Phablecare, a chronic disease management startup, on Monday said it has raised Rs 187 crore in a funding round led by Kalaari Capital. Aflac Ventures, Digital Horizon and Stride Ventures also participated in the round along with existing investors Omron Ventures, SOSV, Social Starts, and Fresco Capital.
The funds raised, which comes within a year of a similar exercise, will be deployed for developing what it calls as the chronic care ecosystem, accelerate market expansion, customers acquisitions and also to build new revenue streams, as per an official statement. The company is looking at acquiring other players in fray to consolidate its position, and has allocated capital and secured debt funding for the same, the statement said.
“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 managing director Vani Kola said. Over 30 lakh patients, 10,000 doctors and 1,000 pharmacists use the company’s offerings, the statement said, adding that the overall valuation has grown six times in a year. It, however, did not specify the valuation.
“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 Rs 90 crore in a round led by Manipal Hospitals and received an additional Rs 14 crore from Omron Ventures through primary capital infusion and a venture debt and a venture debt facility of Rs 45 crore from Stride Ventures.