INDIA –Chronic disease management company, PhableCare has announced that it has raised Rs 187 crores (US$24.5million) in Series B funding, just one year after raising Series A.
Kalaari Capital led the round, with Aflac Ventures, Digital Horizon, and Stride Ventures also participating. Existing investors Omron Ventures, SOSV, Social Starts, and Fresco Capital joined the round as well.
Prior to this round of funding, Phablecare raised US$12 million in Series A funding in February of last year, led by hospital chain Manipal Hospitals.
It received US$1 million in pre-Series A funding from early-stage investor Inflection Point Ventures in May 2020.
Prior to this, it raised US$150,000 in 2019 from the US-based venture capital firm SOSV, as well as US$300,000 from the early-stage investment firm OmphalosVenture India LLP and a few angel investors.
The company’s overall valuation has increased six times in a year, according to the statement, but no further details were provided.
The funds will be used to develop a chronic care ecosystem, accelerate market expansion, acquire customers, and create new revenue streams.
This investment will be used to further strengthen the company’s full-stack and value-driven chronic care ecosystem, as well as to accelerate market expansion, customer acquisition (doctors and patients), brand building, and the creation of new revenue streams.
The startup intends to acquire other players through strategic investments, solidifying PhableCare’s position in the category.
The company has allocated capital and secured additional venture debt to invest in other health-tech startups that, through capacity and capability expansion, have the potential to create a thriving healthcare eco-system.
PhableCare, which is run by Terrals Technologies Pvt. Ltd. in Bengaluru, is also looking for acquisitions to strengthen its position. It acquired Fused Training, a Type 1 Diabetes health management startup, last month.
Sumit Sinha, Prashanth Reddy, and Mukesh Bansal, all former executives at market research firm Borderless Access, founded Phable in 2017.
Through its app, the startup provides a slew of services to patients, doctors, and hospitals.
It assists patients in managing chronic illnesses by providing a compliance mechanism that alerts them to medication intake, lab tests, and doctor visits.
It also employs artificial intelligence and machine learning capabilities to provide targeted tips for treating patients’ ailments and assists physicians in providing the best advice to patients.
According to the statement, the company’s services are used by over 3 million patients, 10,000 doctors, and 1,000 pharmacists.
Speaking on the latest funding, Sumit Sinha, Co-founder, PhableCare, said, “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.”
Co-Founder Mukesh Bansal said, “Our focus over the next 2 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.”
Mid-market investment bank SilverMile Capital advised Phablecare on this funding round.
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