Canbank Venture Capital Fund Ltd has invested $1 million (around Rs 8 crore) in personalized healthcare management platform, Zyla Health Pvt. Ltd.
Zyla Health, founded by Khusbhboo Aggarwal, helps patients manage their chronic conditions and maintain close communication with their doctors. The doctors and their teams can converse with and monitor patients, make informed decisions and timely interventions to deliver improvement in personal health outcomes.
The fresh capital will be used to strengthen the leadership team and achieve 5x growth in the next 12-18 months.
Canbank Venture Capital Fund, a subsidiary of state-run Canara Bank, is investing out of its sixth fund. It was also selected by the Department of Electronics and Information Technology (DeitY) to manage the Rs 2,206-crore Electronic Development Fund.
Recently, the fund invested in business-to-business (B2B) automotive aftermarket quick commerce startup Koovers. some of Its recent investments include renal care solutions provider Renalyx, chatbot maker CoRover and business-to-business (B2B) services rental platform Settlrs.
Canbank Venture said the adoption of e-commerce has enabled the digital healthcare systems in India. “The tools facilitating and connecting everyone across healthcare system shall be the new normal. Zyla has bridged the gap between access to quality care and holistic care delivery to ensure improved patient outcomes.”
The personalized healthcare space has seen significant interest this year with some relatively larger deals.
Fitterfly Healthtech Pvt. Ltd raised $12 million in a Series A funding round led by Amazon Smbhav Venture Fund and Fireside Ventures, marking Amazon Smbhav’s first healthtech bet in India.
In a similar deal, Eka Care raised $15 million in a Series A round led by Hummingbird Ventures. Started by GoIbibo founders Vikalp Sahni and Deepak Tuli in 2020, Eka Care aims to build health profiles for Indians in a bid to achieve better health outcomes and savings in healthcare expenditure. It also has a digital clinic management tool.
Mental health platform Wysa raised $20 million as part of its Series B funding round led by venture capital firm HealthQuad.