Karma Healthcare, an Udaipur, Rajasthan-based startup in the technology-led healthcare space, has recently raised INR 3 crore (~ USD 500,000) in equity funding from early stage investment firm 1Crowd, existing investors Ankur Capital, Ennovent Capital and Beyond Capital, and angel investors including Mr Anil Chatta (an experienced healthcare professional based in the Middle East).
Founded by ISB Hyderabad alumnus Jagdeep Gambhir, Karma Healthcare aims to provide high quality, affordable, equitable and reliable healthcare to India’s under-served population via a differentiated business model.The company has combined the human touch of a nurse with the scalability of shared doctor services via real-time online video consultations, and delivers healthcare to consumer via its e-Doctor clinics. Karma Healthcare’s overarching vision is to disrupt the healthcare landscape, by establishing a pan India network of healthcare clinics.The company thus seeks to make definitive large scale impact and in-turn take significant steps towards ‘healthcare for all’.
Karma has completed over 50,000 consultations, and currently operates 10 e-Doctor clinics in the states of Rajasthan and Haryana which deliver a comprehensive ecosystem of clinical treatment, quality medicines and diagnostics at competitive rates. With the new funding, more than 10 lakh patients in the underserved communities of India will be able to access quality healthcare services through Karma’s network of e-Doctor clinics. The company has developed an in-house technology suite that helps it deliver standardized care, including a bespoke Clinical Decision Support System, and is extending its capabilities to deep learning driven diagnosis, treatment and monitoring. Karma is supported by marquee organizations such as the Tata Trusts, UBS Optimus Foundation and WISH Foundation.
“We are grateful to all our investors for reposing faith and commitment in our work. This new funding will help us scale our operations as well as enhance our technology offering to improve quality of care and provide great patient experience,” said Jagdeep Gambhir, CEO of Karma Healthcare, who has several years of experience in rural healthcare and previously worked with Goldman Sachs in India and the US.
“Karma has vividly demonstrated that a viable business model, with enormous socio-economic impact can indeed be targeted at the lower half of the pyramid. The simplicity with which they combine knowledge and technology, makes for a unique venture. We look forward to working with them as they enter a very exciting phase of growth,” said Anil Gudibande, co-founder of 1Crowd.
“Karma’s deep engagement and understanding of healthcare deliveryhas allowed it to develop an impressive healthcare analytics and decision supportsystem. We look forward to working with Karma in rolling this out to a much wider set of consumers in the next phase of their growth,” said RituVerma, co-founder and managing partner at Ankur Capital.
Speaking about funds for early-ventures working in healthcare, recently India’s largest hospital chain Apollo Hospitals has launched seed fund for healthcare startups in India. According to a report published by Nasscom in last November, funding in healthcare tech segment has witnessed 129% increase in funding from $70 million in FY17 to $160 million in FY18. Attributing to the increased traction in these segments to innovation.
To recall, in last December, health-tech startup KiViHealth raised $400K funding from Claris Capital and Chandigarh Angels followed by $350,000 seed funding of Kolkata-based EasyBuyHealth.
Speaking about 1Crowd — Launched in 2015, 1Crowd has recently announced its first close of debut venture capital fund at INR 23 crore (USD 3.5 million). 1Crowd’s portfolio companies include Creditas Solutions (FinTech), Idea Bubbles (healthcare), Nanosniff Technologies (nanotechnology), Nuvepro (enterprise technology) and Zipgrid (tech-led managed services).
Additionally, Bangalore-based community building platform Fourth Ambit, which recently tied-up with AICTE, also raised $600,000 from 1Crowd in May 2017. Prior to this, Genext Students — India’s first hybrid ed-tech tutoring platform — raised equity financing of $ 200,000 from 1Crowd, in August 2016.
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