The Exchanges

Q diagnostic centers. So let's, let's start, you know, I would like to start, you know, this is where you are and you have raised like seventy five million dollars in funding from Indian international investors. That's phenomenal. But I want to start from the beginning, right? If you can just throw some light about your background, your childhood days, your family, Right. And what made you, uh, come into entrepreneurship?

A Yeah, I think, um, yeah, I mean, typical, um, background of, you know, middle class upbringing. And, uh, I'm from actually, uh, Vijay Vada in Andhra Pradesh and did my, uh, engineering and computer science from, uh, Varangal and IT Varangal. Um, you know, in childhood days, meaning, uh, I mean, it's very typical in the sense that, you know, very much interested and focused on, uh, you know, uh, math and sciences, et cetera, wanted to be an engineer always. My, uh, you know, a lot of people in the family and cousins and my brother, everybody is an engineer. My father, uh, of course was, uh, he was, he was working in, uh, uh, railways. My mother is a housewife, uh, but both of them were teachers. They used to take positions, uh, as kind of a hobby, additional hobby, uh, in the communities, et cetera. So there, uh, actually a lot of things I learned, uh, and got interested, uh, in, uh, you know, math and sciences, et cetera, and, you know, in an inevitable journey to become an engineer. So became that, but I definitely enjoyed that entire journey of becoming a computer science engineer. I think, um, over the years I realized the value of, uh, you know, what we have learned. Um, and, uh, yeah, I mean, after that, uh, in a typical career, uh, worked in services companies, product companies, et cetera. One of the, one of the small company I joined, uh, which is a product company. Uh,…

AI assessment note: “typical, um, background of, you know, middle class upbringing. And, uh, I'm from actually”

Q Can, can you share in some numbers current scale of mFind, like how many bookings happen per month or, or a proxy for revenue?

A Yeah. So we, we do, um, nearly, um, various different transactions, nearly more than 300,000 or so, um, uh, in a month. Um, and it's constantly growing. Um, last year we saw, um, 15% month on month growth, um, and it's continuing. So, uh, we have reached, um, already, uh, you know, we have, if you look at our, uh, detailed Um, customer journeys, and we, we reached more than, uh, three to four million customers, um, who have very detailed, uh, you know, use cases in terms of, you know, diagnostic tests or, uh, talking to a doctor, et cetera. And they have their detailed, uh, Uh, so called medical records, et cetera, completely digitized and available for them anytime for access. So those are the kind, that's the kind of scale that we are at. Um, uh, I think to be honest, it's still tip of the iceberg. Um, we, uh, we see immense potential to reach, uh, you know, at least, uh, you know, you know, we, we saw that, uh, health is a very fundamental need. Um, beyond access, if you solve the effectiveness as well and quality as well, um, you know, every, uh, smartphone user can be a potential customer for us.

AI assessment note: “we do, um, nearly, um, various different transactions, nearly more than 300,000 or so”

Q So, so if you can share more on, on that, like, what are those different perspectives like?

A Yeah. What, um, Uh, Ritesh brings ease, uh, really the experience, uh, of having seen the ecosystem in healthcare, uh, that has been useful from the beginning, right? Um, so, so he can give a very, uh, valuable feedback on some of the things that we're thinking about. Um, and, uh, also it's a kind of a good discussion partner in a lot of those aspects, right? Um, and, uh, On the other hand, uh, Sripati and Sanjay, whenever I interact with them, it's more about, um, a little bit more abstract, not specific about healthcare, but on the other hand, it's a larger perspective on, uh, how, uh, you know, broader themes like, uh, India stack, et cetera may evolve and, uh, what would be a possible role that we can play at a larger ecosystem level in, uh, uh, in India, as well as some also drawing some parallels from, uh, abroad. Um, yeah. So those are, uh, kind of, uh, one is very specific on the healthcare side, et cetera. And also, and there is more, uh, broader, um, you know, building of the, uh, Uh, India stack and technology transformation that's happening in India. Um, technology-led transformation is happening in India, et cetera. So I think these are both, uh, good to, uh, think about while we are taking decisions on our strategy, taking decisions on what is the direction we need to take the company and, uh, you know, various other, uh, aspects of, uh, thinking about how to buil…

AI assessment note: “What, um, Uh, Ritesh brings ease, uh, really the experience, uh, of having seen”

Q So you mentioned a couple of times, right, uh, that you, even during COVID, uh, you saw 15% acceleration month on month in growth. Can, can you share, right, what was your sudden reaction when lockdown happened in March, 2020, and how did you gear up to prepare the demand, right? Was, was the consumer behavior expected when COVID happened in healthcare?

