Riding the Digital Health Wave: The Investment Whisperer

A HealthTech Investment Banking Odyssey: Bridging the Gap Between Investments and Innovation.

The year was 2011, and the world of healthcare was on the cusp of a revolution. Bengaluru, India, was buzzing with the energy of startups looking to leverage technology to transform patient care. This is where I found myself as a newly minted RoI Consultant, after 15 years of corporate jobs and an Executive MBA from IIMB, stepping into the exciting world of Angel and VC funds.

My first foray was with Norwest Venture Partners, a prestigious VC firm. Here, I donned the hat of an eHealth consultant, tasked with evaluating promising Healthtech startups. It was a thrilling dance – dissecting business models, assessing market potential, and ultimately, helping shape the investment portfolio e.g. Attune, Nationwide Clinics, Bluecap etc. But my role wasn't merely financial. I became an advisor for mHealth product design, drawing on my understanding of user needs and technological possibilities to guide the development process. For example - When we first met Attune, it was a small 20-member HealthTech startup in Chennai, we worked with them as they got funded and went on to become a multi-million dollar MNC.

Then was hired by one of India’s top 3 IT services companies to help consolidate their wild spread of HealthTech product investments. True to my habit, I spoke my global mind and the advice didn’t go down well with the Indian IT services Leaders. I and my team silently stepped aside from the project. Subsequently our worst fears came true - The IT services company lost all their investment in the HealthTech product portfolio and their Healthcare product unit was shut down.

The experience proved invaluable. Equipped with this knowledge, I transitioned to RoI Consulting for Seiler Holding AG, Zurich, Switzerland. This time, I wasn't just advising, I was leading the charge. As the CMIO for Promed, a Healthtech startup, I took on the mantle of full-fledged Product Owner. It was an exhilarating rollercoaster – from crafting the product vision to meticulously overseeing every stage of development, from design to launch. The product got developed but the investors decided to take it to Europe instead of launching it in India because they found the product way ahead of the curve for the India market.

Years passed, and my expertise continued to evolve. In 3737 North Capital, I became a Venture Partner for HealthTech, BioTech, Wellness, and FoodTech. Here, I wasn't just evaluating startups, I was actively shaping their destinies. As a Board Observer for Medimetry, a HealthTech startup, I revisited my product management roots, strategizing, monitoring, and ensuring a flawless product journey. Medimetry went through its own tumbles, turns and pivots but has survived to tell its own story.

One of the founders of 3737N moved into BlueSky Capital and pulled me into it along with him. All the HealthTech and MedTech startups I recommended to BlueSky were rejected by the BlueSky investment board because they couldn't see HealthTech potential from their 3x/3 lens. However many of these startups went on to become Series D funded and beyond.

Meanwhile I was invited to Saudi Arabia to help a leading chain of Hospitals to save the bleeding cash in their new hospital’s constructions and hospital expansion programs. Based on our recommendations, the client restructured some of their building construction contracts and saved $27M. We were paid our full fees, and the bonus was strong client recommendations.

But my passion extended beyond individual companies. I saw the potential for a collective impact. This led me to develop and manage a Social Entrepreneurship Accelerator (SEA) in collaboration with the Market Access Program, NHA, Government of India. Here, I nurtured a vibrant ecosystem of 40 HealthTech, Medtech, and Insurtech startups, fostering innovation and social good. Many of these companies went on to become front-runners and early-adopters of ABDM standards in India. The SEA program was shut down because the funding ran dry during the pandemic.

My journey hasn't been confined to for-profit ventures. Recognizing the importance of collaboration, I served as a Jury Member for various BIRAC funded government initiatives aimed at propelling healthcare innovation forward. Additionally, I actively fostered knowledge exchange through initiatives like the Libra Social Academy and Libra Social Innovation, partnering with esteemed institutions like IIT Jodhpur.

Looking back, it's been a remarkable adventure. From the boardrooms of VC firms to the heart of social innovation, I've witnessed the transformative power of technology in healthcare. It's a story not just about financial returns, but about the potential to touch lives and improve well-being on a grand scale. And this story, this journey, is far from over. The future of HealthTech beckons, and I, the investment whisperer, am ready to lend an ear and guide the way.

Here is what I learnt: For the investment with 3 years time horizon, HealthTech looses out to traditional sectors like FMCG, BFSI, Retail, Manufacturing etc. However HealthTech wins hands-down when the fund can absorb a gestation period of 7-9 years. Whenever impatient, please remind yourself that the gestation period of human is 9 months but for a mammoth it is 18 months.