, financial institutions, digital platforms), and providers (clinics, diagnostic centres, fitness studios).
The startup claims to have more than a million users.
“This funding will enable us to further fortify our platform and enhance our data, security, and AI capabilities,” said Vineet Mehta, Co-founder, and CTO, Alyve Health.
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“Alyve Health is a unique technology venture in the insurance industry, weaving an ecosystem of service providers and providing an assured experience to all stakeholders,” said Anil Gudibande, Co-founder, 1Crowd Fund.
Alyve Health has offices in Mumbai, New Delhi, Gurugram, and Bengaluru.
According to market intelligence platform Tracxn, the company competes with Virgin Pulse, a cloud-based software solutions provider for employee wellbeing; Hinge Health, a digital solutions provider for employees recuperating from chronic pain from musculoskeletal disorders; and Accolade, a cloud-based platform for employee health benefits.
Edited by Swetha Kannan
