Phablecare, a chronic disease management firm, announced on Monday that it has secured 187 crore 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 funds 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 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.
It raised a total of 90 crore 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 crore from Stride Ventures.
