11 October, 2018, New Delhi: Elawoman 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. 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. The data driven fertility platform 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. Elawoman is the only fertility platform that allows users to connect to past patients and get real-time reviews about Fertility Centre/Doctor to make a better decision. Additionally, Elawoman has provided the Patient Management System (PMS), Ela Radar, to the doctors and fertility centers for seamless management of patients and maintaining their treatment and billing history.
Elawoman 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 specialized 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 favorable 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.”
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. Fair Treatment Cost is a further enhanced-copyrighted tool built by Elawoman to give its users a fair understanding of fertility treatment price variations based on success rate chances for their location, and is already active in more than 32+ cities in India. Elawoman has two published patents in its name for ovulation prediction software & is more than 98.9% accurate on the fertility tracking technology.
The fertility platform is free for users, and handles 1100 fertility queries a day. It has more than 250,000+ monthly active users & the traffic is growing at more than 15% month on month. Currently the fertility platform has partnerships with most of the reputed Fertility chains in India including brands like Apollo Fertility, Apollo Cradle, Cloudnine Hospital, Morpheus IVF, Dr. Rama Fertility, Bavishi IVF and Iswarya Fertility.
About Chiratae Ventures India Advisors:
Launched in 2006, Chiratae Ventures India Advisors (formerly IDG Ventures India) is India’s leading technology Venture Capital funds advisor advising three offshore funds under the Chiratae Ventures India banner, and three domestic funds – Pandara Trust, Chiratae Trust and Technology Venture Fund. The funds advised by Chiratae Ventures India Advisors collectively have $470 M under management and 70+ investee companies across Consumer Media & Tech, Cloud/Software, Health-tech and Fin-tech. Notable portfolio companies include Curefit, FirstCry, Flipkart, Forus, Lenskart, Manthan, Myntra (acquired by Flipkart), NestAway, Newgen (NSE: NEWGEN), PolicyBazaar, Rentomojo, Unbxd and Yatra (NASDAQ: YTRA) among others.