In a fundraising round headed by Kalaari Capital, Phablecare raised Rs 187 crore
Over 30 lakh patients and 1,000 pharmacists use Phablecare services. The cash will be utilized to establish a chronic care ecosystem, market expansion, and customer acquisition, according to Phablecare. The additional monies will be used to develop other revenue streams as well.
Phablecare, a chronic disease management firm, announced on Monday that it has secured 187 crores in a funding round headed by Kalaari Capital, with Aflac Ventures, Digital Horizon, and Stride Ventures joining current backers Omron Ventures, SOSV, Social Starts, and Fresco Capital as well.
The cash will be used to establish a chronic care ecosystem, market expansion, and customer acquisition, according to the company. The additional monies will be used to develop other revenue streams as well.
The company stated that it is considering purchasing other competitors in the market to strengthen its position and that it has set aside funds and secured debt financing to do so.
"Their market knowledge and deep insights, along with their entrepreneurial background, reaffirm our confidence in their ability to revolutionize digital health in India," stated Kalaari's MD Vani Kola.
Over 30 lakh patients and 1,000 pharmacists use Phablecare's services. Without going into much detail, an official announcement stated that the company's valuation had increased six times in a year.
"Over the next two years, our objective will be to bring the technology to over 30 million Indian households and over 1 lakh super specialized doctors in India, capturing 25% of the market," said Sumit Sinha, the company's co-founder.
It raised a total of 90 crores in a round led by Manipal Hospitals in March 2021, with an additional 14 crore in primary capital investment from Omron Ventures and a venture debt and venture debt facility of 45 crores from Stride Ventures.