Health-Focused SaaS Startup Spry Bags $7 Mn Funding, To Ramp up Hiring Across Key Verticals

Physical therapy-focused software-as-a-service (SaaS) startup Spry has raised $7 Mn as part of its Series A funding round led by Eight Roads Ventures. The round also saw participation from other institutional investors such as F-Prime Capital and Together Fund.

The startup will use the fresh funds to accelerate building, what it calls, the future of practice management for physical rehabilitation. The investment will also be deployed to ramp up hiring across its engineering and go-to market verticals in India and the US. 

“We look forward to working with our new investors, Eight Roads Ventures and F-Prime Capital, as we accelerate our mission to be the platform of choice for physical therapists globally,” Spry chief executive officer (CEO) Brijraj Bhuptani said.

Spry, founded in 2021 by former Ola chief technology officer (CTO) Bhuptani and Riyaz

Rehman, offers an omnichannel patient management platform for physical therapists. Its full-stack digital platform enables practitioners and owners of physical therapy centres to manage all their clinical and administrative functions using a single tool.

Spry’s product also enables physical therapists to manage their offline and online practice as well as to assess patients’ electronic medical records and manage revenue cycle management.

The startup had last raised $3 Mn in a seed funding round led by Together Fund in December last year. With the Series A round, Spry has raised $10 Mn in funding in the last six months.

Spry’s key target market is the US where it aims to leverage the burgeoning physical therapy market to increase its user base. The startup has a lean team of 25 employees across India and the US and aims to expand it in the coming days. 

Eight Roads has been on an investment spree since it set up a $250 Mn healthtech fund. On Tuesday (June 21), it announced that the fund led a $15 Mn Series A funding round in biotech startup Immuneel Therapeutics. Prior to that, it also participated in a $40 Mn Series C fundraise of dental tech startup toothsi.

The overall Indian SaaS market has increased manifold in the past couple of years, largely due to the pandemic-induced growth. Last year, homegrown enterprisetech startups raised more than $3.2 Bn in investments.

A SaaSBOOMi report said that the Indian SaaS sector is well on its way to generate revenue between $50 Bn and $70 Bn by 2030. 

According to a report, the global physical therapy services market was valued at $ 117.6 Bn at the end of 2021 and is estimated to soar to $181.1 Bn by the end of 2032, growing at a compounded annual growth rate (CAGR) of 4% between 2021 and 2032.