Swapnika Nag

🏥 The Global Health Tech Boom: A VC's Playbook for US & India In the US, the consumer health tech market is expected to reach a whopping $400 billion by 2027, while India is experiencing a similar surge, with its consumer health tech market projected to hit a staggering $32 billion by 2025. As a VC actively investing in innovative health tech startups across both continents, here is what gets me excited: 🚥 Seed Funding ($0.5M-$5M): Focus on validation, not chasing unicorns. Early traction is crucial – think $300K-$2M in annual sales depending on your niche. Demonstrate efficient customer acquisition (sub-$30 CAC) and cultivate loyalty (lifetime value exceeding CAC). Most importantly, show product-market fit. A passionate user base willing to pay a premium is a winning formula. 🚥 Valuation: Seed-stage valuations are concept-driven. Expect a range of $3M-$15M, with a typical multiple of 5x-10x revenue. This considers market size, innovation, and team experience. 🚥 Series A ($10M-$20M): Scale-up time! We look for 2x-4x YoY revenue growth and a minimum of $2M in annual sales. This validates your customer acquisition strategy and a repeatable sales engine. Retention remains king! High customer retention signifies a strong brand connection and sustainable growth. 🚥 Valuation: Early traction and a clear path to profitability are essential. Series A valuations can range from $10M-$30M, with a typical multiple of 4x-8x sales. Revenue growth, market potential, brand strength, and team expertise influence this multiple. 🚦 Decoding Valuation in Global Health Tech: ⚡ Market Potential: A large addressable market with room for significant brand capture is key. Think millions of potential customers! ⚡ Profitability Path: Growth is exciting, but we need a data-driven roadmap to profitability, consider factors like insurance reimbursement models, pricing strategies etc. ⚡ Brand Strength: Show us metrics like social media engagement, brand mentions, and positive user sentiment. A strong brand can command a premium valuation. ⚡ Customer Empathy: Consumers are value-conscious and diverse. Deeply understand your target audience and tailor your product accordingly. ⚡ Passion is Key: Demonstrate your passion for transforming healthcare delivery on a global scale. 🚥 Key Areas of Opportunity: These areas hold immense potential: ⚡ Telehealth & Remote Patient Monitoring: Simplifying access to quality healthcare for remote populations. ⚡ Chronic Disease Management: Offering personalized solutions for managing chronic diseases like diabetes and heart disease. ⚡ Mental Health & Wellness: Address growing need for mental health support through accessible and affordable solutions. ⚡ AI-powered Diagnostics & Treatment: AI to improve healthcare accuracy, efficiency, and affordability. ⚡ Preventive Health & Personalized Medicine: Fostering proactive health through personalized preventive care and wellness solutions. 🗣 Love to hear from HealthTech Startups! 🏥

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Building on Mrunal Jhaveri's insightful reflections, I am compelled to share some thoughts on the dynamic landscape of venture investment through family offices—a domain not many venture into but one that holds immense potential for long-term impact. The road to establishing Ice.vc, as Mrunal describes, is paved with practical lessons that resonate across investment strategies and personal experiences alike. The clarity in focusing on core competencies rather than getting sidetracked by trying to offer everything to portfolio companies is something that resonates deeply. In an ever-evolving market landscape, flexibility and adaptability remain crucial. Furthermore, maintaining structured policies and decision-making frameworks isn't just a best practice; it's imperative for avoiding unnecessary disruptions. Clearly defining roles within the family office setup, just as Mrunal does with his brother, ensures seamless operations and clarity in execution. The essence of this journey, however, transcends financial metrics. It is about aligning investments with personal values and the overarching vision one cherishes—creating a legacy that's more meaningful than mere numbers. These insights continue to shape the future of investments and offer a beacon for those brave enough to innovate and invest in line with their own values.

