The company plans to utilise Series A funding to recruit talent, enhance technology and scale operations
Lybrate, healthcare communication and delivery platform, has announced that it has secured $10.2 million in Series A funding from Tiger Global Management, Ratan Tata, Chairman Emeritus of Tata Sons, and existing investor Nexus Venture Partners.
Lybrate enables patients to communicate anonymously with doctors via a mobile app or online from anywhere and anytime, plans to utilise the funds to develop products, recruit talent, augment technology and scale operations.
“We ignore our health and rush to take a call at delayed stages when the disease has progressed to serious levels. The tendency to consult chemists because of time constraint and inertia to visit a doctor is rampant and lead to risky behavior of self-medication. This is even more aggravated outside metros where accessibility of doctors is itself a challenge. Thus, by connecting doctors to the population and letting them communicate, we are trying to solve the fundamental problem and transform the way healthcare is being delivered in India,” said Saurabh Arora, CEO, Lybrate.
The option to remain anonymous, Saurabh said, enables people to talk about health issues, which were hitherto considered a taboo to discuss in public in the country. “We see a significant user engagement on the subjects related to sexual health, women’s health, psychological problems, especially depression, which makes it apparent that people want to have solutions and gain knowledge regarding these, but stay in shell out of embarrassment. Through the Lybrate app, we want every Indian to talk about every possible health issue and take informed decisions.”
“Lybrate’s concept is ground breaking. We believe it has the potential to revolutionize healthcare delivery in India and script the future of the healthcare industry with its model. The company is poised to gain ground rapidly as the penetration of Internet services and smartphones surge,” said Lee Fixel, Partner, Tiger Global. “We are excited to support the company’s unique and innovative efforts.”
Before bringing any doctor on its platform, Lybrate runs a background check to verify medical licenses and credentials. The users can seek multiple opinions from doctors for free on the open platform, or start a one-on-one dialogue privately for a fee with doctors and share text, photo and voice. While interacting on an open platform, the physicians can also endorse answers of other doctors.
“Bringing medical interactions online improves the efficiency of doctor patient interactions. Personalised rich communication via the Lybrate app unburdens doctors and allows them to focus on critical patient care and allows consumers to have expert opinions from multiple doctors. Lybrate’s exponential growth has clearly demonstrated the market need and the power of their solution,” said Sandeep Singhal of Nexus Venture Partners.
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