Total amount raised
$44.5 Millions
Latest funding date
3/1/2023
Location
HealthPlix has successfully raised funds through multiple rounds, with the latest being a Series C round. The company is backed by a diverse group of investors, including BlackSoil and Chiratae Ventures.
Keep reading to explore the intricacies of HealthPlix's fundraising journey and the investors supporting this innovative digital health platform.
What Is HealthPlix?
HealthPlix, founded in 2014 by Raghuraj Sunder Raju and Sandeep Gudibanda, is a digital health platform based in Bangalore, Karnataka, India. The company leverages AI technologies to support clinical decisions, aiming to improve health outcomes for patients.
HealthPlix offers an AI-powered EMR platform that assists doctors in managing clinical operations, patient data, and consultations. The platform includes various modules such as Offline EMR, Online Consultation Module, and Patient Engagement Modules.
With a workforce of 251-500 employees, HealthPlix is used by over 10,000 doctors across 370+ cities in India, treating more than 22 million patients.
How Much Funding Has HealthPlix Raised?
- Series A
- Amount Raised: $3M
- Date: July 2018
- Lead Investors: Chiratae Ventures, Kalaari Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and expand the AI-powered EMR platform.
- Series B
- Amount Raised: $6M
- Date: June 2020
- Lead Investors: JSW Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series B
- Amount Raised: ₹990M (approx. $13.5M)
- Date: March 2021
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the digital clinic stack across India.
- Debt Financing
- Amount Raised: $2M
- Date: March 2023
- Lead Investors: BlackSoil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and short-term growth initiatives.
- Series C
- Amount Raised: $20M
- Date: March 2023
- Lead Investors: Avataar Venture Partners, SIG Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product innovation, improve the technological stack, and scale up user acquisition activities.
Total Amount Raised: $44.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Avataar Venture Partners
- Details: Avataar Venture Partners is a venture capital firm that focuses on investing in growth-stage B2B and SaaS companies. They aim to support companies in scaling their operations and achieving market leadership.
- Investment Focus Areas: B2B, SaaS companies.
- Notable Investments: Freshworks, Zenoti.
- SIG Venture Capital
- Details: SIG Venture Capital is the venture capital arm of Susquehanna International Group. They invest in early to growth-stage companies across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: ByteDance, Meituan-Dianping.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a global venture capital firm that invests in the enterprise, consumer, and health sectors. They have a strong track record of supporting innovative companies.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snapchat, OYO Rooms, GrubHub.
- JSW Ventures
- Details: JSW Ventures is the venture capital arm of the JSW Group. They focus on technology-enabled businesses and aim to support companies in achieving sustainable growth.
- Investment Focus Areas: Technology-enabled businesses.
- Notable Investments: Purplle, Indus OS.
- Chiratae Ventures
- Details: Chiratae Ventures is a leading venture capital firm in India, investing in early to growth-stage technology companies. They have a strong focus on supporting innovative startups.
- Investment Focus Areas: Technology companies.
- Notable Investments: CureFit, Lenskart, PolicyBazaar.
What's Next for HealthPlix?
HealthPlix stands at the cusp of a significant opportunity, with plans to expand its doctor base from 10,000 to 50,000 by 2025. This growth could enable the platform to treat nearly 15% of India's population, tapping into a vast market of healthcare providers who are yet to adopt electronic health records. The healthcare SaaS market, projected to reach $3.5 billion by 2025, offers a fertile ground for HealthPlix to scale its operations and enhance its technological stack.
Future fundraising rounds seem likely as HealthPlix aims to accelerate product innovation and explore new business models in insurance and payer spaces. The company’s growth trajectory and market potential make it an attractive candidate for further investment, possibly leading to strategic partnerships or acquisitions. However, challenges such as competition from other healthtech providers, regulatory compliance, and the need for continuous innovation could pose hurdles along the way.
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