Digital health firm ABCD Technologies LLP, backed by top Indian drugmakers, has roped in more pharmaceutical majors as investors.
Glenmark Pharmaceuticals, Alembic Pharmaceuticals and IPCA Labs have made investments in ABCD (to be renamed as IndoHealth Services LLP), as per a disclosure.
While Glenmark and Alembic will put Rs 40 crore in lieu of 6.45% stake each, IPCA will invest Rs 25 crore to acquire 4% of the company.
In March, Sun Pharma, Lupin, Cadila Healthcare and Torrent Pharma said they were picking up 20% stake for Rs 40 crore each. Later Cipla also entered into an agreement to invest up to Rs 40 crore.
ABCD was set up in February 2020 to enable stakeholders to provide better and more affordable patient-care solutions, in line with the National Digital Health Mission. NDHM has the mandate to develop digital health infrastructure for the country.
ABCD will be a holding entity and would undertake business through one or more subsidiaries.
ABCD also recently acquired Pharmarack, a healthtech platform that lets businesses automate sales and operations.The deal provided an exit for early-stage venture company IvyCap Ventures.
The pandemic has accelerated fundraising for health-tech, with epharmacy even witnessing the beginning of a consolidation.
Last week, VCCircle reported that epharmacy unicorn PharmEasy is in initial discussions to add a marquee investor to its cap table which already boasts very active asset managers.
Last month, US-based Tiger Global Management announced an investment in Pristyn Care, a chain of multi-speciality clinics for planned surgeries,
Same month, HealthPlix Technologies Pvt Ltd, which runs an artificial intelligence-based medical records platform, raised $13.5 million as part of its ongoing Series B round.
In February, MediBuddy, formerly DocsApp, said it had closed its Series B round of $40 million.