$22MSeries B Raised
3Geographies on Cap Table
14 wksEngagement to Close
// The Challenge

Where the Founder Started

This company had a strong India story -- $8M ARR, 140% NRR, operating in diagnostics and chronic disease management. The Series B target was $20-25M, which was large enough that India-only investors would struggle to anchor it without international co-investors.

The core challenge was translating a deeply India-centric business story into a narrative that resonated with Gulf and Singapore investors who lacked context on India healthcare dynamics. The MENA story also needed to be built -- the company had not yet entered the Gulf market.

// Our Approach

The GMAV Capital Playbook

W1-2
Dual-Market Narrative DevelopmentBuilt two market narratives: the India story (diagnostic infrastructure gap, insurance expansion) and the MENA story (similar disease burden, higher per-capita spending, and the same data-driven diagnostic model applied to a premium-paying population).
W2-4
MENA Investor Research and List BuildMapped 40 Gulf-based investors: sovereign funds (screened out -- too early for SWF diligence), family offices (primary target), and regional VCs with health mandates. Added Singapore funds with healthcare theses.
W4-8
India Round AnchoringRan India outreach in parallel. Secured a Rs 40 crore soft-commitment from an existing India investor to demonstrate local conviction to international investors.
W8-12
International Outreach and Parallel DiligenceLaunched Gulf and Singapore outreach with the India commitment as anchor. Gulf family office moved to diligence in week 9; Singapore growth fund in week 10.
W12-14
Multi-Geography Close CoordinationCoordinated legal and documentation across India, UAE, and Singapore jurisdictions using a Mauritius holdco structure accepted by all three investor groups.
// Results

What Was Achieved

The $22M Series B closed with a Gulf family office as international co-lead, a Singapore growth fund as international co-lead, and a Mumbai-based institutional fund as India anchor.

  • $22M raised -- 10% above the upper end of the target range
  • Three-geography cap table: Gulf, Singapore, and India
  • Gulf family office brings direct relationships with Saudi and UAE hospital networks
  • Mauritius holdco structure enables future MENA market entry without restructuring

The MENA expansion story GMAV built for us became more than a fundraising narrative -- it is now our actual 2025 strategy. Having investors in Dubai who can open hospital doors there was worth as much as the capital. -- CEO, Healthtech Platform

// Want a Similar Result?

Every fundraise is different -- but the process disciplines that drive fast closes are consistent. Book a free strategy call to discuss how we would approach your specific situation.