Gurgaon-based doctor networking platform Curofy has been sold out to its investor RoundGlass Partners LLC, from which the startup had raised undisclosed amount of funding in 2016. RoundGlass Partners has now took over Curofy approximately two years after the investment, reported VCCircle, citing two people aware of the development.
The report further said that the parent company of Curofy, 911 India Healthcare Pvt. Ltd, has been sold to RoundGlass in an all-cash deal worth $9-12 million (Rs 60-80 crore).
Founded in 2015 by IIT-Delhi alumni — Mudit Vijayvergiya, Nipun Goyal and Pawan Gupta, Curofy boasts of being India’s largest community of verified doctors. The startup offers a secure and spam-free platform to doctors to communicate with each other. Curofy currently has more than 1-lakh+ active doctors and 500 medical cases being discussed daily on its mobile app.
Since 2016, the startup isn’t doing too good in terms of its balance sheet althoug it has reportedly broke even last year.
In 2016-17, Curofy made a mere total revenue of Rs 1.05 crore. This included other income worth Rs 22.6 lakh. The company made a loss of Rs 6.4 crore in the same year. In 2015-16, Curofy had a total income of Rs 7 lakh, according to the financials, filed with the Ministry of Corporate Affairs.
Post this sell out, all three co-founders will continue to run Curofy, at least in the short term, said the VCCircle report.
We have had featured Curofy in August’16 and back then, in one of its future plans, the startup was contemplating association with various top doctors in India specialising in their fields and making them the face of the Curofy mobile app.
In August 2016, Curofy hired former Head of Products of Limeroad, Abhishek Sharma as VP Products, to drive its monetization route.
Later in November 2016, Curofy was even shortlisted to participate in the third batch of Google Launchpad Accelerator programme to be held at Google Headquarters in California, USA.
Moreover, in the same year, Curofy started pilots with major healthcare stake-holders in the industry and pharma giants like GSK, Abbott, Sanofi were onboarded to take advantage of the ever-growing and highly engaged doctor’s community on Curofy. Curofy has also tied up with Philips in another deal that could prove to be crucial going into their growth however what went wrong is still to fiured out, and an official statement from the founders from the startup is needed to clarify the odds the faced which should definitely be a learning for other budding entrepreneurs.
Notably, according to a NASSCOM report published in November 2017 healthcare along with fintech are most funded segments of startups in India, in past one year. The funding in healthcare tech segment has witnessed 129% increase in funding from $70 million in FY17 to $160 million in FY18
Coming back to Curofy’s sell out report, we have sent email queries to both Curofy and VC firm RoundGlass Partners, and incase of any update from both we will update this article.
RoundGlass Partners is a Seattle-based venture capital firm that focuses on healthcare technology startups. The company’s other bets in Indian healthcare startups include fitness aggregator Gympik, doctor consultation platform Doctor Insta and digital diabetes management programme Life in Control.