- The health and wellness market size worldwide was estimated at over 4.4 trillion U.S. dollars in 2019, a figure which is set to increase to over six trillion U.S. dollars by 2025
- According to Numb Research – an Indian market research firm – India’s 443 million millennials spend an average of Rs 4000 per month on health and wellness services and products
- The wellness market in India has been on a quiet yet steady rise over the past few years, and if FICCI’s latest estimates are to go by, the industry is valued at a whopping Rs 490 billion.
- As per the Health and Wellness Market by Product and Geography – Forecast and Analysis 2020-2024, the health and wellness market size is expected to grow by USD 1,299.84 billion with a CAGR of 6.37% during 2020-2024
Srinivasa Vivek is the Co-Founder of Resolute. Resolute is an integrated digital health & wellness service covering precision wellness, continuous virtual care, and digital therapeutics for families. They enable hyper-personalization at scale and everlasting positive change in health and wellness.
Product offering for Resolute
Srinivasa Vivek informs, “Our holding company was started 4 years back. We were 4 engineers who started with this. We got passionate about healthcare during our journey. Many verticals produce positive outcomes. We have seen that in the healthcare field the outcomes were lagging when it comes to other verticals. So, we decided to start with something outcome centric. That's the reason for starting with Pytheos Health Systems. Pytheos Health Systems operates 3 brands that are under-
My diagnostics- Consumerized approach towards health towards overall vitality. It's all about clinical play.
Human Factor- For supplying Technologies to hospitals for patient engagement
Resolute- It is one of India’s care and wellbeing services which includes -Precision Wellness and continuous wellness and care. It's all in one platform for care.
USP of Resolute
Srinivasa Vivek says, “The core aspect of Resolute is as follows-
- Hyper personalized- Take care of the “Whole ME approach.”
- Acto-care - Virtual primary care with a technological system with the human touch. The system is auto-generated when symptoms appear and are transferred to the care team. The acto-care will prompt you when you need to talk to the doctor and when a symptom needs intervention.
- Care Team- Nurses, GPs. Therapists, nutritionists and healthcare coaches
- Crafting the hyper-personalized journey- To construct your personalized well-being a program with precision and is evidence-based.
- The whole ME approach- We help with stress management, sleep optimization and nutritional optimization, and remote health monitoring rather than taking prescription-based medicines.
This is our care cycle. This is our Activ- care. So, we are different from traditional click and consult. This is our prime USP which is a clear gap in the market.
Lives have you touched so far by Resolute
Srinivasa Vivek states, “As a group, we have touched 3 lacs+ lives but Resolute is 6 months old. We have most of the corporate members and family members who come from my diagnostic channel.”
Funding for Resolute
Srinivasa Vivek informs, “We have raised funds 3 times now. Our last funding was 1 million US dollars. We are self sustained. We invest capital in building technologies and expanding teams. We forecast that we will be raising funding in the next 6 - 8 months again.”
Revenues in FY22-FY23 for Resolute
Srinivasa Vivek states, “Last year, we closed at 6 cr as per the audit, and this year we are on track to double that. This is our aspiration goal and there are still 6 months to go for this year. We will be hitting 10-12 cr. People are back to being well beings in corporations after covid hit.”
Goals and future expansion plans for Resolute
Srinivasa Vivek emphasizes, “We segment our business into 2 things -
- Service delivery- with diagnostics, virtual consultation for corporates, and nurse services. Service delivery business stays in tier cities.
- Platform and product business- Software piece which we are good at doing. The software business is global.
We have expanded in the USA. We have started building a digital therapeutic product line that has a major bulk market outside India. That is our expansion goal for this year”
Affordability by Resolute
Srinivasa Vivek says, “Membership price for digital components is 6000 rs for whole years which includes unlimited primary care from concierge and health check and unlimited access to Stax which we are building for a hangover, sleep, caffeine, nutrition and many more. We have noticed diagnostic prices are crashing these days. But, it is important to note that it is not about just testing but giving meaningful insights as well to your health to customers. That is where value is shifting. The prices are dropping but are not value-driven. We are more towards giving meaningful insights with value-driven services.”
Experience during Journey
Srinivasa Vivek says, “Funding is just accelerated experience with boosters. It helps us expand and try out new things but we are always prepared to spend meaningfully to expand from day1. Growth is not explosive but we are compounding towards it to make meaningfully big for good outcomes. We should work with passion and curiosity, the staying power is low without it. The size of the reward depends on the size of the risk. We believe if you do well, the rewards are going to be massive.”
Edited By: Dr.Rati Parwani
Contributed By: Srinivasa Vivek, Co-Founder, Resolute