Health-tech start-ups get pandemic booster
The Morning Standard|December 05, 2021
Eye $50 bn revenue by FY33; likely to grow by 39% over FY20-FY23
UMA KANNAN

THE health-tech start-up space in India is witnessing exponential growth, especially for the past two years now due to the Covid-19 pandemic. Be it online video consultation, ordering medicines online, managing chronic conditions, digital wellness health or diagnostic services, start-ups are using technology to cater to consumers from the comfort of their homes.

According to a report by advisory firm RBSA Advisors, the health-tech market in India is expected to grow at an annual rate of 39% over FY20FY23. The report says it will reach $50 billion by 2033.

Also, the pandemic has opened up many opportunities for start-ups.

“We stayed resilient through the pandemic and were able to cross annual recurring revenue of $25 million in January, growing 100% from 2020. Our users have lost 20 million pounds of weight, tracked over 1 billion foods and burnt over 66 billion calories working out on HealthifyMe. We believe health-tech start-ups like us that are looking to make a difference have a massive opportunity to cater to a huge audience,” says Manan Chandan, Senior Director-New Initiatives at HealthifyMe.

The start-up, which has a total user base of 30 million, intends to invest in its AI capabilities and hire top talent. It is adding over 5 lakh new users every month and is on track to cross $40 million ARR coming January.

Robust M&As

The recent acquisitions — Flipkart acquiring SastaSundar; Tata Group acquiring 1MG; and Reliance Retail buying majority stake in Netmeds — and growth of many healthtech start-ups are testaments to the future potential of the industry.

While all the above deals happened in this year, according to Statista, in 2020 alone 7 mergers and acquisitions deals worth over $350 million were reported in the health-tech sector in India.

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