International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Revenue Models and Funding Dynamics of Healthcare-technology Startups in India: An Empirical and Analytical Study

Author(s) Ravitanaya Ratnoo, Anita Shukla
Country India
Abstract India’s healthcare-technology (HealthTech) startup sector has changed into one of the most volatile segments of the Indian startup economy since the COVID-19 pandemic. Due to these recent and rapid changes, it becomes pertinent to analyse the trends prevailing in this sector. This paper focuses on examining the revenue generation and funding behaviour of Indian HealthTech startups. The study collected secondary data from funding-intelligence platforms such as Tracxn, Inc42 Datalabs, Entrackr/TheKredible, regulatory and industry literature, and company financial disclosures from firms such as PharmEasy, Tata 1mg, Practo, Pristyn Care, MediBuddy, Innovaccer, Cult.fit and MFine. The study maps annual funding trends and firm-level cumulative funding raised. Furthermore, it analyses revenue performance through mix of monetisation strategies such as e-pharmacy/marketplace commission, teleconsultation subscription and lead-generation fees, enterprise healthcare SaaS/data-platform subscriptions, elective-procedure marketplace fee-sharing, wellness-subscription-plus-diagnostics-commission models. The pilot survey was conducted with a structured questionnaire administered to practising Chartered Accountants, finance faculty, and healthcare-startup finance professionals to gauge perceived determinants of fundability in the post funding winter environment. The survey data was further examined through correlation, reliability (Cronbach’s alpha), exploratory factor analysis, and OLS regression to identify respondents’ perception and their association with overall fundability. Findings indicate that Indian HealthTech funding has followed a non-linear path surging during the pandemic to ₹7,590 crore in 2022, collapsing by more than half to ₹3,461 crore in 2023, and then rebounding sharply to ₹9,436 crore in 2024. A volatility pattern distinct from the steady decline observed in India’s FinTech sector over the same period. A detailed case study of PharmEasy, whose valuation fell from ₹41,720 crore in October 2021 to ₹3,967 crore in 2025 rights issue (a decline of roughly 90 per cent), illustrates the sector’s acute correction in capital intensive e-pharmacy models, while more capital efficient, recurring revenue models (enterprise SaaS, elective-procedure marketplaces) have shown comparative resilience. The paper argues that regulatory uncertainty (e-pharmacy rules, telemedicine guidelines, data-privacy compliance) functions as a distinctive risk factor for Indian HealthTech relative to other startup categories. Revenue-model diversification and a credible path to profitability are now weighted more heavily by both investors and practitioners than growth alone. The study also observed that funding is increasingly concentrated among a small set of category leaders and diagnostics/enterprise-SaaS niches. The study concludes with suggestions for founders, investors, regulators and accounting academics, and identifies avenues for further empirical and longitudinal research.
Keywords Healthcare technology, HealthTech startups, digital health, e-pharmacy, telemedicine, venture funding, India, revenue models, PharmEasy, Practo, Innovaccer, Pristyn Care.
Field Business Administration
Published In Volume 8, Issue 5, September-October 2026
Published On 2026-10-08
DOI https://doi.org/10.36948/ijfmr.2026.v08i05.89299
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