A No, I think to some extent, uh, uh, it is a surprise for us also, um, to what extent this can, uh, Um, uh, this can change the consumer behavior. So I think, see, initially when the lockdown is there and you can't go out and, you know, people are in a panic situation, uh, we understood that, of course, there will be some, um, you know, peak capacity or a peak, uh, demand on the consultations, remote consultations and, you know, at home tests and all that stuff. And we, we were prepared for it. And, uh, you know, we could manage, uh, to capture that demand and serve the people, uh, in need. Um, however, what was a little bit positive surprise was that how permanent that behavior change became, right? Uh, people really understood that, oh, this is, you know, this is way better than, uh, than, uh, visiting a hospital and, uh, increasing your chance of infection. Um, waiting hours together, even in, without COVID or even without, you know, in a safe period or a non, no lockdown period. Uh, people really understood this and, uh, you know, and that's number one. Number two is on the provider side as well. They realize that, you know, see, we always believe that there is an inevitable digital transformation that has to happen in India because their supply is so constrained. Unless we find efficiencies with technologies, we can't reach Uh, all the people, uh, that are in need from the,…

AI assessment note: “No, I think to some extent, uh, uh, it is a surprise for us”

Q Uh, so, so, and coming back to, you know, you raising investments, how did you find your first two investors?

A Yeah. So, um, Uh, we talked to, um, I think it was interesting. I think initially we bootstrapped with a little bit of money of, uh, our own, uh, me and, um, uh, and, uh, you know, while of course we bootstrapped, but you're also looking for, uh, initial investors or CDC or whatever. Um, the first time when I think, uh, in a chance meeting or so, we, uh, came across somebody who runs a stem cell company, stem cell storage company. Uh, uh, and he actually is part of the founder network at, uh, Stellaris. And, uh, there, uh, he, he took us to, uh, Stellaris and Ritesh and, uh, you know, when, when we talked to Ritesh, Ritesh, Comes from background of understanding, uh, uh, healthcare market in India from his previous experiences, et cetera. So he really immediately appreciated what we are, uh, uh, aiming to do. So that's where the first, uh, um, you know, investment happened, investment decision happened. Titesh, uh, from Stellaris, Stellaris, uh, took that call. And, um, Post that, um, yeah, after a few months of it, when we were looking at, that was a pre-series A kind of, uh, investment, initial seed kind of investment, and then we were looking at it, uh, when we are, you know, uh, continue to build the product, et cetera, launched in a couple of hospitals, along with a couple of hospital partners, et cetera. Um, you know, that's when I, uh, again, in the chance meeting, got i…

AI assessment note: “came across somebody who runs a stem cell company... took us to Stellaris”

Q What were your key learnings from your journey at Mindra?

A I think, ah, what, ah, I, what we learned was that really, ah, be very, very clear about, ah, you know, consumer proposition. Um, build it right through, um, everything that you do in the product and the way that, uh, uh, for example, in fashion selection, how do we really take care of, uh, making sure that we have a very unique point of view that is coming across, which is appreciated by the consumers. Uh, in logistics, we did a really good job in terms of, uh, um, you know, no questions asked returns and, you know, 30 day or initially even longer time returns possibility. So a lot of innovation, a lot of, uh, innovation at the forefront of, you know, really keeping consumer experience, consumer proposition at the forefront. Um, that was the biggest learning. And, uh, the second thing of course is, right, um, the technology has, you know, immense possibility for, uh, changing things in India. And, uh, you know, we now really saw opportunity to build large scale systems that will have a huge impact on, you know, business operations, consumer experience. And, you know, just, you know, organizing the business much more in a streamlined way and, uh, you know, make it better for the consumers. So that is another lesson. And, uh, last but not least, I think when you're scaling how to build great teams, uh, how to build, uh, teams and culture as a differentiation, as a competitive ad…

AI assessment note: “what we learned was that really, ah, be very, very clear about, ah, you know, consumer proposition”

Q And if you can share, you know, first, my question is, how many years of your career you spent before Myntra?

