Monitra Healthcare, India’s first 24×7 extended remote cardiac monitoring diagnostic platform has closed its Pre-Series A funding, led by 91Ventures and Lavni Ventures.
Monitra Healthcare raised USD 500K in equity funding led by 91Ventures (syndicate fund led by Pranay Gupta) and Lavni Ventures (Social impact VC fund). The round also saw participation from ACG World (a multinational pharmaceutical company), AWE funds and UHNIs such as Lakshmi Narayanan (Former CEO, Cognizant Technology Solutions), Kishore Ganji (Astir Ventures, USA-based micro VC) and Arvind Ramamurthy (Partner, PwC India). The transaction also saw participation from the existing investor, Indian Angel Network, who invested in the 3rd consecutive round. The investment holds significance in Monitra’s next phase of growth which is likely to enter international geographies, expanding distribution channels across East India and start monitoring every biomarker which transfers to the human skin (brain strokes, oxygen saturation, blood pressure and respiratory rate).
The company has previously received multiple grants from Biotechnology Ignition Grant (BIRAC), USISTEF, BIPP, SPARSH and are backed by Indian Angel Network (IAN) and Nomads (a Belgian VC Fund).
Key Venture acted as the exclusive financial advisor to Monitra Healthcare for this transaction.
Ravi Bhogu, CEO and Co-founder of Monitra, “Monitra Health is currently under the midst of a fast-paced expansion as it plans to accelerate entry into 10 major cities across India, access international markets through regulatory approvals and setting up 24×7 world-class patients monitoring centers in India. This ramp up will be supported by the development of AI to predict the possibility of cardiac disorders at an early stage, increasing the life expectancy of people. With Key Venture having a background in running healthcare transactions, they understood the impending threat of cardiovascular diseases, leading to a successful closure of the round with valuable partners.”
Pranay Gupta, Founder of 91Ventures, “We are glad to be part of Monitra’s journey and feel that the team is best suited to solve the cardiac monitoring challenge. Till recently, the family members of a cardiac patient feel completely helpless once the patient is out of the hospital. Monitra’s system is a big relief and a fundamental need for better Cardiac monitoring. It is great to see such startups now coming out of India.”
Vasu Guruswamy, Co-founder and Partner of Lavni Ventures, “The robust real-time 24×7 heart monitoring solution developed by Monitra Healthcare is differentiated by a AI based screening report that is of high value, saving valuable time for cardiologists across the globe. The affordable and cutting-edge nature of the solution fits Lavni Ventures thesis of supporting deep-tech startups that help address the lower half of the socio economic strata. We look forward to the successful growth of Monitra Healthcare and are excited to participate in creating a positive global impact with their solution.”
Seema Chaturvedi, Managing Partner of AWE Fund, “At AWE Funds, we are delighted to be supporting Monitra’s phenomenal team and its much needed innovation to improve health outcomes by effective early diagnosis of factors contributing to heart disease and stroke; even as its cost effective scalability makes it a relevant solution for the masses in India.”
Nidhi Saraf, CEO and Founder of Key Venture, ‘’Monitra offers a differentiated business model to solve the gaps present in preventing life-threatening diseases. Monitra’s management team and their discipline in solving for gaps in monitoring cardiac arrhythmia is the key reason that sets the company apart across the healthcare landscape in India.’’
Key Venture is an Investment Bank that helps early and growth-stage companies in mergers and acquisitions and raising capital from institutions (VCs, PEs and corporates), family offices and HNIs.