Bangalore-based Insta Health Solutions Private Limited, a firm focusing on hospital IT solutions, has raised series-A funding from Inventus Capital Partners and a clutch of high net worth individuals (HNIs). Though the total size of funds raised is not known, Inventus has invested about Rs 5 crore in the company,Samir Kumar, Managing Director of Inventus Advisory Services, told VCCircle. Insta Health is focused on providing IT solutions to medium and large hospitals across the country.
Insta Health has launched its product called Insta HMS about six months back and has bagged over 20 orders since then. Currently it has a presence in the four southern states and has plans to go national in next six months. Insta Health will use the funds raised its sales efforts, and adding more modules to its prodcuts.
The company plans to expand its prodcut offering to areas like electronic medical records (EMR), clinics and pharmacies, added Kumar. The company offers its products in a software as a service (SaaS) model. Samir Kumar has joined the board of directors of Insta Health.
Insta Health has been promoted by Ramesh Emani, previously president of Wipro’s telecom and product engineering solutions, who is the company CEO. Dr NK Venkataramana, a well known neurosurgeon is also a co-founder of the company. Other founders are S Muralikrishnan, earlier vice president at Wipro, Vasan Subramanian, earlier MD of Barracuda Networks India and KN Venkata Raju, CEO of Bob Tech Solutions Pvt Ltd.
The hospital market in India is undergoing corporatization with big chains like Apollo Hospitals, Fortis Healthcare and Max looking to expand, both organically and inorganically. Also private equity firms are looking at this segment aggressively and nearly half a dozen funds have formed SPVs to buy and build hospitals. Insta Health is banking on these changes to lead to an increasing demand for its products.
“The healthcare industry in India is undergoing dramatic change and we believe Insta Health is well poised to take advantage of the opportunities emerging as a consequence of this change,” said Kanwal Rekhi, Managing Director of Inventus Capital Partners.