ConnectedH, a healthtech startup backed by Kalaari Capital, has become the latest victim of the funding winter as its founders made the decision to wind up the company’s operations last month. Cofounder Suresh Singh shared the news in a LinkedIn post, stating that the startup will return the remaining capital to the investors due to certain market realities that could not be addressed.
ConnectedH Journey of Five Years and Significant Achievements
ConnectedH, founded in 2018 by Subham Gupta, Rahul Kumar, and Singh, was a full-stack B2B healthtech startup providing CRM solutions, online report management tools, and other services for diagnostic labs. Over the course of five years, the startup served more than 5 lakh patients from 400-plus healthcare providers across five cities. It also claimed to have amassed a database of 10 million health data points during its run.
ConnectedH Funding and Notable Backers
During its lifetime, ConnectedH raised $2.5 million in funding and garnered support from prominent names in the investor community. Investors included Kalaari Capital, Incubate Fund India, and angel investors like CRED’s Kunal Shah, Unacademy’s Roman Saini, ShareChat’s Farid Ahsan, and OfBusiness’ Ashish Mohapatra and Ruchi Kalra.
Next Steps for Cofounder Suresh Singh
In the aftermath of the shutdown, Suresh Singh expressed his intention to explore new ventures. In his post, he mentioned that the experience of being a founder has put him on a surer footing for what follows next. Singh plans to leverage the learnings from ConnectedH to shape and form his new venture over the next couple of months.
Growing List of Indian Startups Facing Shutdowns
ConnectedH joins a growing list of Indian startups that have shuttered their operations in recent months. The funding crunch in the Indian startup ecosystem has been a major factor contributing to these shutdowns. Investors are now emphasizing profitability and sustainability, leading to a revamp of the ecosystem over the last year or so. Other notable shutdowns include Vah Vah, FrontRow, Pillow, and Friyey, all of which faced challenges amid the ongoing funding constraints.
As more startups face uncertainties, the Indian startup landscape continues to witness significant changes as entrepreneurs and investors navigate the shifting dynamics in pursuit of sustainable growth.
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