Chronic disease management platform Phablecare has raised Rs 187 crore ($24.6 million) in a fresh round led by Kalaari Capital.
New investors Aflac Ventures, Digital Horizon and Stride Ventures participated in the round, the Press Trust of India reported citing a company statement.
VCCircle reported earlier this year that Phablecare had raised venture debt from Stride Ventures.
Existing investors Omron Ventures, SOSV, Social Starts, and Fresco Capital also invested in this latest funding round, it added.
The statement said that its overall valuation has grown six times in a year without disclosing further details.
The company will use the funds to develop chronic care ecosystem, accelerate market expansion, customers acquisitions and build new revenue streams.
Phablecare, operated by Bengaluru-based Terrals Technologies Pvt. Ltd, is also looking at acquisitions to consolidate its position. Last month, it bought Fused Training, a Type-1 Diabetes health management startup.
Phable was founded in 2017 by Sumit Sinha, Prashanth Reddy and Mukesh Bansal, all former executives at market research firm Borderless Access. The startup offers a slew of services to patients, doctors and hospitals through its app. It helps patients manage chronic ailments with a compliance mechanism that alerts them on the intake of medication, lab tests and doctor visits. It also uses artificial intelligence and machine learning capabilities to offer targeted tips to address patients’ ailments and helps physicians offer the right advice to patients.
The statement said that more than 30 lakh patients, 10,000 doctors and 1,000 pharmacists use the company's offerings.
"Our focus over the next two years would be to take the technology to over 30 million Indian households and over 1 lakh super specialist doctors in India and capture 25 per cent of the market," said Sumit Sinha, Co-Founder, Phablecare.
"Their experience and deep insights into the market, coupled with their entrepreneurial experience, reinforce our confidence in their ability to disrupt digital health in India," said Vani Kola, Managing Director, Kalaari Capital.
Prior to this funding round, Phablecare raised its Series A funding of $12 million in February last year led by hospital chain Manipal Hospitals. In May 2020, it secured $1 million in its pre-Series A round of funding from early-stage investor Inflection Point Ventures. Prior to this, it raised $150,000 from US-headquartered venture capital firm SOSV in 2019, and $300,000 from early-stage investment firm OmphalosVenture India LLP and a few angel investors.