Mumbai-based healthtech startup Zoctr Health has raised an undisclosed amount of Pre-Series A funding from NB Ventures, Dubai and a host of other angel investors including Udaipur Angel Network etc.
With this round, the total funding raised by Zoctr has reached $2 Mn. With the Pre-Series A funding, the startup plans to build deeper technology and domain expertise.
Further, it is also creating the largest Pan India database of qualified and registered blue collar workers including Nurses, Attendants, Baby Care Nurses and Nannies on the backend of its App.
Commenting on the development, Neelesh Bhatnagar, Director NB Ventures said, “We find Zoctr’s business model and vision of an integrated Cancer Homecare company compelling. Home Healthcare being a huge but still evolving market, we believe Zoctr can earn a fairly niche positioning.”
Zoctr also plans to add electronic health dashboard as well as remote monitoring features to its App. Further, it plans to enter the explosive home cancer care and chemotherapy market.
On the fundraise, Nidhi Saxena, Founder and CEO, Zoctr, said, “Home Healthcare is a huge market and we are in it for the long haul. Rather than pursue senseless growth with huge cash burns, we are focusing on creating a highly differentiated niche play around Cancer Care, particularly Home Chemotherapy as well as leverage technologies such as Remote Monitoring, IoT etc. to add value to the customer.”
Also, post the Pre-Series A funding the startup is in advanced stages of discussion with a few VC funds in India and abroad for closing a larger $3-5 Mn Series A round within this year.
Zoctr: Addressing Patient Care At Home
Zoctr, founded in 2015, aims to aggregate home health, telehealth, and remote patient monitoring services, specifically targeting the post-operative care segment. It caters to the end-to-end portfolio of home health services including home ICU set-up, home nursing and attendant care, baby care and specialised cancer care.
The healthtech startup is backed by prominent corporate and angel investors such as BCCL’s Brand Capital; Sandeep Parwal, MD at SPA Capital Services Ltd, and Organic Wellness’ founder, Krishan Gupta.
It claims to have served more than 5000 patients and has aggregated over 3500 blue collar workers on a Pan India basis.
The company had recently launched its ZOCTR Mobile Application in January 2018 in iOS and Android which saw more than 10,000 installs within 2 months of launch.
The app features location, geo-tagging and staff tracking and can be used to renew/stop/hold services or provide feedback at the click of a mouse and is integrated with leading e-wallets including Paytm and PayU for immediate online payments.
In an earlier conversation with Inc42, Nidhi had shared that Zoctr is currently working with over 100 hospitals across cities such as Mumbai, Bengaluru, Ahmedabad, Pune, Delhi, and Kolkata.
She also shared that Zoctr has proposed a bedside device or a wearable device for the patient. The device will transfer the patient’s details, including his vitals, heart rate, blood sugar, blood pressure, respiratory rate and more to the doctor on a real-time basis.
Also, with the Zoctr app, patients will be able to easily maintain a diary on their regular mood swings – an activity which helps in tracking the progress of patients with neural disorders.
In the healthcare space, we have well-established players like Practo, Lybrate, Netmeds, Healthkart and more. Specifically, in the home healthcare segment, Portea Medical and Care 24 already own a major market share.
Also coming up are ‘Transition Care’ facilities such as SuVitas– a Hyderabad-based post-hospitalisation rehab facility.
The global healthtech market is anticipated to reach $104.5 Bn by 2020, according to a new report by Grand View Research, Inc.
Though in a nascent stage in India, and largely serviced by unorganized players, startups and recent hospital initiatives, the home healthcare market stood at around $3.20 Bn in 2016, and is expected to grow to around $4.46 Bn by 2018 and $6.21 Bn in 2020, according to Cyber Media Research (CMR) Ltd analysis and industry estimates.
As players like Zoctr with Pre-Series A funding vie for a piece of Indian healthcare market which is expected by IBEF to reach $280 Bn by 2020, from the current $100 Bn, the healthtech market is ready for the growth and expansion of product portfolios.