The Airmed Pathology Labs, a first-of-its-kind healthcare home test service startup, has raised pre series funding round led by Bennet, Coleman and Co. Ltd.'s (BCCL) investment arm Brand Capital. The investment will be infused to expand the company across the country and brand marketing to acquire customers.
On the capital raising, Dr Amit Gupta, Cofounder, Airmed Path Labs says, “We will be deploying these funds to increase brand salience and brand awareness to widen our customer base and enter new markets. By next month, we will be in Delhi, Gurgaon and the rest of Gujarat. By March 2018, we will add over 100 labs.”
The Ahmedabad-based company builds technology for the pathology labs in India to help them utilize their efficiency and churn out medical test reports faster. Dr. Amit Gupta adds, “From my last 10 years of experience, I have realized, not only the end customer but even the doctors who prescribe the test are neglected. We are leveraging technology and analytics to aid diagnosis. ”
India has about 60,000 laboratories and 6,000 diagnostic centers. Machines in the majority of them run for only 20 percent of the time.
Speaking on behalf of Brand Capital, a person involved in the funding process adds, “In addition to significant customer value, we see Airmed has a good business proposition as well. The diagnostic Industry is growing at fast rate of 16% CAGR and Airmed has scalable asset light model. Given the industry dynamics, they can scale operations very quickly and have the capability launch Pan-India operations in next 15 months. More importantly Pathology lab service sector is highly unorganized and lacks customer focus and there are very few players with similar value proposition as Airmed”
Speaking on this sector in India today, Piyush Gupta, cofounder says, “Healthcare is all about treating, caring and comfort. But an important segment of this industry, Pathology, always proves to be tedious for patients and caregivers. On one hand where facilities like e-commerce and applications have got world to our homes, while traveling to the pathology lab for tests and services still remain the same. Technology has touched every facet of our life like never before. From food to medicines everything is delivered at the desired place and time. How come we still need to resort to our old method of visiting the lab when ill?”
Airmed has launched operations in Ahmedabad in for last 11 months and has created market waves already by getting some glowing customer testimonials.