Onco.com, an online cancer care platform, said on Thursday it has raised $7 million (Rs 49.5 crore) in its Series A round of funding from venture capital firms Accel and Chiratae Ventures.
Tokyo-based management consulting firm Dream Incubator also participated in the funding round, Onco.com said in a statement.
The startup, operated by Netdox Health Pvt. Ltd, will use the funds to expand its customer base in India and internationally, build its team and scale up its operations.
Onco.com was founded by Rashie Jain, who is the chief executive, and Amit Jotwani, who is the chief of medical affairs. It helps cancer patients get scientific treatment advice as per latest international guidelines through its network of oncologists from India and the US. More than 30,000 patients from 18 countries are using the platform at present, it said.
“We are solving a very critical problem, that of ‘information gap’, that every cancer patient and their family experiences," said co-founder Jain.
Munehiko Eto, managing director at Dream Incubator India, said the investment firm has extensive expertise and network in the healthcare sector in Japan and Southeast Asia and that it will support Onco.com’s international expansion.
This is Dream Incubator's fifth investment in India's healthcare sector, he added. Its other healthcare bets include e-pharmacy startup Myra and breast cancer screening startup Niramai Health.
Overall, Dream Incubator India has made more than 20 investments in India in various sectors. Apart from healthcare, it has also invested in finance, media and entertainment, and mobility sectors.
VCCircle first reported last year that Onco.com had raised its pre-Series A round of funding from Accel and Chiratae Ventures (formerly IDG Ventures India).
Accel and Chiratae Ventures have made a slew of bets in the healthcare sector in the past few years. They have together invested in medical-technology startup SigTuple Technologies Pvt. Ltd, med-tech firm Forus Health Pvt Ltd, and health and fitness startup Cure Fit Healthcare Pvt. Ltd.
Health-tech funding deals
The health-tech segment is attracting investments as startups seek to differentiate themselves by addressing gaps in traditional healthcare models and by offering new technology-based solutions.
Earlier this month, Meddo, a company that integrates physical and online healthcare services, raised $3 million in a pre-Series A round led by Philadelphia- and Hyderabad-based SRI Capital.
Health-tech firm ProPhysio secured Series A funding from NestaVera Group, an investment firm with interests in sectors such as education, co-working and real estate, earlier this month.
In July, HealthAssure Pvt. Ltd, an online aggregator of primary healthcare services, secured $2.5 million from early-stage venture capital firm Blume Ventures in its Series A round of funding.