Total amount raised
$5.3 Millions
Latest funding date
08/01/2018
Location
myUpchar has successfully raised $5 million in a Series A funding round, with backing from investors such as Omidyar Network India and Nexus Venture Partners. The platform offers a comprehensive range of healthcare services, including online consultations with over 3500 doctors and access to a wide variety of health products and information.
Keep reading to explore the intricacies of myUpchar's fundraising journey and the investors backing this innovative digital healthcare platform.
What Is myUpchar?
myUpchar, founded on November 15, 2016, by Manuj Garg and Rajat Garg, is a pioneering digital healthcare platform based in New Delhi, India. The company operates as a Full Stack Digital Hospital, providing a wide range of healthcare services and products.
With a team of 51-100 employees, myUpchar impacts over 100 million patients per month. The platform offers online consultations with more than 3500 doctors and access to a comprehensive list of medicines and health-related information, making healthcare accessible and affordable for all.
How Much Funding Has myUpchar Raised?
- Seed Round
- Amount Raised: ₹20M (approximately $300,000)
- Date: September 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the platform and develop initial product offerings.
- Series A
- Amount Raised: $5M
- Date: August 2018
- Lead Investors: Nexus Venture Partners, Omidyar Network, Shunwei Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop product and technology, strengthen voice, video, and virtual reality interfaces, and expand remote health services.
Total Amount Raised: $5.3M
Current Valuation: Not publicly disclosed
Key Investors
- Nexus Venture Partners
- Details: Nexus Venture Partners is a venture capital firm that invests in early and growth-stage companies across various sectors. They have a strong presence in the Indian market and are known for their strategic investments in technology and consumer services.
- Investment Focus Areas: Technology, consumer services, healthcare
- Notable Investments: Delhivery, Zomato, Unacademy
- Omidyar Network India
- Details: Omidyar Network India is a philanthropic investment firm that supports innovative organizations and companies to create social impact. They focus on investments that address critical social issues and improve the quality of life for underserved populations.
- Investment Focus Areas: Education, financial inclusion, healthcare
- Notable Investments: Quikr, Dailyhunt, Aspiring Minds
- Shunwei Capital
- Details: Shunwei Capital is a venture capital firm that focuses on investing in early to growth-stage companies, particularly in the technology sector. They have a strong track record of backing successful startups in the internet and mobile internet sectors.
- Investment Focus Areas: Technology, internet, mobile internet
- Notable Investments: Xiaomi, Meituan-Dianping, ShareChat
What's Next for myUpchar?
myUpchar stands at the cusp of significant growth, driven by the burgeoning Indian healthcare market valued at $30 billion. The platform's focus on developing advanced technology, including voice, video, and virtual reality interfaces, positions it to expand its reach to remote areas and provide healthcare information in regional languages. This approach aims to serve over 500 million Indians, addressing a critical gap in healthcare accessibility.
Future fundraising opportunities appear promising as investor interest in healthtech continues to rise. myUpchar's ability to scale its technology and content could attract further investments, enabling the platform to enhance its service offerings and expand into additional regional languages. However, challenges such as ensuring the accuracy of health content and competing with established players like Healthifyme and Practo remain. Overcoming these hurdles will be crucial for myUpchar's sustained growth and success.
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