Healthcare and travel platform Hospals raises $3.5M in pre-Series A funding round

Hospals, a cross-border health and travel benefits platform, announced a $3.5 million round of funding in its pre-Series A investment from Inflection Point Ventures, 9Unicorns, Singapore-based Wavemaker and eminent angels like Kunal Shah, Sanjeev Mishra and the founders of Razorpay. Existing investor Venture Catalysts also participated in the current round.

Funds raised will be used to expand geographically to reach $900 million in GMV, enabling 1.5 million subscribers and patients to obtain medical and cosmetic treatments around the world.

The startup has already served more than 22,000 patients from 38 countries for medical advice, teleconsultations and surgical treatment in more than a hundred hospitals in its network. Its health benefits membership, called Hospals Assured, allows subscribers from Africa/Asia to get unlimited medical teleconsultations and free surgical treatments up to $15,000 in Indian hospitals.

Vinay Bansal, Founder and CEO of Inflection Point Ventures, says, “Healthcare expenses, which include treatment costs and travel costs, can be daunting for a family. Having guided counseling from companies like Hospals can ease the stress as their model puts you in touch with the best doctors and surgeons in their respective disciplines. They also provide translation and residential assistance near hospitals. Hospitals are at the crossroads where they help patients and healthcare professionals. »

Hospals was founded by Danish Ahmed, Obaidullah and Suneel Kapur. Hospals uses its proprietary recommendation engine to find the best cosmetic surgeons and clinics for patients based on their location, treatment, and budget. Its network of more than 400 Hospals health consultants in 30 countries provide local advice and support to ensure a smooth patient experience.

Apoorva Ranjan Sharma, co-founder of 9Unicorns and Venture Catalysts, said, “India is one of the largest and fastest growing markets for medical tourism thanks to affordability and accessibility. high quality health treatments. Hospals has been central to the expansion of this market. Hospals has reinvented itself to meet the growing demand of this sector by facilitating end-to-end services, including providing medical loans to patients.

“Hospals started with a single vision to provide universal health coverage. Through Hospals Assured, International Telehealth and our travel concierge services, Hospals enables people across Asia and Africa to access health care. health. We are rapidly expanding our network of hospitals and collecting data points across the spectrum to help patients find the best surgeons and clinics across Asia. We solve problems with accommodation, remittances and drug delivery across the border. We will soon launch fintech services like medical loans and crowdfunding to help patients finance their treatments beyond insurance coverage, so that every human being has access to the best healthcare in the world,” said Dane Ahmed, who co-founded Hospals after leaving his position as vice president at Paytm.

The Dane previously founded (sold to Flipkart) and Shopsity (acquired by Paytm) before launching Hospals. The company had raised Rs 10 crore in previous investments from Venture Catalysts, Spiral Ventures and Innoven.

Medical tourism is a $78 billion industry worldwide and was growing at a CAGR of 25% before covid disrupted international travel. With millions of patients waiting for surgeries for the last 2 years and thousands of medical travel companies closing their operations during Covid, Hospals is rapidly adapting its operations to fill this backlog.

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