Times of India: May, 2016
Bangalore: Primary healthcare network, AddressHealth has raised $1.5 million in Series A funding led by Gray Matters Capital with participation from existing investor, Unitus Seed Fund.
The Bengaluru-based company, which runs school-based neighbourhood clinics and school health programs, will use the investment to expand the model to other schools in Bangalore.
Started in 2010 by doctors Anand Lakshman and Anoop Radhakrishnan, AddressHealth has reached more than 1 lakh children through on-site services and screening programs to identify health issues and provided early intervention to prevent them from suffering as young adults.
"With its market-based model for pediatric healthcare, AddressHealth has served more than 100,000 children already; what I believe to be a fraction of their future potential," said Bob Pattillo, veteran impact investor and CEO & Founder of Gray Matters Capital.
Dr. Anand Lakshman has significant experience leading public health programs that reached more than 1.14 crore (114 million) children. Dr. Anoop Radhakrishnan has been involved with setting up 2 startups soon after his MBA from IIM - Lucknow.
"The funding allows us to expand the reach of our unique model of healthcare, which leverages schools, to deliver comprehensive primary healthcare to children proactively, at a low cost," said Lakshman, CEO of AddressHealth. "We will use technology to further expand our reach, reduce costs and promote proactive preventive health action by parents and schools, to make children healthier and happier," added Radhakrishnan, co-founder of AddressHealth.
As per estimates from Unified District Information System for Education, there are more than 2 lakh schools in urban India, a large number of them catering to low and middle income population. Bangalore alone has nearly 2,500 private, unaided schools.
By leveraging partnerships with schools, AddressHealth is aiming to reduce costs associated with retail healthcare.
Unitus Capital acted as the financial advisor to this transaction while K Law was the legal advisor. The company had previously raised funds from Unitus in 2014.