Source: Entrackr
Based in Gurugram, HexaHealth is a healthcare platform that has mopped up ₹37 crore (approx. $4.3 million) in an ongoing Series A funding round, with Orios Venture Partners leading the round and participation from Enzia Ventures and existing investors like 3one4 Capital, Chiratae Ventures, and Omidyar Network.
According to an official statutory report about HexaHealth among other things with the Registrar of Companies (RoC), the Company further states that it intends to issue 49,941 Series A3 compulsory convertible preference shares at an issue price of ₹6,848 each. In its regulatory filing accessed from the RoC, Orios Venture Partners funded the round with ₹12 crore followed by Enzia Ventures with ₹6 crore. A collective amount of around ₹4 crore will be contributed by several other investors, including 3one4 Capital, Chiratae Ventures, ITI Growth Opportunities Fund, and Omidyar Network. The remainder will come from individual investors within the network.
Funding Use and Company Valuation.
So basically, this round of funding is targeted towards working capital, marketing, and general corporate purposes. As per estimates by Entrackr, now after this allotment, HexaHealth will be valued at ₹314 crore (approximately $37 million). With this investment, Orios Venture Partners will have a 3.82% stake in the company; 3one4 Capital and Chiratae Ventures will hold stakes of 12.56% and 13.27%, respectively.
About HexaHealth
Founded in 2021, HexaHealth was brought into existence by Vikas Chauhan (ex-co-founder of 1mg), Ankur Girgas, and Aman Khanna. HexaHealth is a full-stack platform to facilitate a patient’s surgical journey. The platform offers several services that include anything from diagnosis and doctor discovery to hospital admission, insurance, second opinions, financing, and post-operative recovery. HexaHealth partners with leading hospitals, including Fortis, Artemis, and Manipal Hospitals, to ensure a better experience for patients.
Growth and Financial Performance
HexaHealth has raised a total of $11.5 million to date, including a seed funding of $4.5 million in September 2021 as per data intelligence platform TheKredible. The company has witnessed impressive growth on the financial front with operating revenue more than doubled at ₹17 crores in FY24 compared to ₹8.2 crores for FY23. Simultaneously, net loss of the company increased by 39% to ₹36.4 crores evidencing the costs of further expansion. Using this round of funding, HexaHealth can consolidate its position in the expanding healthcare sector and continue expanding its service portfolio in India to enhance patient care.
Summary
The aforementioned funding round and the fact that HexaHealth finds itself on a great growth trajectory promise a shining future, in that they continue to reinvent the health sector. The company’s patient-centered innovation could easily be a name for their business model.
