Well Tech, a London-based product and technology development company that also runs a healthcare accelerator has launched a similar accelerator called Healthcare Catalysts in India along with seed funding and incubation platform Venture Catalysts.
The support ecosystem for healthcare technology startups is opening up. Accelerators in India, which have been catering to startups from across industries, are going vertical to focus on sector-specific startups. Well Tech, a London-based product and technology development company that also runs a healthcare accelerator has launched a similar accelerator called Healthcare Catalysts in India along with seed funding and incubation platform Venture Catalysts.
“This is the sign of maturity in the healthcare technology space in India. Verticalisation happens when a particular sector reaches a certain mass,” Dr Apoorv Ranjan Sharma, Co-founder and President, Venture Catalysts told Financial Express Online.
Well Tech comes with an international expertise of working with 25 governments and so for our startups to take them global since healthcare is a global problem, one needs a collaboration this side that has global experience, said Dr Sharma.
Healthcare startups haven’t been able to attract capital as much as other sectors including e-commerce, fintech, food etc. However, with the launch of the government’s health protection scheme — Ayushman Bharat of Rs 5 lakh per annum per family, healthtech sector is expected to grow from the supply side at least.
“While healthcare hasn’t been able to attract the VC funding as much as other sectors like e-commerce but with the launch of Ayushman bharat, it has opened the supply side completely for startups as a lot of people will be coming under the healthcare scheme ambit. Hence, it is the right time for investors to back healthcare startups,” said Dr Sharma.
The new accelerator will back 8-10 startups annually for next three years and would invest $500,000 to $2 million in each of them. The total amount to be invested stands at around $20 million.
“India is a country that will be particularly affected by the growing workforce challenge we are seeing in healthcare. Digital technologies, designed well are a powerful solution to most of these growing challenges” said Dr. Niti Pall, Chief Medical Advisor, Well Tech.
The accelerator would back early and growth stage start-ups focusing on domains including chronic disease management, psychological health, child and maternal health etc.