India’s health sector is undergoing a major shift. Technology and innovation are reshaping the landscape.
Kalaari Capital’s India Alpha Report dives deep into this transformation. It highlights the unmatched potential of Indian startups and their role in India’s health evolution.
“This Techade belongs to India. With a stable democratic framework, geopolitical trust, and a generation of entrepreneurs building world-class solutions, we are witnessing a once-in-a-lifetime opportunity to lead global innovation and growth.”
-Vani Kola, Managing Director of Kalaari Capital, at the launch.
Here are key points the report highlights about the health sector.
Digital health apps are on the rise
The smartphone revolution is changing healthcare in India.
Over 250 million Indians now use healthtech apps. These include online pharmacies like PharmEasy and Tata 1mg, provider platforms like Practo, and fitness apps like Cult.fit.
From buying medicines to booking doctor appointments, everything is moving online.
Startups are driving the change
India is the third-largest startup hub in the world. The report predicts startups will fuel a rise in overall consumption—from $1.8 trillion to $3.7 trillion by 2030. And healthcare is going to be a major part of this growth.
By 2030, healthcare consumption is expected to grow from $180 billion to $401 billion. Healthtech and MedTech will grow from $10 billion in 2024 to $38 billion in 2030. Regulatory changes and lifestyle shifts will further drive this growth.
A global player in healthtech
The healthtech wearable category is already making waves with Ultrahuman, an Indian wearable healthtech company, leading the way.
It’s present in 100+ countries and only 25% of its $31M annual revenue comes from India. This shows the global potential of Indian startups.
Government initiatives are boosting growth
The government is playing a big role in this evolution. Public health spending has risen from 1.6% of GDP in FY21 to 2.1% in FY23.
Key initiatives like ABHA ID and e-Sanjeevini are making healthcare more digital and accessible. The government is also setting up Aarogya Mandirs to provide mental health, diabetes, and cancer treatment services.
Indians are becoming more health-conscious
Over 70% of Indians are now prioritizing their health. There is a shift from curative to preventive healthcare.
Spending on healthy foods is expected to double in the next decade. More people are joining gyms, and insurance adoption is on the rise.
Investment surge in health
Indian healthtech startups raised $7 billion across 886 deals in the past decade.
India is now home to over 5,000 health-related startups, with several achieving unicorn status. Companies like PharmEasy and Cure.fit are examples of how startups are reshaping healthcare—from online pharmacies to fitness ecosystems.
These startups are driving innovation in areas such as telemedicine, diagnostics, and wearable technology, attracting both domestic and global investors. This shows how investors are betting big on this sector and the immense potential it holds for future growth.
The road ahead
India’s health sector is on the brink of a revolution. With digital tools, startup innovation, and government support, the future looks bright. By 2030, healthcare consumption will more than double, making India a global leader in healthtech innovation.
The India Alpha Report highlights how these shifts will not only improve access, but also create new opportunities for businesses and consumers alike.
About Kalaari Capital
Kalaari Capital is one of India’s leading venture capital firms. Founded in 2006, it has been instrumental in shaping India’s startup ecosystem.
The firm focuses on early-stage investments, nurturing innovation across sectors such as healthtech, fintech, and consumer internet. Known for backing industry disruptors, Kalaari has played a key role in scaling several startups that are now household names.
Kalaari launched their India Alpha: The Techade of Opportunity report at TIE Global Summit 24.
“At Kalaari, two decades of early-stage investing have only strengthened our belief in the potential of Indian entrepreneurial talent. We remain steadfast in our commitment to continue enabling and empowering India’s entrepreneurs to build a brighter tomorrow.”
–Vani Kola, Managing Director of Kalaari Capital