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Never work in Stealth Mode for a Startup Idea. Very risky. This is the time that the idea needs a lot of Validation, Understanding Use Cases, Market Insights, Understanding Competition, Adoption challenges, Market Sizing. More prospects/customers in this phase needs to be met. Asking all the right & tough questions. The Foundations of Problem Validation & Value Proposition needs to be clear here. Working in Stealth Mode cuts you off from these inputs. We have worked with 100+ MedTech/Healthcare startups over the last 3 years. Impact : ✅ Some startups pivoted after they worked with us in GTM Readiness. ✅ Few founders even went back to their Corporate jobs realising the problem they were solving was wrong & didn't see a path to PMF. ✅ Few changed their Pricing and Business Model and entered the Market. Explore GTM Readiness Services. Enter the form in the comments section for a discussion.

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Optimising for survival vs valaution During my previous startup journey My Dream Store we grew from 3cr annualRevenue to 30cr annual Revenue in 24 months and we were on look out for series A of 5Mn usd , Talked to almost every VC in town by that time we have only raise an angel round of 300k usd only. Everything was green we were super ambitious , stayed in market for 3 months could not close . During this time there were few Angel groups who could write 500k to 1mn cheques but we thought it would be too small for our ambitions. We went back to building again - our growth began to drop and became flattish at 2cr monthly revenue , we went back to market to raise 2Mn after 1yr to market to a different set of VCs - very hard to raise on back of degrowth, we were willing to dilute more but yes could not close. Lesson learnt always raise when you are going to peak in the next 3-6 months. As founders we would be focused on growth during that cycle but it’s better to put more money in war chest. Back to story one more year passed on flattish growth, we did some working capital solves , cut expenses we de grew to 1.5cr monthly revenue . Was again out in market this time looking for Angels founder angels or syndicates to raise 500k to 2Mn to build back. I was almost on verge of giving up but then Sujayath Ali wrote a small cheque gave us hope to rethink and started building Nobero. Only a founder can truly understand the grit and struggle. Now Nobero is a rocket ship we are super excited along side strong partner like TMRW House of Brands . From my journey of fundraising failures here are something’s that other founders / people who want to start can pick up 1. Always raise when you are on the raise 2. Do not be finicky about valuation pick best of what you are getting and go back to building 3. Like you see in my essay I moved down from 5Mn to 2Mn to 500k , very foolish . In hindsight had I picked the 500k to 1Mn cheque when we were at 30cr the story would have been totally different . Pick whatever you can at best price you can close fast. The art is to close deal fast and move from position to position strongly on back of good metrics 4. Small cheques get large cheques , you are no longer alone in journey. It’s in interest of all parties to protect org and do what is right for org to grow 5. Fundraising is sales , be very strategic of what you offer -if you are degrowing offer a larger share, create phased offers milestone led - 500k to x size and if I hit X follow on with 2Mn if I do not grow to X be willing to take more hit on equity. Always offer what others cannot 6. Have some founders on your cap table who have been part of these , it’s millions saved #fundraising #startup #lessonsbuildingnobero

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The famous startup losing it's unicorn status? API Holdings, the parent company of online drug marketplace PharmEasy, has seen its valuation cut to $458 million. This is around a 92% valuation markdown from its peak of $5.6 billion in 2021. PharmEasy’s investor and global asset management company Janus Henderson slashes the company’s valuation by marking down its investment value by 91.8%, the filing accessed from SEC shows. In April, PharmEasy saw a 90% haircut in its valuation when it raised Rs 1,804 crore ($216 million) led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) and existing investors. The Mumbai-based firm has been trying to raise around Rs 3,500 crore to repay the debt it took from Goldman Sachs. The Dharmil Shah-led firm already defaulted on its loan terms with Goldman Sachs in June 2023. Around the same time, Janus Henderson reduced PharmEasy’s valuation by around 50%. Citing adverse market conditions, PharmEasy also deferred its initial public offering plan even after filing draft IPO papers. The firm filed DRHP in November 2021 and pulled back its listing plan in August 2022. Recently, Gupshup’s investor Fidelity marked down the SaaS firm’s valuation to $500 million. The company was valued at over $1.4 billion in its last equity funding. Swiggy, Byjus and a few other hyper-funded companies also saw valuation markdown by their investors in 2024. According to the startup data intelligence platform TheKredible, the firm posted a 16% year-on-year growth to Rs 6,643 crore revenue in FY23 while the losses for the Temasek-backed company surged 30.5% to Rs 5211 crore in the same period. The company is yet to file its annual statements for FY24.

