Phablecare, a chronic disease management startup has raised Rs 187 crore ($25 million) in Series B funding round from Kalaari Capital with participation from Aflac Ventures, Digital Horizon and Stride Ventures.
In this funding round existing investors Omron Ventures, Fresco Capital, SOSV and Social Starts also participated.
The startup plans to use the funds to strengthen the full-stack and value-driven chronic care ecosystem, expand the market, accelerate customer acquisition and build new revenue streams. PhableCare’s valuation has jumped 6X after this round of funding.
Bengaluru-based PhableCare was founded in 2018 by Sumit Sinha and Mukesh Bansal, It is an app-based specialised platform for chronic disease care.
The app covers the gap between doctors and patients through a full-stack solution. It also provides remote consultation and care, timely and intelligent insights, and simplified access to healthcare essentials.
“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”, said, Sumit Sinha, Co-founder, PhableCare.
“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”, said, Mukesh Bansal, Co-founder at PhableCare.
The startup claims to have created an ecosystem of care providers, hospitals, medical device manufacturers, health and wellness product manufacturers, pharmacy retailers and insurance partners to bring digital healthcare to millions of Indians.
It also helps doctors to expand their practice beyond geographic boundaries and build better relationships with patients.
“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”, said, Vani Kola, Managing Director, Kalaari Capital.
The healthtech startup also claims that it currently has over three million patients and over 10,000 doctors and 1000+ pharmacists using its technology, making it the market leader in this segment.
PhableCare also plans to acquire other players through strategic investments, which will strengthen its position in this category.
Last year in February, it raised Rs 90 crore in Series A funding round from Manipal Hospitals.