Delhi-based healthcare company LetsMD has received an undisclosed amount of funding from Calcutta Angels Network (CAN), Anupam Mittal, Currae Healthtech Fund, and LetsVenture. These investors now roughly have a 25% stake in of the healthtech startup LetsMD.
“LetsMD will enable accessibility and affordability of tertiary level healthcare in India,” said Nivesh Khandelwal, founder of LetsMD. “We believe CAN, with its large and diverse network of investors, will play a key role in enabling relationship acquisition for LetsMD.”
According to INC 42, all the funding going toward LetsMD will be used for technological advancements, as well as expanding the team’s reach and international marketing.
In the U.S., annual home healthcare expenditures cost around $72.2 billion in 2010 and many startup companies have sprouted up since in hopes of improving the global healthcare system.
“LetsMD is in the process of creating a platform by brining together all the players of the healthcare ecosystem to a single, integrated marketplace,” said Siddharth Pansari, president of Calcutta Angels Network. “It is CAN’s first round with Lets MD. Incidentally, it is also CAN’s biggest investment in terms of the amount.”
Price transparency and time allotted for financing are two of the main issues facing India’s healthcare industry.
“Patients and their families need such platforms to meaningfully compare the quality and pricing of procedures across hospitals,” said Shanti Mohon, one of the founders of LetsMD, “and be able to pay for them before it is too late.”
The Times of India reports that CAN is the largest network in the east and picks up — or the 25% — roughly eight percent of LetsMD shares. This investment will be CAN’s 12th tech investment within the healthcare sector.
LetsMD is still in its infancy, having only launched in December of 2015, but the startup has already on-boarded roughly 300 hospitals and single healthcare chains including BLK hospitals, Apollo Hospitals, and Fortis Healthcare.