Clinikally, a digital healthcare platform, earned $2.6 million in a round of investment led by Y Combinator, Tribe Capital, Goodwater Capital, Sequoia Scout Fund, and Rebel Fund.
In India, the healthcare business is one of the most important sectors of the economy. Since 2016, it has grown at a compound annual growth rate (CAGR) of roughly 22%. The healthcare business was valued at around 280 billion US dollars in 2020. By 2022, it is predicted to reach 372 billion dollars.
Hospitals are the biggest section of the healthcare business, accounting for over 70% of the total. Pharmaceuticals account for around 20% of the healthcare business.
Clinikally links customers with licensed dermatological practitioners who offer goods and customized treatment regimens for a variety of problems such as acne, hair loss, male or female pattern baldness, eczema, and rosacea, among others. Arjun Soin, a Stanford graduate and healthcare researcher, established the startup in 2021.
Clinikally previously secured $500,000 in investment and is supported by Shutterstock CEO and creator Jon Oringer’s Parento Holdings, ReNew Power founder Sumant Sinha, MapMyGenome founder Anu Acharya, and Neapean Capital founder Gautam Trivedi, among others.
Dropbox co-founder Arash Ferdowsi, Cred’s Kunal Shah, BloomTech (formerly Lambda School) founder Austen Allred, former Y Combinator COO & Applied Intuition co-founder Qasar Younis, Bluejeans Network Co-Founder Alagu Periyannan, Athelas founders Tanay Tandon and Deepika Bodapati, and Tilt founder James Beshara also participated in the current round.
“By giving a direct channel to qualified physicians and online pharmacy offering established, rigorously-tested products, Clinikally’s telehealth platform democratizes access to expert dermatological and wellness care like never before. We are thrilled to have some truly strategic global investors on board that resonate with the India opportunity; it gives a huge fillip to our mission of reimagining the future of vertically integrated, full-stack care for the specialty in India,” said Soin.
Clinikally plans to utilize the funding to expand the platform, improve telehealth technologies, and enhance omnichannel capabilities via offline clinic cooperation. “Towards this end, we are aiming to reach even further and wider (already 40% tier 2 3 & 4), enable same-day doorstep delivery across all Tier 1s in India, 2.5 to 3 times our user base, add 250 partner clinics,” Soin said.
Clinikally offers prescription-based skincare, hair, immunity, wellness, and nutrition products from pharma and consumer companies. Since its inception 21 months ago, the Gurgaon-based firm has serviced 450,000 people in 500 locations.
