Artificial intelligence (AI)-driven healthtech startup, Heaps Health Solutions, is expecting to achieve around ₹50 crore in revenue for the year. Last year, the startup reached ₹9 crore in revenue and now looks to turn EBITDA positive starting this month.
Established in 2020 by Suman Katragadda, Heaps.ai, is a health-tech platform that leverages AI and data analytics to craft care management systems tailored for patients, insurers, hospitals, and corporations.
With a focus on monitoring and managing individuals with high-risk conditions, the platform provides comprehensive services from hospital admission to post-discharge monitoring. Currently, the company is operating in the B2B2C space but aims to enter B2C eventually.
“I believe in the private health insurance space, we have probably more than a 50 per cent market share with all top insurance companies,” said Suman Katragadda, CEO of Heaps.ai. “This year, we are heading towards around $6 to $7 million. We already have $5 million in signed contracts and expect to sign another $5 million in this fiscal year, so my expectation is around $6 to $7 million in billing this year.”
In 2022, the company raised $7.45 million in a Series A funding round which they used for enhancing the product, building sales teams in multiple geographies, and scaling the health insurance market. Now, the company is in the process of seeking Series B funding and looking to recruit more people to increase its operational capacity.
“We are in the process of seeking Series B funding. Currently, we are billing up to ₹24 or ₹25 crores due to our operational capacity. We are recruiting more people to increase this capacity, and in the next couple of months, we hope to operationalize all signed contracts and future ones as well.”
The company has finalized partnerships in Europe and South Africa and is close to finalizing in the US and Brazil. The CEO also stated that they have an aggressive growth plan in India, GCC, and other markets because the opportunity is huge.
“My main focus next year will be the US market, where we plan to prove our product-market fit with major deals this year. The US offers immense opportunity, and cracking that market will be a significant milestone for us,” he added.
(Reported by bl intern Vidushi Nautiyal)