Healthcare-focused startup incubator HealthStart is setting up a new sector-focused angel network, founder of the business told VCCircle.
“We were approached by many companies which have crossed the stage of being a part of an accelerator programme but wanted funding; so we decided to set up an angle network,” said Pradeep K Jaisingh, founder and chairman of HealthStart.
HealthStart expects to see the network become functional by June.
The network will comprise of 100 professionals from domains like pharmaceutical, diagnostics, hospitals, devices as well as from the private equity and venture capital space. “We are looking at people from India as well as from the US, Europe and Singapore,” said Jaisingh.
The network will make around 8-10 investments in a year; the ticket size of the investments would be Rs 1- 2 crore with an exit period of around two years.
The focus areas of the network within healthcare would include technology, mobile applications, chronic disease management, preventive healthcare and e-commerce.
HealthStart started off as an accelerator for healthcare startups in 2013 and has incubated five companies so far. It plans to incubate 10-12 startups this year with a focus on health-tech domain with a ticket size of Rs 20 lakh each.
“We had our first accelerator programme last year with Indian School of Business, Hyderabad. We are going to do this again this year and are looking at India as well as global partners,” said Jaisingh.
Its existing portfolio companies include ObiNo, Gympic, CarewayHealth, Elementia Wellness and Healthians.
An alumnus of IIM Ahmedabad, Jaisingh was managing director and CEO of International Oncology – a global cancer care and research company. Other founding partners of the venture are Raj Airey and Suhail Chander.
Airey is a UK-based NRI who was previously CEO of the India unit of NYSE-listed healthcare company Baxter. He is also the founding partner of Wizzcare Home Health Solutions, which provides home-based healthcare support to families and senior citizens living in India.
Chander leads IndusInd Bank’s corporate and commercial banking business.
Another incubator focusing on the Indian healthcare segment is Unitus Seed Fund's StarHealth Investment Programme.
(Edited by Joby Puthuparampil Johnson) Leave Your Comment