Exclusive: Healthtech Startup Phable Bags $24.5 Mn From Aflac Ventures, Kalaari Capital

Bengaluru-based healthtech startup Phable is raising around $24.5 Mn in a fresh round of funding. The round is being led by new investor – Kalaari Capital. The round further saw participation from Aflac Ventures, SOSV, Omron Ventures, Stride Ventures, among others.

Its existing investor Manipal Hospitals who had led Phable’s Series A round also participated in the round. 

As per the regulatory filings, the healthtech startup is issuing a total of 9097 Series B CCPS to raise around INR 187 Cr from above-mentioned investors.

Several text messages and calls to Phable went unanswered. The fresh round comes almost six months after Inc42 had reported that Phable bagged $2 Mn Omron Ventures. Back then sources had informed Inc42 that the startup was eyeing for a Series B funding round. 

In February last year, the healthtech startup had raised $12 Mn in its Series A round led by Manipal Hospitality. Its existing investor SOSV, a US-based early-stage tech-focused venture capital firm, along with US-based funds Fresco Capital and Social Starts also participated in that round. 

Prior to this, the startup had raised $1 Mn in its Pre-Series A bridge round led by venture capital firm Inflection Point Ventures (IPV) in May 2020. The startup had raised  $162K in Pre-Series A from nearly 40 investors, including LetsVenture, Betatron Venture Group among others in August 2020.  

Founded by Mukesh Bansal and Sumit Sinha in 2018, Phable looks to solve patient treatment compliance, particularly in the chronic ailments like heart diseases, cancer, and diabetes where it focuses on continuous patient monitoring using machine learning-enabled Internet of Things (IoT) devices. 

The healthtech startup offers a single platform for digitising presicriptions, personalised health reminders, tracking vitals such as steps, blood levels, among others. Its offering acts as a preventive care, and acts as an alert for doctors whenever the vitals show anomalies. 

The startup also offers doctor consultations, and medicine/lab tests to its customers. 

As per its website, the healthtech startup claims that it has impacted over 2 Mn lives, with over 10K doctors onboarded on its platform. The startup also states that it has tracked over 100 Mn vitals, and over 5 mn health tips shared.  

As per an Inc42 Plus report, the Indian healthtech market is estimated to touch $21 Bn by 2025, which is 3.3% of the total addressable healthcare market i.e., estimated to reach $638 Bn in 2025. 

According to Inc42 Plus analysis, in 2021 alone, Indian healthtech startups have raised close to $2 Bn across 127 deals (as of December 11th). Phable competes against the likes of Phable pits against the likes of Lybrate, Practo, Medibuddy among others.

Earlier this year,  Medibuddy bagged $125 Mn in its Series C round from Quadria Capital, and Lightrock India. Prior to that Mumbai-based Heaps Health had bagged $7.45 Mn in its Series A round led by NVS Wealth Managers and Rajiv Dadlani Group.