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Great insights for anyone building any business.

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OYO was a brilliant idea with a great business model. Utilizing existing or unused infrastructure in Indian lodges (motels) to bring in specialized services was brilliant. To some extent, our current business model in India, providing specialized JOGO services inside hospitals without spending on infrastructure, was actually inspired by OYO. Peter Thiele recognized the huge potential and invested in the teenage entrepreneur Ritesh Agarwal. Lightspeed and Sequoia Capital followed suit. Then things went a little wild for OYO. SoftBank Investment Advisers got involved and pumped in a huge amount of cash. Ritesh then did something unusual—he took a $2B loan from a Japanese bank and bought the shares of Lightspeed and Sequoia Capital, a move unprecedented in venture capital. OYO was once valued at $10B. Now, it’s worth $2B and struggling with cash flow. OYO is a great business with a fantastic model. I hope they survive. I am rooting for Ritesh and team. Lessons learnt(for me): 1) cash flow management. 2) There won't be steady stream of capital always available 3) Growing slowly and steadily is ok and should be accepted PS: If you haven't built a large and successful business yourself, please refrain from offering opinions or criticizing OYO and Ritesh. #venturecapital

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Kenko Health: From Skyrocketing Growth to Sudden Shutdown Kenko Health’s story was one many startups dream of—rapid growth, big-name investors, and a solution that promised to transform healthcare access. But in a flash, they’ve gone from a company with ₹85 crore in revenue to shutting down operations. What happened? Well, picture this: You’re climbing Everest. You’ve got a great climbing team, amazing resources, and you’ve trained hard. You have got a good chunk of international trainers who have been helping you get there and the local sherpas who are going to provide you with all the necessary equipment to reach the summit. The summit is in sight, but then the sherpas wants the climbing team to be mostly domestic leading to distress among the international trainers who have been helping you reach there. They can't turn their backs now and go back since they are equally invested in making the summit happen. Local Sherpas= Domestic regulator who gives out the coveted Insurance License (summit) International Trainers/ Team Members= Foreign Investors Kenko grew revenue 17x in one year, rising from ₹5 crore in FY22 to ₹85 crore in FY23. Impressive, right? Yet, despite their successes, they stumbled on a critical hurdle: securing an insurance license from the Insurance Regulatory and Development Authority (IRDAI). We all saw the potential. With Lightrock, Peak XV Partners (Sequoia Capital), BEENEXT backing Kenko, the startup seemed destined for greatness. But behind the scenes, things weren’t as perfect. Kenko’s quasi-insurance model worked brilliantly at first, providing affordable subscription health plans. But when it came to the regulatory complexities of acquiring that golden insurance license, things fell apart. They had the customers, the revenue, and the drive, but when the insurance goal became unreachable, the air thinned out. They even had investors lined up for a $27m Series B round—money that would have given them the capital cushion to survive. But then, to receive the insurance license, there were problems. The regulator wanted domestic investors to lead the charge. This, of course, caused a massive restructuring headache. Suddenly, the founders were caught between a rock and a hard place—international VCs on one side, domestic regulatory requirements on the other. And then, the final nail in the coffin—Kenko ran out of money. Even though the founders personally infused ₹9cr to keep the ship afloat, it wasn’t enough. By early 2024, employees weren’t getting paid, debts were mounting, and Kenko’s shutdown was all but inevitable. But this isn’t just about Kenko. It’s a case study on how regulatory hurdles can undo even the most promising companies in the startup ecosystem. Could this have been avoided? #kenko #insurtech #fintech #india #startups ------------------------------- 💡 I write interesting posts every week about my thoughts on the startup ecosystem, AI & disruptive technologies. Do follow Sabhareesh M for more!

