Friday, December 1

Hyderabad Based Oxa Medical Secures Funding From Idein Ventures, Aims to Reshape Medical Tourism to India

Healthcare startup Oxa, focused on healthcare treatment globally through individually curated medical tourism packages, has secured an undisclosed amount in seed funding from UAE based Idein Ventures. It aims to use the investment to build its technology stack and build its operations in Hyderabad. It is currently focusing on medical tourism to India and has global plans in pipeline.

Oxa was founded in December last year, as an offline medical tourism company, but is building itself as a connected healthcare eco-system around the globe. Recently, specialty hospitals have helped create treatment hubs in India, leading to an inflow of foreign patients from Africa, Afghanistan, Bangladesh, USA and UK, among others. India is currently the second biggest medical tourism destination after Thailand. Hospitals in Hyderabad alone have treated more than 200,000 patients in the year 2016, and the number is expected to grow multifold by the year 2019.

Shashank Shrivastava, previously the founder and CEO of Sunjeevanam, a solar purchase and installation company, is currently heading the organization. Shashank is also a graduate of BITS Pilani and has previously worked with PlaySolar and Tata Power. He is looking to expand his team with inclusion of members in the top management.

Shashank says about the company, “To begin with, we are creating a one-stop shop for people travelling to India for Healthcare or Medical Treatment purposes. We not only arrange for travel, accommodation and treatment but also provide Pre-Travel Medical Consultation and Post-Treatment Care Services.”

Idein Ventures, founded by Mahesh Vellaboyina, Ashwin Srivastava and Rajeshwar Prasad, has its India operations headquartered in Hyderabad and Mumbai. This is Idein’s first investment in the core healthcare industry in India. Some of its recent investments include real estate companies Buildtraders and Restate. Srivastava said, “Oxa is building a very strong channel between Africa and India medical worlds. And Idein is helping them with this global reach as we are associated with the right players in this industry globally.”

The hospital industry is huge and fragmented and has seen interest from private equity players recently. Last year, Abraaj group had invested around Rs 2000 crores in the multi-specialty hospital chain Care Hospitals.