ImpactGuru.com, India’s leading healthcare, nonprofit and personal cause donation crowdfunding platform, has announced a Series A round of $2 million (Rs 13 crores) co-led by Apollo Hospitals Group and Venture Catalysts India’s first integrated incubator. ImpactGuru.com was incubated at Harvard Innovation Lab in 2014. Singapore based VC fund, RB Investments, an existing investor, also participated in the round along with Currae Healthtech Fund, India’s largest healthtech fund by number of deals. Other key investors include various family offices and Indian diaspora from US, Southeast Asia, and the Middle East.
The capital raised will enable ImpactGuru.com to scale crowdfunding in India by ramping up sales and marketing as well as technology development including artificial intelligence, machine learning, big data, and vernacular language support.
Healthcare crowdfunding is an alternative method of raising funds online for medical expenses, with the patient or his/her friends or family primarily relying on social media networks to mobilise donors to finance the relevant medical bills. Crowdfunding as a next generation financing method to pay for healthcare is particularly relevant for India’s 25 crore strong middle class population as 80% of India’s population doesn’t have health insurance (NSSO), access to credit is limited, and the culture of generosity is increasing rapidly in India.
ImpactGuru.com will now be the preferred crowdfunding platform for all Apollo Hospital Group’s patients nationwide effective immediately. Apollo Hospitals Group’s strategic investment into ImpactGuru.com will help it to increase the level of awareness of crowdfunding as a solution to make healthcare affordable for all – particularly cancer, transplant, and pediatric cases.