Health-tech firm HCAH (formerly HealthCare at HOME) on Thursday said it has raised Rs 112 crore from Singapore-based private equity fund ABC World Asia.
The funds will be used to build an out-of-hospital healthcare delivery platform, including building presence in physical rehabilitation and recovery through its service range of home ICU, inpatient rehabilitation in transition care centers, digital and home rehabilitation, the company said in a statement. Besides, HCAH said the fresh funds will also be used to build elderly care services, including long-term nursing, palliative and attendant care services, along with chronic disease management services such as screening, diagnostics, patient support, adherence programs in association with leading pharma companies.
“All these services are delivered through HCAH’s proprietary technology platform in homes, centers and digitally,” it said. HCAH is backed by the Burman family, Quadria Capital and Founders of Healthcare at Home UK. “The investment from ABC is a significant step for the out-of-hospital care segment in India and will allow HCAH to build 1,500 beds in transition care and long-term care focused on physical rehabilitation and recovery, and long-term care for elderly,” HCAH Co-Founder and CEO Vivek Srivastava said.
HCAH will invest in its technology and data capabilities to improve efficiency, build scale and develop better products, he said, adding the company would be well capitalised and be keen to find acquisitions to accelerate its mission. Srivastava said HCAH has handled nearly 10 lakh patients with almost 97 per cent recovery rate during the pandemic and worked closely with the governments of Delhi, Punjab and Karnataka to deliver services at scale.
ABC World Asia Chief Impact Officer Sugandhi Matta said the COVID-19 pandemic has further highlighted the need to augment the conventional hospital-centric healthcare model with convenient and clinically focused care outside of the hospital. “We look forward to supporting HCAH as it continues on its mission to enhance access and quality of healthcare in India,” Matta said.
Burman Family Holdings Managing Partner Gaurav Burman said the total ‘Out of Hospital Care’ addressable market in India is estimated at USD 35 billion and is forecast to grow to USD 85 billion by 2025. “We founded HCAH nearly a decade ago to address this opportunity and remain confident that HCAH is the best team with the best platform in India to address this opportunity. We are delighted that ABC has joined us as partners and investors in HCAH, we shall look forward to benefiting from their expertise and guidance,” he added.