Mumbai-based home healthcare startup Aegis Care Advisors Pvt Ltd, which operates under the brand Care24, has secured $350,000 (about Rs 2.27 crore) in its first round of funding from early stage investor India Quotient (IQ), according to a press release.
The company will use the money raised from the seed funding round to enhance its technology, strengthen team, standardise care and quality assurance and expand footprint across Mumbai.
Founded in December 2014 by IIT alumni Vipin Pathak, Abhishek Tiwari, Garima Tripathi and Pranshu Sharma, Care24 offers services such as home care visit by a nurse, a physiotherapist and an attendant or for infant care.
It offers services ranging from post-discharge care, bedridden care, chronic pain care, physiotherapy, infant care, pre-natal and post-natal care, everyday medical nursing, geriatric care and assisted daily living.
âThis investment will help us cement our technology, processes and recruitment of talent by making balanced investments in these directions and take us closer to the goal of delivering high quality patient care services,â Garima Tripathi, co-founder, Care24, said in the statement.
The startup claims to have served over a thousand patients and aims at targeting more. The company says it caters to 50 patients a day and also plans on adding new service verticals.
It is also mulling to add travel assistants and equipment renting as part of the platform in the future, said Abhishek Tiwari, co-founder, Care24, said in the statement.
India Quotient, which typically comes in as a seed or pre-Series A stage investor in tech startups in the country, has recently funded Gurgaon-based Curofy.
IQ's other investments include online beauty products retailer FabBag.com, career consultancy firm Mapmytalent.in, pet products provider DogSpot.in, events aggregator Nearify and online rental property service provider Grabhouse.
âMacro factors like increased income, double income groups, increased hospitalisation needs etc are resulting in an explosive growth in home health care. The use of tech in this highly un-fragmented industry can be game changing which is the approach of Care24,â said Madhukar Sinha, partner at India Quotient.
Larger players in the home healthcare space include Portea and Medwell Ventures, that have raised significant private capital in the past.