Sinha say India needs a focused chronic care management ecosystem
Bengaluru-headquartered PhableCare says US$25 million raised from Series B would be invested in a market to take the disease management technology to 30+ million Indian households and 100,000+ super specialist doctors in the country. It wants to capture 25% of the market.
“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% of the market. In addition, we will continue to build technology to integrate the healthcare system and players even further,” said PhableCare Co-founder Mukesh Bansal.
Sumit Sinha, the other Co-founder, added, “We believe that India needs a focused 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.”
The start-up 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 health-tech startups that can potentially create a thriving healthcare eco-system through capacity and capability expansion.
As India’s largest chronic disease management company, PhableCare has raised US$25 million through Series B within one year of raising Series A.
The round was led by Kalaari Capital with participation from Aflac Ventures, Digital Horizon, Stride Ventures. Existing investors, Omron Ventures, SOSV, Social Starts, and Fresco Capital also participated in the round.
Leading the round, Vani Kola, Managing Director, Kalaari Capital, added, “We are delighted to partner with Sumit and Mukesh in their mission to revolutionize 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. We wish them the very best in their journey.”
Currently 3+ million patients and 10,000+ doctors and over 1,000+ pharmacists use PhableCare’s technology making it the market leader in this segment.
This funding round marks a 6x jump in PhableCare’s valuation within a short time. The company will use this investment to further strengthen its full-stack and value-driven chronic care ecosystem and accelerate its market expansion, customer acquisition (doctors and patients), brand building, and building new revenue streams.
Prior to the current Series B funding led by Kalaari Capital, Phablecare had secured Rs.90 crores in Series-A funding led by Manipal Hospitals in March 2021. Later in that year, the start-up 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.
PhableCare is an app-based and specialized platform for chronic disease care. The innovative 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 as well as simplified access to healthcare essentials.
PhableCare has built an ecosystem of care providers, hospitals, medical device manufacturers, health & wellness product manufacturers, e-Pharmacy 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. PhableCare helps doctors extend their practice beyond geographical boundaries and build better relationships with patients. fiinews.com
