LABNEAR

www.labnear.com
Progress records
2
Stage of your startup
Paying users
When did you start
February 2020
City
Gurugram, India
Definition in 1 sentence
lab management system & diagnostic labs aggregator
Elevator pitch
We are cloud based lab management system & diagnostics labs aggregator in India and are seeking investment, Our unique features offers nursing, pathology, eye opd at home and help small diagnostic centers build tech capabilities to reach more users, this market size in India is about USD 16 billion
Are you incorporated?
Yes
Category
Software
Sector
Health & wellbeing, Med tech & pharma
How do customers use or interact with your product?
Mobile/Tablet (iOS), Mobile/Tablet (Android), API
Product Demo Video Adress
Video Password
Startup Presentation
Other Documents
Image gallery
Why do you want to attend this program?
To raise investment by diluting equity and to help our startup expand and cover maximum market share of this fragmented market that constitute about USD 16 billion.
Create Date
Monday, February 22, 2021 13:25 (Ashish Manchanda)

Business model

Describe the problem you are solving
Our extensive research led us to conclude that the diagnostic market in India is highly fragmented & small-scale labs/diagnostic centers constitute nearly 60% of the market share, which is about USD 15 billion market, but they lack technology to reach potential users. On the other hand, users don't get to view the services these labs provide as a result of which they end up spending more and are quite unsatisfied with limited choices & online presence.
How are your customers solving that problem today?
Customers are the patients themselves or their friends or family members, In the current scenario they are either relying on the limited choice or going by what doctors advising them, as a result they are spending too much and yet are unsatisfied either due to quality issues or poor experience, on the other hand labs and diagnostic centers are struggling too either due to low visibility, reliance on specific doctors and have high unsold inventory due no direct user customer channel.
Target custormers - Define customers, who are they
Pensioners, Patient, Caretakers, New mothers, Kids
How do you plan to acquire customers?
Lab Tie up, Digital Marketing, NBFC's, Corporate & Pensioners program
What is your revenue model or expected revenue model?
A) Immediate Revenue: -
1) Service Fee on every path test at home through our payment gateway and payment terms with Labs/diagnostic centers.
2) Service Fee on every Eye OPD at home
3)Convenience charges on Nursing services at home
4) Service Fee from Radiology Nearby bookings
B) Revenue after 2-3 years of operations: -
5) Selling Lab Management software for Smart Reports (SaaS)
6) Service fee through NBFC's
7) Advertisements on our portal and App
8) One Time Registration charges

Market info

What is your target market?
There are millions of small scale labs and diagnostic centres in India and around 40 Million healthcare app users till date, we see about about 5 Million active users of our Applications for both android and ios and target around 10,000 labs and diagnostic centre using our SaaS based Lab Management System. Our target users are patients and caretakers of all kinds covering all age- groups.
What is your total available market size
$ 90,000,000
What steps have you taken to validate the market?
We have completed our Market validation by users and labs/diagnostic centres and already have our booking engine through Application which is in a launch ready state by which users can book more than 1700 different types of medical tests including Eye OPDs at home in 25 cities across India. Additionally, we have created basic version of Lab Management System that our diagnostic partners can use.
Do you have competitors? Please write down the names
Competitor name
Competitor website
Competition: write down competitors and explain
We do not have a direct competition due to our unique offerings but some overlap in our pathology at home feature with existing market players such as 1 MG, Healthians, Practo, Medlife etc, Our services are different in the following ways:
1)We are first ones to bring the exclusive services of Eye OPDs at home
2)Our Nursing care at home is also an exclusive service which none of the above-mentioned companies offer.
3) Our offerings above INR 9000 can be financed in EMI's in less than 10 mins
Who are your competitors and how are you different?
We do not have a direct competition due to our unique offerings but some overlap in our pathology at home feature with existing market players like 1 MG, Healthians, Practo, Medlife etc. but we are different in following ways
1)We are the first ones to bring services of Eye OPDs at home including that of pensioners.
2)Nursing care at home is also an exclusive service which none of the above have.
3) Tie up NBFCs, all our services above INR 9000 can be in easy EMI in less than 10 mins.
Traction / KPIs
What progress have you made in the last six months?
Our booking engine through Application which is in a launch ready state by which users can book more than 1700 different types of medical tests including Eye OPDs at home in 25 cities across India. Additionally, we have created basic version of Lab Management System that our diagnostic partners can use.
How many customers/users do you currently have?
We are in our pre launch stage and have completed Market validation and acquired labs providing services in 25 cities in India.
What is your monthly growth rate?
Our monthly growth rate is forecasted to be around 5.5 % for the first year and gradually increase to 6% in second and third year and will touch a max growth of around 7% per month and will be consistent in the next 5 years.
Describe traction
Profitability – Since we are not fully operational in the books hence still in progress
Revenues– Since we are not fully operational in the books hence still in progress
Active users – 20
Registered users - 20
Engagement- We have completed our Market validation by users and labs/diagnostic centres and already have our booking engine through Application which is in a launch ready state.
Partnership – Onboarded around 5 labs by which users can book more than 1700 different types of medical tests including Eye OPDs at home in 25 cities across India. Additionally, we have created basic version of Lab Management System that our diagnostic partners can use
Traffic - Since we are not fully operational hence still in progress

Finance

How much runway do you have left(Month)?
12
How is equity divided?
Equity type
Name surname
Email
Equity
Founder
Ashish Manchanda
% 40
Co-Founder
Ajay Sharma
% 30
Co-Founder
Gagan Sahni
% 30
How much money raised since start?
$ 20,000
Revenue lifetime
$ 0
Last months revenue
$ 0
Investment round
Seed round
Target fund to raise
$ 400,000
Equity on offer
% 5
Number of employees
12
Other info Write bullet points (Grants, prizes, acceleration)
Add more comments

Team

Owner member
Yes
Member role
Founder
Name surname
Ashish Manchanda
Title
Founder & CEO
Education
Master's Degree
School name
Symbiosis institute of Management Studies
Birthdate
25 July 1984
City
Gurgaon, Haryana, India
Short Bio
A professional with more than 12 years’ experience in strategic fields, worked with McKinsey & Company, Bank of America and Vedanta India, delivered most complex projects with tremendous impact, hold Master’s Degree in Business Administration and Bachelors of Law(BFSI).