Startups Money

LabsAdvisor raises $183K in angel funding

20 Aug, 2015


LabsAdvisor, a startup that connects customers with diagnostic labs through an online marketplace, has raised nearly $184,000 (Rs 1.2 crore) from a group of eight unnamed angel investors from India and abroad.

Though LabsAdvisor did not disclose names of the participating investors, it said the angels work with large organisations such as Barclays Capital, Credit Suisse, Deutsche Bank and others.

The startup, run by Supath Healthcare Services Pvt Ltd, will use the funds to expand geographically and augment its technology backbone, as per a press statement.

"We will have nearly 150 labs in Delhi…in the next couple of months, we will be launching in six more cities. We will also be investing in developing marketing strategies, for both offline and online modes," said Ashish Bhatia, co-founder of LabsAdvisor.

The company is also eying collaborations with major healthcare brands in the country.

LabsAdvisor allows users to connect with pathology or radiology labs for various tests using its website and helpline number. Its in-house pathologist checks accreditations of labs and measures them on various parameters. LabsAdvisor also provides a rating for each of these facilities.

Besides, it gives the option of checking the labs' distance from the users' home in addition to details such as availability of a female pathologist, parking space and others.

The company was founded in February 2015 by Bhatia and Rahul Shukla, with Bharti Balakrishnan as chief advisor. Bhatia, an IIT and IIM Ahmedabad alumnus, had earlier worked with Russel Reynolds Associates, Booz and Company and i-flex Solutions. Shukla, a graduate of IIT Delhi and INSEAD, has worked in Europe, the US and India before starting LabsAdvisor. Bharti, an alumnus from BITS Pilani and IIM Ahmedabad, had earlier worked with Bain and HSBC.

Practo Technologies Pvt Ltd, a web-based clinic management software developer which recently raised $90 million in Series C funding led by Chinese media and technology conglomerate Tencent Holdings Pvt Ltd, has also expanded its offering beyond doctor search to enable consumers to find the closest diagnostic centre.