CB Insights analyzed over 8,000 startups from across the globe and two Indian health-tech startups Pharmeasy and Qure.ai have made the list.
Pharmeasy and Qure.ai have made the list of 150 most promising digital health startups in the world by CB Insights, the US-based business analytics platform. CB Insights analyzed over 8,000 startups from across the globe.
India’s health-tech industry is expected to grow to $372 billion by 2022 and is expected to create 40 million jobs by 2030, according to a report by Invest in India. The most recent one to join the list has been Amazon, with Amazon Pharmacy’s pilot offering of medicines in Bengaluru.
The selected startups were marked based on patent activity, business relations, investor profile, news sentiment analysis, proprietary Mosaic scores, market potential, competitive landscape, team strength, and tech novelty.
The Mumbai-based Pharmeasy offers medicine delivery and home diagnostic tests across 700 cities in India. The startup was most recently in talks to acquire its rival company Medlife for $200 million, and its revenue for FY19 stood at ₹400 crores.
The five-year-old startup, co-founded by Dr. Dhaval Shah and Dharmil Sheth, is one of the most funded Indian health-tech startups with total funding of $294.72 million. Pharmeasy was last valued at $700 million after it raised $200 million from Temasek.
Qure.ai, founded by Dr. Pooja Rao and Prashant Warrier in 2016, has raised just about $16 million from Sequoia India and MassMutual Ventures Southeast Asia. The health-tech platform uses artificial intelligence to fast track medical tests and diagnostics.
The startup most recently made headlines for its COVID-19 solution and came up with an AI-led solution which can detect high-risk patients of COVID-19, through chest X-rays and CTs.