Bengaluru-based chronic disease management startup on Monday announced that it has raised a Series B funding of Rs 187 crore ($25 million) within one year of raising Series A. The round was led by Kalaari Capital with participation from Aflac Ventures, Digital Horizon and Stride Ventures. Existing investors Omron Ventures, SOSV, Social Starts, and Fresco Capital also participated in the round.
According to the official statements, the funding raised will be used to strengthen the full-stack and value-driven chronic care ecosystem, accelerate market expansion, customer acquisition and build new revenue streams. This funding round marks a 6X jump in PhableCare’s valuation within a short time.
Sumit Sinha, Co-founder, PhableCare, said,
“We believe that India needs a focussed chronic care management ecosystem as chronic care has the largest burden on the overall healthcare expenditure. At Phable, we constantly help chronic disease patients to manage their ailment at lower cost and stay out of a hospital for as long as possible. We have demonstrated that this problem can be solved effectively at scale with digital solutions, connected care ecosystem, IOT devices, and data.”
“Our focus over the next two years would be to take the technology to 30 million+ Indian households and 100,000+ super specialist doctors in India and capture 25 percent of the market. In addition, we will continue to build technology to integrate the healthcare system and players even further,” added Mukesh Bansal, Co-founder at PhableCare.
Founded in 2018 by Sumit and Mukesh, Bengaluru-based healthtech startup PhableCare is an app-based and specialised platform for chronic disease care. The disease management app bridges the gap between doctors and patients through a full-stack solution that delivers remote consultations and care, timely and intelligent insights, and simplified access to healthcare essentials.
The startup claims that it has built an ecosystem of care providers, hospitals, medical device manufacturers, health and wellness product manufacturers, epharmacy retailers, and insurance partners to bring digital healthcare to millions of Indians. Its complete solution for doctors is powered by a decision support system and simplifies patient engagement and clinic management. It helps doctors extend their practice beyond geographical boundaries and build better relationships with patients.
Vani Kola, Managing Director, Kalaari Capital, said,
“We are delighted to partner with Sumit and Mukesh in their mission to revolutionise chronic disease management. Their experience and deep insights into the market, coupled with their entrepreneurial experience, reinforce our confidence in their ability to disrupt digital health in India.”
The startup also claims that currently three million+ patients and 10,000+ doctors and over 1000+ pharmacists use PhableCare’s technology making it the market leader in this segment.
The startup has plans to acquire other players through strategic investments, which will consolidate PhableCare’s position in the category. The company has allocated capital and secured additional venture debt to invest in other healthtech startups that can potentially create a thriving healthcare eco-system through capacity and capability expansion.
In February 2021, it secured Rs 90 crore in Series A funding led by Manipal Hospitals. Later 2021, the startup received an additional Rs 14 crore from Omron Ventures through primary capital infusion and a venture debt facility committed of Rs 45 crore from Stride Ventures.
Edited by Anju Narayanan