Bengaluru-based healthtech startup ProPhysio has raised an undisclosed amount of Series A funding from NestaVera Group of companies.
The funds will help the company further accelerate its growth and build new products and services. It will also explore technology with AI driven solutions to treat various health issues and reaching out to a larger consumer demographic in multiple locations across India at the clinic and extended care at home.
Founded in 2016 by Pramod Ravindra, Bhagwati Nambi Rajan and Pratima Nagpal, ProPhysico offers physiotherapy and rehabilitation services. It helps patients with their physiotherapy needs, both at home and at company-owned clinics with the latest trends of physiotherapy treatments.
Pramod Ravindra, cofounder, ProPhysio said “We want to take this to a different paradigm where we are health coaches and not just consultants who guide the health journey of an individual, be it a person recovering from an illness or an athlete who needs that edge to perform at their optimal levels or a regular person who wants to lead a healthy life.”
The company claimed have already tied up with multiple hospitals in Bengaluru. According to reports, it has also helped over 3000 patients attain better health and lifestyle with their custom made solutions. The company aims to cater to 1 Mn patients by 2023.
“We have a transformational health and wellness plan and we will use the capital investment to expand with flagship centres across the country and develop intelligence health wearables,” said Ravindra.
Manas Mehrotra, managing director, NestaVera Group, said, “The ProPhysio brand has created a strong positioning of trust and credibility and we are very excited to support them and play a small part in their journey. We believe there is immense potential health solutions focused on lifestyle; we want our investments to go beyond capital investments and also lead to a positive impact on society.”
According to DataLabs by Inc42 estimates, the total market size of the healthcare industry in India is projected to be $202 Bn this year. This is a growth of 84% from the $110 Bn market size in the year 2016.
The healthtech sector has gained significant investor interest as well. As evident from DataLabs by Inc42 Indian tech startup funding report, there was an overall increase of 45.06% in the total investment made in healthtech startups in 2018. In all, the healthtech startups raised $504 Mn across 69 deals in 2018.
Physiotherapy is a growing sector in healthcare and is expected to grow at CARG of 12% during 2015-2020.