An interesting health tech startup announced a funding of USD 25 million
A health tech startup has raised funds. What a pleasant and exciting piece of news it is!
Let us talk about the health tech industry. Explaining it in simple terms, health + technology= health tech. It is the use of technology that is developed for the purpose of improving any and all areas of the health care system. The healthcare industry is today worth more than USD 2 billion, and the health tech domain of the industry has the aim to reduce the big fat costs which are there within the healthcare industry.
Talking about the health tech industry in India, it is of a value of more than USD 1 billion. It has more than 5000 health tech startups and is expected to reach USD 5 billion by the year 2023, thus growing at a CAGR of 39 percent. The health tech industry of the country is predicted to reach USD 50 billion by the year 2033.
Let us now talk about the funding of a health tech startup that has taken place and has grabbed a lot of attention from the readers.
Announcement of funding of a health tech startup
The health tech startup, PhableCare has raised funds worth USD 25 million, which is equivalent to INR 187 crore, as announced on April 11, 2022. This round of funding that has taken place was the Series B round of funding and was led by Kalaari Capital. The other participants in this round of funding were Aflac Ventures, Digital Horizon, and Stride Ventures. Some existing investors of the startup were also a part of this round of funding. Those investors were Omron Ventures, SOSV, Social Starts, and Fresco Capital.
The startup plans to use the funds raised in strengthening the full-stack and value-driven chronic care ecosystem. The startup also has planned to use some portion of the funds raised in increasing its market expansion, acquisition of the customer, and build new streams of revenue. Before this round of funding, the startup has undergone a Series A round of funding last year itself. The value of the startup after this round of funding has increased to 6 times.
About the health tech startup that has announced its funding
The health tech startup, PhableCare was founded in the year 2018 by Sumit Sinha and Mukesh Bansal and has its headquarters in Bengaluru, Karnataka. The health tech startup is engaged in leading the charge of changing the image of healthcare. The mission of the startup is to make daily care accessible for patients with lifestyle diseases and build the first complete care ecosystem in India. The health tech startup was started with a vision to serve the next billion Indians and help them manage their chronic diseases better. The startup is of a belief that healthcare is becoming personal, predictive, and preventative, and it claims to be at the forefront of this change.
The startup has its focuses on empowering the lives of customers with intelligent chronic disease management. It allows customers to manage lifestyle diseases with 24*7 doctor intervention, with their intelligent care companion. The features provided by the startup are-
1. Reimagine healthcare, with just one application
2. Get intelligent insights on the wellness of the customers – Manage chronic diseases like diabetes with the doctor
3. Stay connected to the doctor at the home- Get 24*7 access to more than 6000 doctors across more than 15 specialties
4. Get healthcare essentials home-delivered- Safe and secure contactless delivery from trusted partners.
5. Simplified appointment scheduling
6. MCI-Friendly free data storage
7. Enhanced EMR integrations
8. Improved patient retention
The health tech startup has partnerships with Medicine Partners, Device Partners, Insurance Partners, and Lab Test Partners. The startup has more than 5 million health tips shared, has onboarded more than 10K doctors, has made an impact on more than 2 million lives, and has tracked the vitals of more than 100 million patients. The health tech startup is helping more than 2 million Indians get better care every day. The startup bridges the gap between doctors and patients through a full-stack solution that helps deliver remote consultations and care, timely and intelligent insights, and simplified access to healthcare essentials.
The startup has the aim to spread this technology to more than 30 million households and more than 100000 super specialists doctors in our country in the coming two years. The startup plans to capture around 25 percent of the market. The health tech startup will also continue building its technology and integrating the healthcare system and more players.
About Kalaari Capital
With headquarters in Bengaluru, Kalaari Capital is an early-stage, technology-focused venture capital firm. Kalaari Capital invests in Seed and Series A startups and empowers visionary entrepreneurs to build unique solutions that reshape the way Indians live, work, consume, and transact. The vision of Kalaari Capital is to play an important role in the Indian startup ecosystem by enabling entrepreneurship in the digital economy. The mission of Kalaari Capital is to create deep long-term partnerships with founders through the challenges of building their ideas into successful enterprises.
Kalaari Capital has funded in more than 90 startups and has raised a total capital of USD 740 million. The portfolio of Kalaari Capital consists of companies like ACTIVE.AI, Aastey, AGRIM, AGNEXT, Bluestone, Cashkaro.com. CreditVidya, Cure. fit, Dream11, Edge Networks, ELEVAR, Elastic Run, Embibe, Haptik, Health Plix, Kindlife, Koo, Jumbotail, Mall 91, MedPlus +, Milk Basket, Mozark, My Glamm, Myntra, Pop XO, Possible, Portl, Scoop Whoop, Robosoft, Skit, Signzy, Simpli Contract, Shop 101, Toffee, Snapdeal, and many others.
What has been said about this deal?
Vani Kola, who is the Managing Director of Kalaari Capital has made a statement saying that the venture capital is very excited to come into partnership with the health tech startup and help it achieve its aim to revolutionize chronic disease management. He further said that the founders of the startup have experience and deep knowledge of the market. He then said that with the entrepreneurial experience of the founders of the startup, confidence will be reinforced to disrupt digital health in India.
The health tech startup is doing something different. We wish the startup a stroke of good luck and hope it has a healthy and prosperous future ahead!
