Hospals offers medical services to patients through its international network of doctors, medical care practitioners and hospitals
It claims to have served more than 22,000 patients from 38 countries, helping them access medical advice, teleconsultations and surgical treatment through its network.
The global medical tourism market was estimated at $104.68 billion in 2019 and is expected to reach $273.72 billion in 2027
Cross-border healthcare and travel startup Hospals raised $3.5m in a pre-Series A round led by Singapore-based Inflection Point Ventures, 9Unicorns and Wavemaker, among others.
Angel investors including Kunal Shah and Sanjeev Mishra also participated in the round along with existing investor Venture Catalysts. The startup will deploy the funds to expand geographically in line with its goal of reaching 1.5 million subscribers and patients and achieve a GMV of $900 million.
Founded in 2018 by Dane Ahmed, Hospals offers medical services to patients through its international network of doctors, practitioners and hospitals. Through its health benefits membership, subscribers in Africa and Asia enjoy unlimited teleconsultations and free surgical treatments worth up to $15,000.
It claims to have served more than 22,000 patients from 38 countries, helping them access medical advice, teleconsultations and surgical treatment through its network of hundreds of hospitals.
“Healthcare expenses that include treatment costs and travel costs can be daunting for a family. Having guided counseling from companies like Hospals can ease the stress as their model puts you in touch with the best doctors and surgeons in their respective disciplines. They also provide translation and residential assistance near hospitals,” said Vinay Bansal, Founder and CEO of Inflection Point Ventures.
In terms of value, the global medical tourism market was estimated at $104.68 billion in 2019 and is expected to reach $273.72 billion in 2027, growing at a CAGR of 12.8% over the period.
By volume, the market accounted for over 23 million patients in 2019 and is expected to reach 70.3 million patients in 2027, registering a CAGR of 15% from 2019 to 2027. However, travel restrictions due to the pandemic are expected to mitigate these figures. well before the market picks up.
“India is one of the largest and fastest growing markets for medical tourism thanks to the affordability and accessibility of high quality health treatments. Hospals has reinvented itself to meet growing demand from this industry by facilitating end-to-end services, including providing medical loans to patients,” said Apoorva Ranjan Sharma, co-founder of 9Unicorns and Venture Catalysts.
This week we saw the start of dental care Smiles.ai will raise $23 million (INR 171 Cr) in a Series A funding round led by Alpha Wave Incubation. Another dental tech startup Toothsi raised $9 million (INR 66.6 Cr) also in a debt financing round led by Stride Ventures.