Lagos, Texas-based Reliance Industries has raised $40 million in seed capital in its most recent round, a new sign that investors are betting on the technology company’s growth. It’s a huge deal for Reliance, especially since the Nigerian company plans to use the funding to expand into the US and Africa. As with any company, Reliance has to find a way to stay competitive with its global competitors. However, the company says it is focused on its core business: creating and improving its health and wellness products. Earlier this year, the company launched an app that allows users to manage their medications and stay on top of their prescriptions. Currently, the app is available in three languages: English, Chinese and Japanese.
Investors in Reliance’s seed round
Reliance Industries has invested US$200 million in AI-driven “lock screen” platform Glance. The investment will enable the company to launch in key global markets. This will help expand the group’s consumer product offerings, according to the company.
Reliance Industries Ltd has recently invested in two other startups. It has acquired an Indian e-commerce startup called Fynd and a design technology platform called KareXpert.
Founded in 2012, Fynd is an online shopping destination that sells popular fashion brands. Founder Aditi Awasthi said the funding will help the company grow its quick commerce business and provide logistics for local merchants in Indian cities. Previously, Fynd had raised $7 million in three funding rounds.
KareXpert uses cloud-based technology and focuses on patient continuity. Located in Gurugram, the company’s CEO says the systemic gaps in healthcare were what inspired its startup.
The group has also acquired Nigeria-based digital health provider Reliance Health. Founded by Femi Kuti and Opeyemi Olumekun, the company started in 2015 as a telemedicine startup. Now it has grown to become one of the biggest digital healthcare companies in emerging markets.
In January 2022, Reliance Retail Ventures will invest $240 million in Dunzo, an errand-delivery app. The company already holds a 25.8% stake in the company. According to the report, the Reliance group is planning to adopt an omni-channel kirana playbook.
Growth of health tech globally thanks to the pandemic
The recent COVID-19 pandemic has prompted a wave of investment in health tech. There is also a new generation of medical technology, such as AI, which is improving in terms of application and efficiency.
In order to combat the pandemic, the World Health Organization has called for global coordination. One example of this coalition is Access to COVID-19 Tools Accelerator.
Globally, there are many reasons to expect more health tech companies to go public. High valuations and liquidity are among them.
Health care professionals can now use AI, virtual assistants and algorithms to improve their effectiveness in delivering patient care. This is enabling physicians to see more patients per day and spend more time with each individual.
In addition, AI is increasingly being used in telehealth applications. Telehealth technologies have been used successfully for primary and emergency care. They are helping to reduce barriers to care and save lives.
With the increase in digitalization of data collection, regional standardization of data infrastructure is crucial. This allows data to be easily shared and understood. It could also help speed up development of effective treatments.
Although health tech is growing rapidly worldwide, it is not smooth sailing. Healthcare organizations often face challenges in communication with patients and each other. And security concerns can impede sharing data.
African growth thanks to the pandemic
Whether or not African growth thanks to the pandemic is positive or negative depends on the policy response of government. Several countries have reacted quickly and have reported slowing or slowing growth, but others are experiencing more severe crises.
The World Bank estimates that up to 26 million people in sub-Saharan Africa are living below the poverty line. It says that an 8 percent decline in global GDP per capita growth could send up to 40 million into poverty in this region.
The United Kingdom announced a GBP 2.9 billion cut in its aid budget. This will affect the capacity of well-meaning African governments to help their citizens.
The German government also announced a EUR 4 billion package. The package includes EUR 520 million for social protection and EUR 3 billion for new funding. However, the package has not yet been fully implemented.
In the first quarter of 2020, agricultural exports in Africa increased by 6 percent. Although this was less than expected, the increase was a reversal of the decrease seen in the previous months.
The “traditional” oil price slump has impacted food imports in particular. If trade restrictions remain in place, the volume of food imports may drop by as much as 13%. A reduction in domestic demand is also expected.