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Rebalance Cohort 07: Introducing Ajay Pal Singh Sethi and Hanit Awal who're building CUR8 Labs. Apart from being kickass operators with extensive experience building products, leading teams at scale, they're grounded and always eager to listen! Ajay and Hanit were recently part of Rebalance's 7th accelerator cohort that concluded in August 2024. Hearing what little difference we made is the best part of running an accelerator for Vikas and me. These are usually surprise videos since we aren't part of them when they're getting recorded and it truly does make it all worth it! Applications for Cohort 08 are closing soon, apply on this link if you're a female-founded/co-founded startup and are looking to accelerate your journey from 0-1 or raise capital: https://shorturl.at/45z7W (only for companies with a female founder) Cur8 is building the smartest sales enablement platform that leverages AI to revolutionize how sales teams operate and win, globally. Cur8's software seamlessly integrates into existing operational workflows to enhance sales productivity and performance. Imagine, if every sales agent had tiny intelligent whispers/nudges during their call! 🤔 $3.1 trillion is at risk as global industries face a massive revenue shortfall due to poor sales experiences. 😱 The sales engagement and co-pilot platforms market is one of the fastest-growing segments, with a 15% CAGR. Sales-tech is getting disrupted at every level with no clear winner yet - it would be interesting to watch how Cur8 takes its share of the market, globally! You can watch the video below or on YouTube: https://lnkd.in/gww9eNuJ Shot by: Nayanika singhania

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We've been part of this journey with Vidur Kataria Sidhanth Madan & Radhika Mittal since the pre-seed round in 2020 (also closer to heart since this was the first deal from Fund II). The investment thesis for us was always very simple - we tried cooking Chinese food at home during Covid, and all that was available was "Ching's Secret Schezwan Fried Rice Masala" & it was surprising that the second most enjoyed cuisine in the country is Chinese & we have just one brand that catered to this audience. Then we ended tasting the Masterchow sauces & we were just floored to see the difference in quality and taste. Having said that, the thesis that we believed in, didn't ring a bell with a lot of folks that we spoke to in the last 4 years. These were the top reasons why VCs hesitated -> 1) Market size is not large enough - Our belief was that the market appeared to be small, because the only brand available thus far was Ching's. Then Ching's got sold to Tata for ~5500cr, then noone questioned the market size any more. 2) Products are too expensive - Their sauces which was the first category they got into - was priced at ~Rs.240. Lot of people thought that this was expensive for India. But that was just the first category, after that in just last 2 years the founders have innovated on the product (Cup Noodles, Ramen, Chilli oil) and made products cheaper (Masterchow Staples, Chowmein, Schezwan). But I'm glad we got some believers along the way in the form of Anicut Capital LLP & Surge. And now, Tanglin Venture Partners. The founders continue to surprise everyone & I believe they'll do so in the future as well! #startup #funding #fmcg https://lnkd.in/g2wdAvmx

