Bangalore, India-based chronic disease management startup PhableCare raised USD 25 million in the Series B round on April 11, 2022. Kalaari Capital led the funding for PhableCare. Meanwhile, the round saw Aflac Ventures, Digital Horizon and Stride Ventures participation.
Existing investors such as Omron Ventures, SOSV, Social Starts and Fresco Capital participated in the round.
Purpose of Funding for PhableCare
The recent funding will further strengthen PhableCare’s ecosystem and accelerate its market expansion, acquiring customers (doctors and patients). Besides, the startup will focus on building its brand and creating new revenue streams.
PhableCare also seeks to acquire other players in the fray to consolidate its position. The startup has allocated capital and secured debt funding for the same.
The Series B funding round marks a six times jump in the company’s valuation within a short time. Previously in March 2021, PhableCare raised USD 11 million (INR 90 crore) in a round led by Manipal Hospitals.
Later in 2021, the startup received an additional USD 1.8 million (INR 14 crore) from Omron Ventures through primary capital infusion. PhableCare also received a venture debt facility of USD 5.9 million (INR 45 crore) from Stride Ventures.
What the founder has to say
Sumit Sinha, Co-founder of 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 a 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 over 30 million Indian households and over 1 lakh super-specialist doctors in India and capture 25 per cent 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.
What the investor has to say
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.”
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
