With the objective of further expanding into more cities, primary healthcare network AddressHealth has raised $1.5 million in Series- A funding led by Gray Matters Capital. Their existing investor Unitus Seed Fund also participated in the round.
The investment will be used to further expand its reach through partnerships with schools and engagement with parents in Bangalore and to prepare for rapid expansion into other Indian cities, said co-founder and CEO of AddressHealth, Anand Lakshman.
“The funding allows us to expand the reach of our unique model of healthcare, which leverages schools, to deliver comprehensive primary health care to children proactively, at a low cost,” said Lakshman.
The firm has earlier raised funding from Unitus Seed Fund, which participated as well as acted as a financial advisor in this transaction.
Started in 2010 by doctors Anand Lakshman and Anoop Radhakrishnan, it is India’s first paediatric primary healthcare network that provides comprehensive care for children through its chain of clinics and school health programs.
AddressHealth has now reached more than 1 lakh children through its on-site services and screening programs to identify health issues. It provides early intervention to prevent them from suffering as young adults and aims to reach at least 1.5 Million children by 2020.
Bob Pattillo, the CEO and founder of Gray Matters Capital, said, “With its market-based model for paediatric healthcare, AddressHealth has served more than 100,000 children already; what I believe to be a fraction of their future potential.”
According to AddressHealth, it is currently serving 30,000+ children in South Bangalore through coordinated, comprehensive clinic-based care (paediatric medical home).
By leveraging partnerships with schools, AddressHealth is aiming to reduce costs associated with retail healthcare. It currently operates three clinics in Bangalore that provide one-stop-shop paediatric primary health care services under its own brand.