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Scaling a startup is never straightforward. Each journey is unique, shaped by its own challenges and growth trajectory. Lately, I’ve noticed two critical challenges that come up time and again: ⚖️ Balancing Survival and Growth One of the toughest challenges for founders is walking the fine line between staying afloat today and building for tomorrow. Resource constraints make this balancing act especially tricky. I’ve found the 80/20 rule to be a practical framework: 80% on Immediate Survival: Focus on actions that sustain the business and cash flow. • Prioritize quick-win sales from existing customers. • Streamline operations to cut unnecessary costs. • Optimize cash flow with smart payment terms. 20% on Future Growth: Invest in initiatives that drive long-term scalability. • Build strategic partnerships to unlock new opportunities. • Invest in product development to maintain a competitive edge. • Explore market expansion to scale sustainably. ⏳ Managing Partnership Delays Partnerships are often pivotal to a startup’s growth—whether it’s securing distribution, co-developing products, or accessing new markets. But I’ve noticed delays are almost inevitable and can threaten timelines and objectives. These delays often stem from misaligned expectations, slow decision-making, or shifting priorities. Instead of frustration, I’ve seen that shifting to action can make all the difference: • Act quickly: Re-engage stakeholders and provide data-driven updates to rebuild momentum. • Focus on essentials: Ruthlessly prioritize critical deliverables over nice-to-haves. • Phase delivery: Roll out core features first, ensuring incremental progress while maintaining quality. Scaling isn’t about perfect execution—it’s about staying adaptive, focusing on what matters, and moving forward despite setbacks. To those in the healthcare space if there are ways VentureBlick can support, let us know! What other challenges have you encountered when scaling a startup? #startups #growth #businessdevelopment #sales #healthcareinnovation

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I have seen this play out a lot - Investors evaluating D2C brands take feedback from friends and family which might not be the right thing to do because of 2 reasons -- 1. Negative bias kicks in. When you ask someone close how this product is, they aren’t thinking, “What’s good?” Instead their immediate thought is, “What’s bad?” This is a natural tendency—people tend to focus on what could be wrong instead of highlighting the positives. 2. The Target audience isn’t the same. Your friends and family probably aren’t the target customers of the startup. Real feedback comes from people who actually use the product and experience the problem it solves. Here is what you should do instead: ask the founder who their target customers are and talk to them for real feedback. Feedback from friends and family can create bias, as they’re not the real customers.

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India’s Oyo, once valued at $10 billion, is finalizing new funding at a $2.5 billion valuation. This marks a steep decline from its $10 billion valuation in 2019. The startup, which has raised over $3 billion from backers like SoftBank, Peak XV Ventures, Lightspeed, Airbnb, and Microsoft, has struggled to attract institutional investors. In recent months, it has aggressively pitched to high-net-worth individuals after withdrawing its IPO application twice in the past four years. Once a red-hot Indian startup active in markets including the U.S. and Europe, Oyo has now scaled back its international presence. #venture #downround https://lnkd.in/gE2GjYnM

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"Health is an investment, not an expense." — Anonymous Just a few days ago, our teams at DeVC and PeerCapital brought together an incredible group of entrepreneurs and enablers to explore the real investments and expenses in healthcare. On stage, we had the dynamic trio of Mayank Banerjee , Dilip Kumar and Tarun Bhambra, who combined their wit and wisdom to delve into: - The consumerization of healthcare, preventive vs. curative approaches, accessibility and affordability challenges, offline vs. online dynamics, and how founders can bridge skill gaps. - The evolving role of AI and tech in healthcare, and how founders are strategically allocating resources to build cutting-edge solutions. - Collaborating with doctors, aligning incentives across systems and how ambitious change starts with robust foundational systems (think CAC's and LTV's). The conversations were raw, experiential, and refreshingly honest. If it weren’t for the ticking clock and the rainy day, we might still be chatting! It was inspiring to engage with so many passionate builders committed to reshaping India's #healthcare future. Let’s keep the dialogue alive. We invite more of your participation and views. Together, we are investing in the future of health. #healthtech #investing #founders

