IThrive, a Pune-based healthcare start-up has raised $350,000 in a pre-Series A round from Rajesh Ranavat, executive director at Fung Strategic Investments, and Neelesh Bhatnagar, managing director at NB Ventures, the company said in a statement.
The company said the fresh funds will be used to build the tech platform and support growth for its core business including expanding the recently launched iThrive Academy - an education platform for courses on health, wellness, and nutrition and iThrive Essentials - a line of supplements to cover nutritional.
Founded in 2019 by Mugdha Pradhan, IThrive is operated by Thrivetribe Wellness Solutions Pvt Ltd. The start-up claims to help people reverse chronic lifestyle disorders and rare health conditions using science-backed functional medicine methodologies. IThrive offers services like personalized online 1-1 consulting for treating and reversing lifestyle conditions, according to its website.
The company has grown customer numbers by 214% and revenue growing by 271% compared to last year, it said, without elaborating.
“One of our biggest differentiators is that we can create permanent and sustainable changes for our clients thanks to our 5-star rated coaches who go deep into creating mental frameworks that rewire both conscious and subconscious unhealthy patterns and trigger permanent behavioural changes towards good health for our clients. I look forward to accelerated growth for iThrive and scaling all three verticals using technology with the infusion of funds from this bridge round,” Mugdha Pradhan, iThrive’s Founder and chief executive officer, said.
India's healthtech segment is expected to grow at a CAGR (compound annual growth rate) of 39% to touch $5 billion by 2023, according to a report by transaction advisory firm RBSA Advisors. The segment has the potential to grow to $50 billion over the next 10-12 years, the report said.
India has more than 5,000 healthtech startups and the industry is currently pegged at $1.9 billion. The startups have secured funding of around $2.5 billion which reflects that technology is poised to strengthen the healthcare ecosystem of India, the RBSA Advisors report said.