A So quite a bit, actually, nearly, I think, um, 1516 years, um, worked in, as I said, smaller companies, big companies, um, in small, uh, teams, uh, and also as an individual contributor, um, as well as, you know, leading a big, um, you know, You know, leading teams, engineering teams or technology teams of spanning seven, eight countries, uh, in SAP. Uh, so had, uh, exposure to, um, you know, many, many different facets of, uh, how to build, run, uh, businesses and teams. Um, and, uh, yeah, as I said, at some point realized that Um, you know, the calling has always been calling has been there that, you know, something to do, um, in India, um, with technology. Um, for the Indian market. Um, so as a, as a technologist, always, always interested in problem solving and, you know, imagining new solutions to, um, old problems or new problems. And, uh, you know, somewhere the whole thing seemed more possible. Um, more avenues opened up. Uh, I think, uh, after, um, you know, two those in eight, two those in nine timeframe, Um, really saw that, uh, this is the right time and, uh, you know, moved, uh, into startups and in entrepreneurship of that.

AI assessment note: “nearly, I think, um, 1516 years”

Q And did you make retirement money at Myntra?

A No, I, I think, uh, so see through my career, money, uh, was, uh, was never, um, a problem in the sense that, you know, I had, um, I had enough to take some, uh, choices of my career. And, uh, you know, even before Myntra, I start, I spent two years trying to make that medical implant startup work. It didn't work so, but, but it was okay. I think, uh, uh, I always had enough money somehow earned through various stages of my career, uh, that, um, uh, I could try what I want to try and what where my heart is or what my passion is about. And, uh, uh, I, I think, uh, you know, that way I'm, I'm lucky. I think it was okay.

AI assessment note: “No, I, I think, uh, so see through my career, money”

Q time in healthcare, you came back again because one reason was you were, you were passionate and you saw the second was you saw the opportunity that India has to eventually transform into a digital healthcare nation. You can't serve one billion people in the same way it has been. Uh, right. What would you advise healthcare entrepreneurs who are starting today? To do their homework on, to be prepared.

A Yeah, I think the most important one, I, I, I do keep meeting a few people who are now more and more interested in this sector and starting off. And I remember a few of the interactions over the last few months as well. Um, so the constant thing that I tell them always is that, uh, um, you have to go deeper, understand exactly the, um, what exactly problem you're solving, unless you're solving a peripheral logistics problem of, you know, um, moving the goods or moving, uh, certain, uh, last mile, a few things, et cetera. Um, unless you're solving that problem, but if you're really going into, let's say, Um, wellness issues or mental wellness or, you know, the few people that I talk to or even nutrition or otherwise, uh, you know, so those kind of, uh, consultation problems, et cetera, different, different issues. Um, I, I really, uh, tell them that, you know, you have to really understand that, uh, uh, this is not, um, Uh, this is not, the problems are not purely cannot be defined as a logistical problems or efficiency problems. You need to really look at how, uh, care is delivered. What are the long-term impacts of it? What the customer expects better outcomes? Uh, so how do you enable those outcomes? The doctor expects that, uh, he or she is more effective and more, uh, able to reach more patients, uh, uh, et cetera, with, uh, the expertise. How do we ensure that? Um, how do …

AI assessment note: “you have to go deeper, understand exactly the, um, what exactly problem you're solving”

Q In 2021, right, we have total number of more than 50 unicorns in India. 50 startups which have achieved a valuation of greater than one billion. Uh, in 2021, we, today, we saw Zomato IPO, a very fantastic moment for Indian startup ecosystem, and similar other lined up, but there is no unicorn in healthcare, like healthcare means the startup technology part of it. Why do you think is that?

