In a conversation with YourStory, Devang Mehta, Partner, Anthill Ventures; and Anjali Ajaikumar, VP Strategy and Quality, HCG; spoke about healthcare accelerator Lumos.
The coronavirus pandemic has changed the way we view healthcare. Telemedicine, where doctors consult patients remotely by means of telecommunications technology, has seen unprecedented growth during the pandemic. According to media reports, the doctor-patient ratio in India is one per 1,457 Indian citizens; while in rural areas alone, the ratio is as low as one doctor per 25,000 citizens. But telemedicine has brought in the much-needed access. According to IBEF, the demand for online healthcare market is expected to be around $372 billion by 2022. The market size was around $160 billion last year. To help startups with technical and business advisory in the healthcare segment, VC firm Anthill Ventures joined hands with Healthcare Global Enterprises (HCG), one of the largest oncology chains in India, to start Lumos Health in November 2020. Lumos is a India/Singapore-based healthcare accelerator providing advisory to early-stage companies in the healthcare industry and propel them to newer growth trajectories. Its main focus is on oncology and adjacencies. In a conversation with YourStory, Devang Mehta, Partner at Anthill Ventures, and Anjali Ajaikumar, VP Strategy and Quality, HCG, spoke about the core vision and the plans of the accelerator. As the founding member, Devang is involved in all key strategic and operational aspects of Lumos Health. He comes with over 20 years of operational experience in early- and mid-stage companies in the US, and has been instrumental in scaling multiple early stage healthtech startups. Having learned the ropes of the workings of a hospital right from scratch, Anjali heads strategic growth planning and quality implementation for the entire HCG network. Anjali spearheaded Lumos Health at HCG by creating processes that ease the startup journey and help startups scale with speed through mentoring, revenue growth, etc.
YourStory (YS): Why did you feel there was a need for an incubator and what gap does it solve?
Anjali Ajaikumar (AA): Startups need varied and comprehensive advisory services, in addition to capital, to hit notable growth strides in early stages of evolution. Lumos provides powerful, comprehensive, eclectic and timely interventions to enable startups to achieve rapid growth. Sign up for our exclusive newsletters. Subscribe to check out our popular newsletters. For startups from overseas, this accelerator assists in India markets entry, go-to-market entry and connections to the local industry to facilitate easy expansion.
YS: What is the key vision of Lumos?
DM: We intend to give startups all the tools and support needed to achieve business goals – profitability, future rounds of funding, getting noticed by bigger players for M&A, and so on. We also want to be regarded as the premier healthcare accelerator in India for startups that are defining the frontiers of next-gen innovation.
Find out more at yourstory.com.