Platform to use funds to enhance technology platform and expansion to non-metro cities
Elawoman, a data driven fertility platform, has raised $3 Mn in Series A funding round, led by Chiratae Ventures (Formerly IDG Ventures India) along with co-investor – Alkemi Venture Partners, a healthcare and consumption focused early growth stage fund.
With more than 5400 fertility doctors and clinics listed in more than 32 cities in India, Elawoman acts as an independent platform connecting patients to renowned fertility doctors, IVF centers, ART treatments, standard-transparent pricing, patient recommendations, holistic rating system and services. It has been designed as a one stop concierge solution for all its users – providing multiple opinions, video-tele consultation, emotional and family counseling, legal support, medical loans, online payments, medical tourism – all under one umbrella.
The fertility platform intends to use the funds to further enhance its technology platform and expand in non-metro cities in India and international geographies in Asia Pacific countries catering to a market of more than $4 Bn.
Commenting on the funding, Ritu Singh, CEO, Elawoman said, “ Infertility is a major social taboo in India which can be addressed with the help of technology. Furthermore, absence of independent advice and non-transparency in pricing for most fertility treatments including IVF and Surrogacy further widens the void. We aim to bridge this gap by building a transparent data-driven community where users can access independent and trusted advice and can connect with specialised experienced doctors specific to their fertility need.”
Speaking on the investment, Ranjith Menon, Executive Director, Chiratae Ventures said, “ Infertility is a very sensitive issue. The Asia-Pacific region alone has more than 70 million couples going through the challenges of infertility. This number is only expected to increase given the impact of stress and other lifestyle issues are having on conception. We are very happy to partner with the team at Elawoman who are putting together a platform to help couples deal with the challenges of infertility more effectively.”
In terms of their initial investment, Dr. Preet Pal, Co-Founder, Alkemi Venture Partners said, “For us at Alkemi, Elawoman represents an intersection of the favourable macro trend for IVF services with an execution focused, motivated, result oriented team. We firmly believe that Elawoman is creating an intangible asset by building deeper symbiotic relationships with the Gynecologists which can go a long way in building the technology driven Ecosystem.”
The data driven fertility platform also uses its AI driven doctor-patient matching algorithm, which maps the patient requirements to the doctor specialization and suggests the best doctor to the patient based on past medical history, budget and treatment needs. Additionally, Elawoman provides a Patient Management System (PMS) and Ela Radar, to the doctors and fertility centers for seamless management of patients and maintaining their treatment and billing history.
With more than 4.6 Million Data points captured monthly, the platform is currently doing more than 2500 fertility consultations per month and achieving 8 pregnancies every hour through its Ovulation Fertility App. Elawoman also has an inbuilt fertility calculator, which allows users to input their medical condition on more than 30 parameters. Based on his/her medical condition, the algorithm suggests the best suitable treatment with a price estimate.
The fertility platform is free for users and has more than 250,000 monthly active users . the fertility platform also has partnerships with reputed fertility chains across India including brands like Apollo Fertility, Apollo Cradle, Cloudnine Hospital, Morpheus IVF, Dr. Rama Fertility, Bavishi IVF and Iswarya Fertility.
Source: BW Disrupt
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