PhableCare raises Rs 187 cr in Series B funding led by Kalaari Capital

PhableCare, largest chronic disease management company, has announced it raised Series B funding of Rs 187 crores ($25 million) within one year of raising Series A. The round was led by Kalaari Capital with participation from Aflac Ventures, Digital Horizon, Stride Ventures. Existing investors, Omron Ventures, SOSV, Social Starts, and Fresco Capital also participated in the round.

Leading the round, Vani Kola, Managing Director, Kalaari Capital, “We are delighted to partner with Sumit and Mukesh in their mission to revolutionize chronic disease management.”

The new investment will further bolsters PhableCare’s rapid growth in 2021. This funding round marks a 6x jump in PhableCare’s valuation within a short time, it said in a statement.

The company will use this investment to further strengthen its full-stack and value-driven chronic care ecosystem and accelerate its market expansion, customer acquisition (doctors and patients), brand building, and building new revenue streams.

The start-up has plans to acquire other players through strategic investments, which will consolidate PhableCare’s position in the category. The company has allocated capital and secured additional venture debt to invest in other health-tech startups that can potentially create a thriving healthcare eco-system through capacity and capability expansion.

Speaking on the latest funding, Sumit Sinha, Co-founder, PhableCare, said “At Phable, we constantly help Chronic Disease Patients to manage their ailment at lower cost and stay out of a hospital for as long as possible. We have demonstrated that this problem can be solved effectively at scale with digital solutions, connected care ecosystem, IOT devices, and data.”

Co-Founder Mukesh Bansal said,“Our focus over the next 2 years would be to take the technology to 30 million+ Indian households and 100,000+ super specialist doctors in India and capture 25 percent of the market. In addition, we will continue to build technology to integrate the healthcare system and players even further.”

Prior to the current Series B funding led by Kalaari Capital, Phablecare had secured Rs90 crores in Series-A funding led by Manipal Hospitals in March 2021. Later in 2021, the start-up received an additional Rs14 cr from Omron Ventures through primary capital infusion and a venture debt facility committed of Rs 45 cr from Stride Ventures.

(With PTI inputs)

Published on: Tuesday, April 12, 2022, 12:16 PM IST