The round also saw participation from Aflac Ventures, Digital Horizon and Stride Ventures. Existing investors Omron Ventures, SOSV, Social Starts and Fresco Capital also participated in the round.
This funding round marks a 6x jump in the Bengaluru-based company’s valuation, it said in a release. Previously, it had raised Rs 90 crore in a round led by Manipal Hospitals in March 2021.
Founded in 2017 by Sumit Sinha and Mukesh Bansal, PhableCare is an app-based platform for chronic disease care. It aims to bridge the gap between doctors and patients with a solution that delivers remote consultations and care, insights, and simplified access to healthcare essentials.
According to the release, more than three million patients, 10,000 doctors and over 1000 pharmacists use PhableCare’s technology.
The startup plans to acquire other players through strategic investments, which will consolidate its position in the category, the release said.
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“The company has allocated capital and secured additional venture debt to invest in other health-tech startups that can potentially create a thriving healthcare ecosystem through capacity and capability expansion,” it 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,” said Sinha.
The company’s goal over the next two years will be to capture 25% of the market, said Bansal. “In addition, we will continue to build technology to integrate the healthcare system and players even further,” he added.
“The founders’ 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.
