Healthcare startup Oxa Medical, which provides curated medical tourism packages, has secured an undisclosed amount in seed funding from UAE-based Idein Ventures Pvt Ltd, the company said.
The Hyderabad-based company started operations in December 2016 as an offline medical tourism company, but soon went on to float its digital healthcare platform. It will use the money to build its technology stack and expand its operations.
“Oxa is building a very strong channel between Africa and India medical worlds. And Idein is helping them with this global reach as we are associated with the right players in this industry, globally,” said Ashwin Srivastava, co-founder, Idein Ventures.
Oxa was founded by Shashank Shrivastava, who had also founded Sunjeevanam, a solar purchase and installation company. Srivastave, a BITS Pilani graduate, had stints with PlaySolar Systems Pvt Ltd and Tata Power Company Ltd. “We not only arrange for travel, accommodation and treatment, but also provide pre-travel medical consultation and post-treatment care services,” he said.
Idein, a venture capital and private equity firm, was founded in 2015 by Mumbai-based serial entrepreneur Ashwin Srivastava, UAE-based global investor Rajeshwar Prasad, and US-based private equity expert and solution architect Mahesh Vellaboyina.
It has invested in real estate companies Buildtraders and Restate, and Infurnia, a startup in the interior designing space. The early-stage venture capital had recently hired David Back, co-founder of self-drive car rental startup Zoomcar, as entrepreneur-in-residence.
With India emerging as a preferred destination for quality and affordable healthcare, private equity investors are slowly warming up to the idea of putting their money in the medical tourism space.
In January, PlanMyMedicalTrip, an online platform that offers international patients access to medical care in India and Turkey at competitive prices, had received Rs 1.25 crore ($187,000) in angel funding from three investors – Bhanu Vikram Parsotam, Rohan Desai and Paras Patel.
Mumbai-based TransEarth Healthcare Services, which operates under the TransEarth Medical brand, had raised $2 million to expand its operations overseas.
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