The health tech company plans to use the new funds for strategic growth initiatives across key areas like platform enhancement, talent acquisition, expansion of operations, amplification of services, and higher member engagement.
Alyve Health, a health tech platform, announced a Series A funding round of $5.5 million. The investment round was led by Axilor Ventures and saw participation from 1Crowd Fund, an existing investor, as well as Inhealth Ventures, a healthcare-focused fund.
The company also raised a venture debt fund from Trifecta Capital as part of this round. The health tech company plans to use the new funds for strategic growth initiatives across key areas like platform enhancement, talent acquisition, expansion of operations, amplification of services, and higher member engagement.
Alyve’s health plans cover multiple healthcare journeys like doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships, and proactive well-being. The personalised plans, cashless experience, and assured care across prevention and cure set the brand apart. The platform provides tailored solutions to multiple groups—employees, customers, and channel partners—and currently serves over 1 million members.
Founded by Shashank Avadhani, Sushant Roy, and Vineet Mehta in May 2020, Alyve Health was built with the vision to provide unparalleled coverage and simplify the health plan experience for its members.
Vineet Mehta, co-founder and CTO at Alyve Health, said, “This funding will enable us to further fortify our platform and enhance our data, security, and AI capabilities.”
Prachi Sinha, Principal at Axilor, who led this investment, said, “With rising incomes and awareness, consumers are asking for offerings beyond just hospitalisation benefits. In a market fraught with noise, Alyve's customer-centric approach to enhancing the healthcare experience while offering tailor-made, high-utilisation OPD services gives the company the right to win.”
By leveraging technology and human expertise, Alyve Health aims to disrupt traditional healthcare models, offer a more customer-centric experience, and tailor healthcare plans to each individual's unique needs and goals. The size of the Indian healthcare industry crossed $370 billion in 2020 and is expected to reach over $610 billion by 2026, as per the International Trade Administration report.