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Innovaccer became India’s first health tech unicorn after raising $105M in a Series D round. They’re now in talks to raise $250M more, and are scaling rapidly. Here’s their story. Abhinav Shashank and Kanav Hasija met in 2011, while working on a data analytics project at Wharton and Harvard. They realised they worked well together and had similar ambitions. Soon, they had an idea to build a platform that combines data into a single patient record, allowing healthcare professionals to obtain a 360-degree view of their patients. In 2014, Abhinav and Kanav were joined by Sandeep Gupta and they established their startup Innovaccer. Here’s how they got from there to making such a huge impact on the healthcare industry: 1. Improved patient outcomes: By integrating patient data across multiple sources, Innovaccer has facilitated better disease management and preventive care. This has led to a 20% reduction in emergency room visits and a 12% decrease in hospital readmissions among their client base. 2. Cost savings: Innovaccer has helped healthcare organisations save millions by streamlining operations. One of their clients, reported saving approximately $6 million in one year through improved operational efficiencies and reduced re-admission rates. 3. Enhanced data management: Innovaccer's data activation platform processes data for over 24 million patients, helping healthcare organisations manage data more effectively and make informed decisions that enhance patient care. 4. Regulatory compliance: The platform has also assisted organisations in achieving and maintaining compliance with healthcare regulations, such as HIPAA and MIPS, thus avoiding potential fines and improving operational standards. Their solutions have been implemented in 1600+ care settings, unifying patient records for 39 million people. They’ve also helped over 96,000 caregivers work more collaboratively and save $1 billion in cumulative cost savings. In 2021, Innovaccer achieved unicorn status with a valuation exceeding $1 billion. Now, they’re growing at 100% year on year, are valued at $3.2 B and are in talks to raise $250 million more. I think they've done an extraordinary job so far, and their positive influence is undeniable. What do you think of this startup? #entrepreneurship #healthtech #startup

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✨ Chet Kapoor ✨ is quite the Silicon Valley legend. Three-time founder and currently the CEO of DataStax his wisdom for founders is incredibly spot-on ✅ and timeless ⏰ ! In this most recent and probably best-ever episode of The Enterprise GTM podcast, Chet discusses what it takes to build enduring tech companies. Some 🎤 soundbites 🎤 from our conversation: 👩‍🏫 The quality of people influences the outcome of your startup the most. 🔥 You do not need smart people who sit around and pontificate. ☄ Momentum is everything. Never underestimate it. 🌟 Having complete clarity of thought at any given time is very important--who are you doing this for, and how will it change their lives? 🌈 One of the best ways to create a large company is to create a parade or join one. ☝ Know who you are. There's a high likelihood that the company will become more like who you are rather than who you want to be. 🛑 Don't make the mistake of hiring sales execs too soon. Be extra cautious about partnerships. 📣 Tune in to hear about what he has to say about AI startups getting started today, the future of the data layer, the evolving importance of data roles (data science, data engineering), and so much more! #devtool #founder #startup #data #ai https://lnkd.in/gW-58nvE

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It's been a year since I began exploring a career in venture capital (VC). Initially, I talked to people outside the industry, which didn't lead me anywhere. However, I soon started building meaningful connections with those who've successfully navigated this path. I made an invaluable connection with Maulik Mehta, a Senior Associate at Arc Ventures in New York. With his extensive experience in VC and a genuine passion for supporting innovative startups, Maulik has been a dynamic friend and mentor, guiding me with insights and advice on breaking into the VC world. This interview discusses how to break into the venture capital industry. We talk about what makes you stand out, share tips for getting started, and highlight the importance of internships. We address common challenges and offer advice for overcoming them, especially for those from non-traditional backgrounds. We explore the skills VC firms look for and the role of mentorship. We also touch on emerging trends in VC and share valuable lessons learned. Give it a listen; I hope it helps those navigating the VC journey: https://lnkd.in/e8aKTqWJ #venturecapital #careers #vc #startupinvesting

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Funding vs. Mission: Finding Balance Funding milestones are undeniably significant for healthtech startups, often marking validation and fuel for growth. However, amidst the celebrations, it's essential to keep our mission at the forefront. While funding is crucial for scaling operations and driving innovation, it should never overshadow our core purpose – solving pressing healthcare challenges. Let's recalibrate our focus and realign our efforts towards creating meaningful solutions that address real-world problems. #StartupMission #HealthTechSolutions #CustomerFocus 👇 Comment below: How do you ensure your mission remains the priority amidst funding excitement?

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