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Rachel Chitra · · 2 min readIndian healthtech firm bags $5m to scale diagnostics solution
Mumbai-based healthtech company HaystackAnalytics has closed a US$5 million funding round that values the firm at around US$70 million, the company shared exclusively with Tech in Asia. This brings the total capital it has raised over the past 18 months to nearly US$15 million.
The startup, which develops genomic and next-generation sequencing-based solutions to diagnose infectious diseases, says it is preparing to raise another US$25 million for expansion in India and other international markets.
HaystackAnalytics co-founders Anirvan Chatterjee (left) and Gaurav Srivastav/ Photo credit: HaystackAnalytics
This latest round saw participation from Mumbai-based pharmaceutical firms Sun Pharma and Alkem Laboratories, prominent local stock market investor Ashish Kacholia, and crowdfunding platform 1Crowd.
The startup, which was incubated at public research institute IIT Bombay, has also previously received grants from the Department of Science and Technology at the Biotechnology Industry Research Assistance Council.
HaystackAnalytics was founded in 2018 by Anirvan Chatterjee, Gaurav Srivastav, and Kiran Kondabagil.
Its flagship product, an infectious disease test kit called infexn-NGS, uses next-generation sequencing to identify pathogens responsible for severe infections such as sepsis, drug-resistant tuberculosis, and rare fungal or viral infections that conventional diagnostics tests sometimes fail to detect.
Traditional infectious disease diagnostics typically rely on culture testing or polymerase chain reaction (PCR) methods that detect a limited number of pathogens. However, HaystackAnalytics says its sequencing-based diagnostics solutions are capable of identifying a wider range of infections.
It accepts blood, respiratory, or urine samples as well as sterile body fluids. The firm also generates a report within 24 hours of receiving a sample.
Culture-based tests, in comparison, take up to two to 10 days to deliver a result, while molecular tests require 12 to 24 hours.
According to HaystackAnalytics, its platform is currently used by more than 1,000 clinicians across over 300 hospitals in India. It has also run more than 30,000 diagnostic tests in the past year.
The company has set up 20 genomics centers in the past 18 months. In May 2025, the company received accreditation from the National Accreditation Board for Testing and Calibration Laboratories for its clinical genomics facility in Navi Mumbai.
According to data platform Venture Intelligence, healthtech funding in India fell to US$447 million in 2025, down from US$707 million in the year prior.
See also: AI-powered Heidi lands in SG, aims to cut doctors’ paperwork load
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We look at what’s behind HaystackAnalytics’ US$70 million valuation as the infectious disease testing startup eyes another US$25 million raise.
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