A Yeah, I think, um, uh, things are changing pretty rapidly. If you look at, uh, uh, you know, some of the companies starting from, uh, you're right, the core healthcare delivery, they are not, there aren't, but, uh, yeah, the areas of like e-pharmacy, et cetera, have seen good momentum. And, um, more than that last, um, you know, six months to one year, there has been a significant change in the ecosystem. I think now, um, Indian consumers and, uh, providers have recognized the value of going digital in healthcare. Um, just, uh, similar to what happened in commerce and fintech, et cetera, and even edutech. I think healthcare is now, um, definitely has changed the perspective of, uh, COVID definitely has changed the perspective of, uh, how to, uh, think about healthcare delivery in the, uh, with, with the help of new technology. In this kind of age, like the first century, I think that is changing pretty fast now the entire landscape in India. I think unicorn is one way to look at it and characterize it. But if that is one way to look at it, I think there will be more unicorns sooner than later in healthcare as well, health tech as well. And whatever is the fundamental changes that are required to be Uh, achieving those, uh, level of investments, level of growth, level of reach of technology. I think those fundamentals are already, already in place. And, uh, there is a huge behav…

AI assessment note: “Indian consumers and, uh, providers have recognized the value of going digital in healthcare.”

Q And if you can share, right, what, what have been the hurdles of, uh, building a startup, a tech startup in healthcare, which you couldn't foresee when you started or did your research?

A Um, Well, I think what, um, I mean, we got into it because we were very excited about it, and, you know, we had, I wouldn't say we forced, we already knew exactly what is the kind of problems we face. At the same time, it's not like it completely took us by surprise. Um, in fact, uh, in the last four years, first two years was, you know, the pre-COVID era and the next two years was post-COVID era. Even before COVID, uh, we had a significant, uh, number of people who want to move to digital and, you know, uh, our business model is such that we, we got really specialist doctors and, you know, hospitals onboarded and some of the prominent diagnostic chains onboarded, et cetera. And we were looking at end-to-end care delivery as the, Uh, as the business that we are in, in rather than individual verticals of, you know, teleconcert or, you know, doctor discovery or something like this. So those things were really playing out well, but what is the learning that got reinforced, you know, from day one to, uh, even now, even today, uh, I share that with, uh, uh, employees, you know, pretty, uh, pretty, uh, let's say seriously that, um, you know, you need to build healthcare is not going to be healthcare solutions, particularly from technology. Uh, not going to be possible to build without a deeper understanding of, uh, you know, how this sector works, how the science works, how the docto…

AI assessment note: “not going to be possible to build without a deeper understanding of, uh, you know”

Q And, uh, if I were to ask, which are the top five healthcare companies in India, healthcare tech companies in India you respect and why? If five is a larger number, you can restrict yourself to three.

A I think different people have tried to solve different, uh, um, you know, aspects of, uh, healthcare delivery. Um, you know, there, there, there are a couple of companies, um, uh, who are trying to solve, um, you know, Building, uh, how to make the entire, um, radiology, uh, as radiologist's assessment more efficient using deep tech. Uh, I have seen, uh, those companies, I have seen companies, uh, which are, um, trying to make it a more, uh, the diagnostic process in, in pathology more accurate with the image processing, uh, coupled with, uh, you know, uh, just the chemical processing of the, uh, sample. Um, so I think there are different, different areas. Um, to be honest, uh, it's not that I, and I really, uh, appreciate and, you know, talk to them and, you know, there is a small company I recently met, uh, who are trying to, um, do what, uh, you know, PillPack has done in, uh, US in terms of repacking the dosages for, uh, uh, people to consume medicines in a correct way. Um, so there are different, different people attempting those things. It's not that, uh, you know, it's not lack of respect, but it is still, India is a very nascent market still. Um, I haven't seen yet, uh, uh, massive scale. So my dream and vision, my real, um, let's say, uh, desire is to see that, uh, India leapfrogs the world, uh, Western world in a way that with mobile and technology, That we suddenly h…

AI assessment note: “it's not lack of respect, but it is still, India is a very nascent market”