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Tuesday, October 3, 2023

Glamyo Health builds OYO-style Healthtech network with 300+ hospitals

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Glamyo Health, founded in 2019, specializes in minimally invasive elective operations, with the goal of providing a stress-free experience for all elective surgeries and aesthetic procedures.

The patient experience in traditional healthcare is broken for a variety of reasons, including non-transparency in pricing, delays in admission and discharge, and so on. Furthermore, according to the NITI Aayog, 30 percent of India’s population–or 42 crore people–do not have any kind of health insurance, with real numbers expected to be higher due to existing gaps and overlaps among various plans.

Archit Garg and Dr Preet Pal Thakur had known one other for over ten years and worked together at Milestone Religare Private Equity when they decided to do something about this situation. Glamyo Health was launched in February 2020 by the two. Glamyo Health, based in Delhi, is a multi-specialty healthcare firm that aims to provide a hassle-free experience for all elective operations and cosmetic procedures, as well as personalized care.

Archit met Dr Preet Pal while working at Milestone Religare Private Equity, and after 10 years of friendship, they decided to collaborate on a new business. In 2019, they met often in cafés to discuss company ideas and came up with the concept of developing a full-stack healthcare platform to give patients with a seamless experience.

Glamyo Health claims to provide high-quality medical care, drugs, and food for a fraction of the market price. From consultations to post-surgery follow-ups, the startup provides a single point of contact and provides end-to-end services.

Information gap—by giving free and impartial surgical guidance through a staff of 100+ medical coordinators. Financing gaps–Collaborating with multiple finance stakeholders, including insurance aggregators/EMI partners, to provide patients with single-window clearance for their healthcare financing requirements.

Glamyo Health has partnered with fintech businesses like as Unofin, Shopse, Earlysalary, Liqui-loans, and others to provide loans to patients at no cost “Archit, Co-Founder of Glamyo Health, agrees. The co-founders see their firm as an OYO for the healthcare network, with the goal of making Glamyo health India’s largest healthcare delivery brand. “We make use of hospitals’ and surgeons’ available capabilities.

This asset-light strategy has enabled the firm to spread to 16 locations with a network of 300+ hospitals and 200+ surgeons, and it claims to have already impacted the lives of 1,50,000 people in the first 24 months of operation.

It promises to handle 40,000 patient inquiries every month. Glamyo Health claims to have a presence in 16 Indian cities, including Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chandigarh, Indore, Bhubaneshwar, Patna, Mysuru, Madurai, Chennai, Ahmedabad, Nagpur, Lucknow, Kochi, and Coimbatore.

“We have logged 4,00,000 patient traffic to far, and over 1,50,000 patients have had counselling sessions with our medical coordinators.” In terms of affordability, Archit says, “On average, we charge 25% less than other hospitals; however, it fully relies on numerous criteria such as location, case, treatment, the facility necessary, and so on.”

Glamyo Health, according to Dr. Preet, keeps costs low by negotiating rates with hospitals and reducing the use of consumables.

“In addition, Glamyo Health mostly performs day-care procedures, which reduces OT (Operation Theatre) expenditures and hospitalization expenses. Aside from that, most procedures are laser-assisted, resulting in cheaper costs than traditional surgeries, which require a lot of equipment and consumables,” he says.

Archit says, “Glamyo Health focuses on 50+ procedures, ranging from minimally invasive gallstone removal to laser treatments for proctology disorders such as piles, fissures, and fistulas.” “We provide these therapies at the top facilities across India.”

It provides low-cost therapy for piles, circumcision surgery, hernia, mole removal, aesthetic operations, Lasik, and cataract surgery, among other things. After paying the hospital and the surgeon, the startup receives a share of the surgical charge.

Glamyo has partnered with around 300 hospitals, including Tier I chains like as Apollo Institutions, Manipal Hospitals, Sparsh Hospitals, and other independent hospitals such as IBS, Apex Hospitals, Parakh Hospitals, SRV Hospitals, and others.

The healthtech business claims to have finished FY 2022 with an ARR (Annual Recurring Sales) of $8 million, with a month-on-month revenue growth of 25%. It intends to achieve an Annualised Run-Rate of $80 million in fiscal year 2023. With a workforce of 300 people, the healthcare firm expects to grow to 600 or more in the next six months.

“We are a full-stack player and compete with Pristyn Care and a few others like Medfin and Ayu Health,” Archit says of competitors.

The firm raised $1 million in a seed round in February 2020, and last year, it raised $6 million in a Series A fundraising round headed by Ananta Capital, with participation from Agility Ventures, Udtara Ventures, and others.

The business is already in advanced talks about raising a Series B round of funding. “Going ahead, we want to provide AI-powered counselling for patients,” Archit said of its future ambitions. In 2023, the healthtech industry is predicted to rise by $50 billion. Secondary care healthcare in India is a $30 billion business that is increasing at a 15% yearly rate.

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