Cross border medical travel agency start-up Hospals is planning to use the funds raised for expanding geographically. Their target is to reach US$300 million in revenue and 50,000 patients getting medical and cosmetic treatment across the world within three years.
The Indian group achieved pre-Series A investment from Inflection Point Ventures, 9Unicorns, Wavemaker and investment angels including Kunal Shah, Sanjeev Mishra and the founders of Razorpay. Existing investor Venture Catalysts has also participated in the current round.
Hospals is a cross border health benefits and travel platform that enables international patients to access healthcare across India, UAE, Turkey and Thailand. It connects patients with doctors, surgeons, clinics and hospitals, and provides translation and accommodation close to the hospitals.
Founded by Danish Ahmed with Obaidullah and Suneel Kapur, the company’s next stage is to launch medical loans and crowd funding to help patients finance their treatment beyond insurance cover.
Hospals serves 6,000 patients every year. It also runs its own patient guesthouses located near hospitals, and provides pick and drop services.
Many similar start-up companies with global ambitions for attracting medical travellers have attracted large amounts of investors’ money, but few remain in business as the launch and marketing costs burn through cash at a fast rate. It can be very hard to achieve scale and keep scale in this sector and many investors have lost money.