Online diagnostics services startup Healthians said on Monday it has raised Rs 85 crore (about $12 million) in its Series B round of funding.
Japan’s DG Incubation and DG Daiwa Ventures led the funding round, Healthians said in a statement. Kotak Private Equity, venture debt firm Trifecta, Japan’s Tokio Marine and existing investors also invested.
Mistletoe, a Singapore-based fund founded by SoftBank founder Masayoshi Son’s brother Taizo also took part in the funding round.
Healthians will use the funds to expand its geographical presence, go deeper into existing cities and enhance its service portfolio.
“We are not just focusing on large cities but will continue to take our services to many more tier II and tier III cities which need affordable, fast and accurate diagnostic services,” said Deepak Sahni, founder and CEO, Healthians.
DG Incubation managing director Kenji Uehara said the firm was confident in its investment because of Healthians’ business model as well as its strong technological capabilities.
“We are confident about their vision that preventive and at-home diagnostics can bring a healthy behaviour change,” Uehara said.
Healthians, operated by Expedient Healthcare Marketing Pvt. Ltd, was started in 2015 and says it aims to be the largest diagnostics firm in the preventive and chronic health test services. According to its website, some of the services it offers include full body check-ups, thyroid and blood tests.
Healthians had raised seed funding from healthcare-focussed accelerator Healthstart in 2015. This was followed by an investment from cricketer Yuvraj Singh’s venture capital firm YouWeCan Ventures.
In 2016, Japanese VC fund Beenext led a Series A round of funding in the company. The following year, the company raised a bridge round from Japan’s Asuka Holdings and some existing investors.
There has been a significant increase in investor attention given to the health-technology segment. This comes as startups seek to address gaps in India’s existing healthcare system as well as adopt frontier technologies to make the delivery of healthcare and its auxiliary services more affordable and efficient.
Earlier this month, Ekincare, an artificial intelligence-based healthcare startup focussed on corporate houses, raised $3.6 million in a Series A funding round. Existing investors in the company include venture capital firm Venture East and Eight Roads Ventures.
Last month, NeuroLeap, a brain enhancement and mental health startup based in Mumbai, secured funding from philanthropist Rajashree Birla and Jindal SAW Ltd managing director Sminu Jindal.
In September, Meddo, a health-technology startup that integrates physical and online healthcare services, raised $3 million.