Mumbai Angels, a group of city-based angel investors, has invested an undisclosed amount in Bangalore-based Insta Health Solutions (IHS), a start-up company providing hospital IT solutions. It was in April that the company announced the raising of about $1 million from Inventus Capital Partners and a clutch of HNIs.
An angel round of funding following an institutional series ‘A’ round of funding is quite uncommon. “This is a continuation of the first round of funding. We wanted to raise ‘X’ amount of funding, but could not raise it then, so we took this additional money from Mumbai Angels who have good contacts,” said Ramesh Emani, an ex-Wipro veteran and founder of Insta Health Solutions. Rajiv Dadlani, an active member of Mumbai Angels, will take a seat as an observer in the company.
Insta Health is a hospital management system and EMR (electronic medical record) solutions company. Their product Insta HMS, based on the SAAS (Software as a Service) model is an integrated management software for hospitals. The service, which is provided as a hosted application over the internet and also as a licensed version, helps in automating the entire process of hospital administration.
Emani said, they will use the money in expanding to Tier-I and Tier II cities. “We see a huge opportunity in tier II markets. We are currently catering to less than 300-bed hospitals,” said Emani.
Apart from two former Wipro veterans, Mr Ramesh Emani, former President of Wipro (Telecom & Production Engineering Solutions) and Mr S. Muralikrishnan, earlier Vice-President at Wipro, the company was founded by Dr N K Venkataramana, noted neurosurgeon and Vice-Chairman of BGS Global Hospital in Bangalore, Mr Vasan Subramanian, former Managing Director of Barracuda Networks India and Mr K.N. Venkata Raju, CEO of Bob Tech Solutions Pvt Ltd.