HealthTech Startup Ailaaj Wins $1.6 Million in Seed Funding

Ailaaj, a digital healthcare startup, announced on September 8 that it raised $1.6 million in seed funding, Profit by Pakistan Today reported. The seed round was led by financial services conglomerate JS Group, while Fazal Din Group, Leonine Tech Ventures, and private equity investors based in East Asia also participated. Ailaaj is an online platform that aims to provide users with comprehensive and personalized healthcare. Ailaaj offers access to consultations with Pakistan Medical and Dental Council (PMDC) qualified doctors, along with delivering medication. “It’s a holistic, 360-degree platform for any patient in their disease continuum and also the patient journey,” Hyder Mumtaz, founder and CEO of Ailaaj, told Profit. “It’s patient-centric, and we take your burdens off of you. You don’t need to be taking your lab tests or reports with you. Everything is centralized. All you need to do is pick up the phone, everything else is going to be taken care of.” He added, “Your medications are going to be taken care of. Your pharmacist is going to help you understand your prescription, figure out any drug reactions, or if you have any questions.” Ailaaj was formed after its founders acquired healthcare startup AugmentCare, which had already raised $1 million in funding, and online pharmacy Sehat.com.pk. “Sehat and Augmentcare had clear synergies from before by being positioned as well-reputed healthcare startups (epharmacy and telemedicine, respectively) in Pakistan’s burgeoning ecosystem,” said Bilal Mumtaz, co-founder of Ailaaj. The company said that it was joining Pakistan’s estimated $4 billion pharmaceutical sector. Bilal Mumtaz said that the e-pharmacy industry of Pakistan has grown steadily since the COVID-19 pandemic started, with businesses shifting focus toward healthcare to fill market gaps. The average spending on healthcare has increased over the past years, according to data released by the Pakistan Bureau of Statistics (PBS). The average Pakistani spent Rs. 335 per person per month in 2018, up from Rs. 56 per person per month in 2002, which shows an average growth rate of 11.8 percent per year.