INDIA – FlexifyMe, one of India’s fastest-growing Health and wellness platforms has raised US$ 300,000 in a seed funding round.
Prominent investors in the round included Ravi Bhushan, Founder & CEO of BrightChamps, Amit Ratanpal, Founder of Blinc Management, Sachin Anand, Sales Director APJ, Intel, and Dipen Shah, Managing Director of VAG-group, among others.
Manjeet Singh and Amit Bhayani founded the brand in October 2021 with the goal of naturally reversing chronic illnesses and stress and inspiring people to live a healthy and happy life.
The newly raised funds will be used to acquire talent, boost technological capabilities, and train top-certified Yoga, Meditation, and Nutrition instructors.
The health and wellness platform seeks to aid its members in mastering their health and lives, by designing a tailored transformation program for each user.
The company’s method combines the ancient wisdom from yoga, meditation, and ayurvedic diet with modern sciences to produce an all-encompassing wellness regimen that addresses its users’ physical, emotional, and spiritual needs.
The company has ambitious growth plans for the coming years and seeks to enhance its tactics to fuel expansion across Indian and international markets.
The platform has already acquired over 13,000 users and expects to clock 150,000 users by the end of this year.
Within the subsequent eight months, the company intends to establish its platform across the United States and Canada.
According to a Research and Markets report, India’s digital healthcare market was valued at Rs 252.92 billion (US$3.3 billion) in FY21 and is expected to reach Rs 882.79 billion (US$11.4 billion) by 2027, growing at a CAGR of 21.36 percent.
Startups are revolutionizing healthcare delivery in India, from Practo and 1MG to mfine and Pharmeasy. Many young startups have emerged to connect doctors with patients and fill the country’s healthcare service gap.
2021 global digital health investment
According to Rock Health, a venture fund dedicated to digital health, digital health had a standout year in 2021, with startups raising an eye-popping US$29.1 billion across 729 deals.
Overall, market investment nearly doubled 2020’s previous record haul of US$14.9 billion, according to the company’s year-end funding report.
Top-line funding growth was fueled in large part by 88 megadeals (rounds of US$100 million or more), which raised US$16.6 billion, or 57% of the total for the year.
In terms of deal size, Noom (US$540 million), Ro (US$500 million), Mindbody (US$500 million), and Commure (US$500 million) were the four largest digital health deals since Rock Health began tracking in 2011.
Following the success of 2021, digital health funding slowed in the first quarter of 2022, indicating potentially choppy waters for investors in 2022.
According to Rock Health, digital health startups raised US$6 billion in the first quarter of 2022, a staggering figure when compared to just three years ago.
However, investment lagged significantly behind the US$7.3 billion raised in the fourth quarter of 2021 and the trailing twelve-month quarterly average of US$7.1 billion.
Global digital health investment reached an all-time high of US$57.2 billion in 2021, driven by the increasing need to provide digital solutions and delivery models to patients during the pandemic, Fierce healthcare reported in January.
According to a year-end report by market intelligence firm CB Insights, the record-breaking funding represents a 79 percent increase from the US$32 billion raised globally in 2020.
This record amount was raised in 2,930 transactions, compared to 2,518 transactions in 2020.
Digital health startups in the United States earned a record US$37.9 billion in 2021, up 75% from US$21.7 billion in 2020. In the fourth quarter alone, digital health funding totaled US$10.8 billion.
According to the report’s findings, this is more than the second-largest global market, Asia, recorded in all of 2021 with US$10.7 billion.
The number of transactions in the United States fell to 303 in the fourth quarter, the lowest on record for 2021.
Smaller financings have been surpassed by mega-rounds, which accounted for 63 percent of total US funding in the fourth quarter.
According to the Rock Health report, digital health startups offering mental health continued to be the top money raisers, bringing in US$5.1 billion—US$3.3 billion more than any other clinical indication in 2021, and nearly double the US$2.7 billion raised in 2020.