A health & travel benefits platform, Hospal, has raised $3.5 million in their Pre-Series A funding round. The investments came from Inflection Point Ventures, 9Unicorns, and Singapore-based Wavemaker. Angel investors Kunal Shah and Sanjeev Mishra of Razorpay too participated.
Previous investor Venture Catalysts also participated in this round. The funds will be used to expand their presence geographically and to serve 1.5 million subscribers to access medical & cosmetic treatments across the world.
The venture has a presence in 38 countries and has served over 22,000 customers. Their healthcare membership named 'Hospals Assured' helps Africans and Asians to get unlimited doctor teleconsultations and surgical treatments up to $15,000 across Indian hospitals.
Danish Ahmed is the CEO and Founder of Hospals India Private Limited. He was the ex-Vice President at Patym. He has started many startups including medical tourism platform Hospals. They plan to launch medical fintech services like medical loans & crowdfunding to help patients finance their treatments better without solely relying on insurance coverage.
They had previously raised $1.5 million in 2018 by Spiral Ventures and Venture Catalysts and an undisclosed amount in 2019 by InnoVen Capital. Medical tourism is estimated at $78 billion internationally and was growing at 25% CAGR before COVID-19 brought a halt to international travel.