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(L-R): Vineet Mehta, Sushant Roy and Shashank Avadhani co-founders, Alyve Health
Healthtech platform Alyve Health has raised $5.5 million in a Series A funding round led by Axilor Ventures, with participation from 1Crowd Fund, an existing investor, and Inhealth Ventures, a healthcare-focused fund.
Additionally, the startup raised venture debt funding from Trifecta Capital.
It will use the raised capital for platform enhancement, talent acquisition, expansion of operations, amplification of services, and increasing member engagement.
Co-founder and CEO Shashank Avadhani emphasized the importance of investing in people, particularly engineers, product managers, and deep technology, to scale the platform in line with their aspirations and ambitions.
The startup aims to further fortify its platform and enhance its data, security, and AI capabilities.
What does Alyve Health do?
Founded in May 2020 by Shashank Avadhani, Sushant Roy, and Vineet Mehta, Alyve Health offers comprehensive health plans that cover various healthcare journeys such as doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships, and proactive well-being.
The platform integrates seamlessly with payers (insurers, TPAs), intermediaries (brokers, financial institutions, digital platforms), and providers (clinics, diagnostic centers, fitness studios).
The integration allows Alyve to provide tailored solutions to employees, customers, and channel partners. Alyve Health claims that it currently serves over 1 million members.
Investors comment
Prachi Sinha, Principal at Axilor Ventures, praised Alyve Health’s customer-centric approach and its ability to offer tailor-made, high-utilization OPD services.
“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. With growing coverage, we believe that Alyve Health can help redefine health plans,” said Anil Gudibande, Co-founder, 1Crowd Fund.
The Indian healthcare industry, which was valued at $370 billion in 2020, is expected to reach over $610 billion by 2026, presenting a significant opportunity for Alyve Health to expand and redefine health plans in the market.