Q&A with Chaitenya Razdan, Founder and CEO of Care+Wear

Chaitenya Razdan is founder and CEO of Care+Wear, a trusted healthwear brand to create more positive and effective healing experiences for patients. Chaitenya worked at Goldman Sachs from 2011 to 2013 in Investment Banking in New York.

1. How did you start your career at Goldman Sachs and what did you learn during your time here that helped you in the next phase(s) of your career?
I joined GS in 2010 as a Summer Associate in the TMT group in Investment Banking in New York. I was fortunate enough to receive an offer to return full-time in 2011 and I remained with GS until 2013 when I left for the start-up world.

While at GS, I was able to work on a number of different deals, including capital raises (both debt and equity), M&A, and more. I also worked with a variety of companies from start-ups, to sports teams (sadly never my beloved Baltimore Orioles and Ravens!), to later stage companies and everything in between. This exposure allowed me to witness the spectrum of experiences, from those enjoying phenomenal success to others facing the necessity of a sale as their only option.

Regardless of the work that I did, I was always impressed with the leadership of our clients. The CEO’s storytelling ability and command of the financials really left a lasting impression on me. Today, we’ve used capital lessons from GS to help with fundraising, working capital (we are negative working capital on all of our contracts), hiring, and more. I am forever grateful for my time at GS and continue to be a proud ambassador for the firm. 

2. In 2014, only one year after you left the firm, you founded Care+Wear, a trusted healthwear brand to create more positive and effective healing experiences for patients. Tell us about what inspired you to start the business and your journey from inception of the idea to now.
As the son of an anesthesiologist, I always envisioned myself following in my mother’s footsteps into the medical field. However, it was a pivotal moment during an observation of a colonoscopy in 11th grade that made me rethink what my path would be. Seeing the nurses standing by the patient's side and supporting them, I still knew I wanted to have an impact on how people experience healthcare.

In the years that followed, I encountered the harsh reality of loved ones battling cancer and enduring treatments with makeshift solutions like wearing tube socks on their arms. Drawing from my experiences at GS and Kearney, I embarked on a journey to redefine the healthcare experience.

Our mission was clear: to restore dignity and comfort to those facing medical challenges. With Care+Wear, we aimed to transform hospital experiences and bring back a sense of humanity through functional healthwear. Today, our passion to empower individuals and restore their sense of self remains the driving force behind everything we do.

3. How do you differentiate Care+Wear from other healthwear brands on the market, in terms of both your business strategy and the products?
Care+Wear stands out in the healthwear market through a combination of innovative business strategies and product differentiation.

From a business perspective, Care+Wear uses a unique flywheel model that integrates both direct-to-consumer channels and enterprise sales. This comprehensive approach positions Care+Wear as the go-to destination for healthwear needs, catering to both individual consumers and healthcare institutions. By leveraging this model, Care+Wear ensures accessibility and convenience while maintaining a strong presence within the healthcare community.

On the product front, Care+Wear sets itself apart by prioritizing a collaborative design approach that engages both clinicians and patients. This proprietary process ensures that the needs and perspectives of all parties are taken into account, resulting in medically superior products that address specific clinical requirements while also prioritizing comfort and dignity for the wearer. This approach not only enhances the patient experience but also fosters a sense of ownership and pride among both clinicians and patients who contribute to the product development process.

By taking this approach, we’ve been able to create numerous proprietary products all with one goal in mind – to enable people to feel like themselves in and out of the hospital. In partnership with Parsons School of Design, we created a new patient gown eliminating the exposed backside. With the Natori Company, we designed fashionable, soft, antimicrobial, luxurious scrubs. We have become the industry leading healthwear provider with our innovative solutions such as our EPA-approved antimicrobial, hypoallergenic, and moisture-wicking cotton Chest Port Access top, a breathable PICC line cover, NICU bodysuits, post-surgical recovery bras, and more.

Ultimately, Care+Wear's commitment to collaboration and innovation drives its success in delivering high-quality, purpose-driven healthwear solutions. By continuously improving the patient experience through meaningful engagement and product refinement, Care+Wear remains at the forefront of the healthwear market, with our ultimate goal of making a lasting impact on the lives of individuals and healthcare professionals alike.

4. What has been the biggest lesson you have learned while building your own business and what has been the most rewarding aspect so far?
I believe that failure is not only part of the journey, but also a necessary ingredient for success, especially while developing products for people. In the tough world of entrepreneurship, where more than 50% of start-ups don't make it past the five-year mark, failure teaches us valuable lessons and helps us build better products over time.

From day one, our goal has been clear: to create a company that makes a real difference in people's lives. We are inspired everyday by our customers, both patients and clinicians, who face challenges with resilience and determination.

When it comes to developing our products, setbacks are par for the course. But each failure is an opportunity to learn and make improvements. In fact, we tell our partners that if we are selling them the same product five years from now, then we have failed them as a partner. If Google could have “Beta” in their logo for hundreds of millions of users in Gmail then we can do the same. By embracing these challenges head-on, we are able to continuously refine our offerings and provide our customers with even better solutions. That has been the most rewarding part of starting Care+Wear – seeing the impact over time to people’s lives, sometimes during their most vulnerable moments.

I have also learned that putting the patient or end-user at the center of our mission means inviting lots of feedback. When our PICC lines started pilling, we realized that addressing this issue required more than a single solution. By actively seeking input from nurses, clinicians, and patients, we discovered the need to launder them twice, not just once. This experience underscores the importance of starting with the end-user in mind when designing a product. While embracing feedback as a gift, we can continuously refine our products and ensure they effectively serve those who rely on them.

5. As you look to the future, what are your ambitions for Care+Wear over the next few years?

Looking ahead, our ambitions for Care+Wear over the next few years revolve around scaling our operations while strengthening vital enterprise partnerships and enriching our product development pipeline. We've collaborated with renowned brands such as Oscar De La Renta, N Natori, Parsons School of Design, and March of Dimes to craft products. Our hospital alliances include HCA, UVA Health, the Department of Veterans Affairs and more. Alongside, we partner with organizations like Stand Up to Cancer and The Pink Agenda to advance our mission.

Building on our strong partnership foundation, we plan to expand our reach in both direct-to-consumer and enterprise markets, ensuring widespread access and sustained growth. By fostering collaboration between clinicians and patients, we will introduce additional innovative solutions tailored to evolving healthcare demands. Our ultimate goal is to cement Care+Wear's leadership in the healthwear sector, delivering impactful innovations that empower individuals and healthcare providers alike.

6. Have you leveraged your GS network since leaving the firm? If so, how?
The GS network has been amazing since my departure. From being acknowledged at the B+I Summit to connecting with hospital leaders and investors, to attending various healthcare events, the support has been invaluable and I am immensely grateful to so many of my former GS colleagues for providing these opportunities. Fellow alumni have also been incredibly supportive, and undoubtedly, the GS name has opened doors for me. I am profoundly thankful for the time spent with exceptional colleagues and thrilled to collaborate in improving healthcare experiences, both inside and outside hospitals, through our apparel. 

Click here to learn more about Care+Wear.