Phablecare, a chronic disease management startup, on Monday said it has raised ₹187 crore in a funding round led by Kalaari Capital, which also saw participation of Aflac Ventures, Digital Horizon and Stride Ventures along with existing investors Omron Ventures, SOSV, Social Starts, and Fresco Capital.
The company said the funds will used for developing chronic care ecosystem, market expansion and customer acquisition. The new funds will also be used to build new revenue streams.
The company said it is looking at acquiring other players in fray to consolidate its position, and has allocated capital and secured debt funding for the same.
“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,” Kalaari’s MD Vani Kola said.
Phablecare’s services are used by over 30 lakh patients, 1,000 pharmacists. An official statement said the company’s valuation has grown six times in a year without delving much into the details.
“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,” its co-founder Sumit Sinha said.
In March 2021, it had raised ₹90 crore in a round led by Manipal Hospitals and received an additional ₹14 crore from Omron Ventures through primary capital infusion and a venture debt and a venture debt facility of ₹45 crore from Stride Ventures.
Source: Mint