Healthcare start-up HealthCare atHOME (HCAH) has raised $40 million in fresh funding from private equity investor Quadria Capital as competition in the home healthcare segment in India heats up.
HCAH offers services such as ICU care, cancer care, post-surgical care, nursing as well as physiotherapy, medicine delivery, and diagnostic services at a customer’s home. The company goes up against Accel-backed Portea and Vishal Bali’s Nightingales.
It also provides pharma companies with a platform to distribute and administer drugs and collect data for analytics from patients. HCAH plans to utilise the funds to grow its presence across 25 cities in India over the next few years.
“We will roll out series of clinical initiatives to bolster our service offerings? that will help accelerate the roll out plan and solidify the position of the company as an outcome-based clinical service provider,” said Vivek Srivastava, co-founder and chief executive officer at HealthCare atHOME India.
With the Indian health care sector expected to grow to $280 billion by 2020, the home-health care sector is expected to contribute around $8.4 billion. HealthCare atHOME is looking to become the largest player in the space, by increasing its workforce of caregivers from 800 today to 15,000 by 2020.
“Globally, home-health care segment is attracting interest from key stakeholders given its ability to deliver convenient and cost-effective care. HealthCare atHOME has a unique model that combines delivering specialised care services at the patient’s home and at the same time supports pharma companies with their outcome-based patient access and support programs,” said Amit Varma, co-founder and managing partner at Quadria Capital.
Quadria is a private equity firm focused on the health care sector and manages assets worth $1.5 billion. India’s new-age health care firms and hospitals have emerged as attractive avenues for private equity money, as the country’s demand for better health care is causing a big spike in demand.