New Delhi-based Indicare Health Services Pvt. Ltd, which provides home care and wellness services under the brand MyCareLine, has raised close to Rs 3.5 crore ($526,000) from two female high-net-worth individuals (HNIs) based out of Singapore and India, a top company executive told VCCircle.
“One of them, a startup specialist, has invested more than $500,000 in the firm for a minority stake,” MyCareLine founder and CEO Anuradha Khairnar said without disclosing the names of the investors.
"It is a story of women health professionals turning into entrepreneurs, being funded by women investors and employing predominantly (more than 90%) women," Khairnar said.
The company has recently formed a strategic alliance with Hoffmann World, founded and led by Catalina Hoffmann, who is also a woman. The alliance will bring in the Spanish company's Hoffmann Methodology—a rehabilitation and prevention treatment which provides physical and cognitive benefits to people wanting to stay healthy as they age—to India, Khairnar said.
The Hoffman Methodology is in commercial use across Latin America apart from Europe.
Khairnar said the company is looking at raising around Rs 30-35 crore in the next round.
MyCareLine, which was founded in November 2014, develops technology-enabled solutions to deliver affordable patient care. Currently, it has presence in Delhi-NCR.
In the next one year, the company plans to set up six centres, of which one will be owned by the firm while the remaining will be operated by franchisees. It aims to scale this up to 35 centres by the third year and to 130 centres by the fifth year, Khairnar said.
“Additionally, MyCareLine will be tying up with large residential complexes and townships to run wellness centres in their owned premises,” she said.
Khairnar is a member of the Royal College of General Practitioners (MRCGP) of the UK. She has over 20 years of experience in geriatric care and has worked in the UK.
India’s home healthcare industry was worth $2 billion in 2014 and is growing at 20% annually, according to accounting firm PricewaterhouseCoopers (PwC). India's aging population and rising cases of chronic diseases due to lifestyle disorders, among others, have been driving the home healthcare market in the country.
Major home healthcare providers in the country include Portea Medical, which is operated by Health Vista India Pvt. Ltd, and Medwell Ventures Pvt. Ltd. In September 2015, Portea Medical had raised $37.5 million (Rs 247 crore) in a Series B round of funding led by existing investor Accel Partners.
In June 2015, Medwell Ventures had raised $10 million (Rs 64 crore) in its Series A round investment from Fidelity Growth Partners India and Fidelity Biosciences.
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