SUMMARY
The round was led by Avataar Venture Partners and SIG Venture Capital, with participation from existing investors
Founded in 2014, HealthPlix allows doctors to create a full medical profile of their patients and write prescriptions efficiently using its platform
The startup said it has more than 10,000 doctors onboarded, who treat 2.5% of the country’s population using the proprietary software
Bengaluru-based healthtech SaaS startup HealthPlix has raised $22 Mn in a mix of equity and debt funding in its Series C funding round.
The round was led by Avataar Venture Partners and SIG Venture Capital, with participation from existing investors including Lightspeed Venture Partners, JSW Ventures, Kalaari Capital and Chiratae Ventures. The round was divided into $20 Mn in equity and $2 Mn in debt.
The recent funding round takes HealthPlix’s total funding to $44.5 Mn, having last raised a Series B round worth $13.5 Mn in March 2021.
HealthPlix will invest 80% of the fresh funding to grow its doctor base and invest more in sales, product and engineering teams. The rest will go into clinical decision support to help doctors treat patients better. HealthPlix is also looking to explore a couple of business models in insurance and payer spaces.
Founded in 2014, HealthPlix allows doctors to create a full medical profile of their patients, helping them during follow-on consultations.
The platform targets doctors who have clinics of their own and are looking for tech solutions for increased efficiency. HealthPlix also uses AI to allow doctors to write a prescription faster, apart from allowing them to keep a record of patient history and consultations.
According to Chaitanya Raju, executive director, HealthPlix allows doctors to write long prescriptions with just a handful of clicks, rather than writing the prescription themselves. Further, the platform lets the doctors translate prescriptions into a language that the patient understands.
HealthPlix also gives access to collective intelligence to doctors to help them understand a few characteristics such as what diseases are cropping up in what areas and what treatment regimens are being used by different patients and doctors.
The startup has more than 10,000 doctors onboarded, who treat 2.5% of the country’s population using the proprietary software, the startup said. Gudibanda said HealthPlix has a target to reach 25,000 doctors by 2024 and 50,000 by 2025, treating nearly 15% of India’s population, nearly 21.11 Cr people.
Gudibanda added that HealthPlix sees around 110,000 patients per day and has facilitated more than 70 Mn consultations to date.
Healthtech SaaS has become one of the most important segments within the larger healthtech ecosystem. Between 2014 and February 2023, healthtech SaaS, analytics and enterprise application startups have raised $1.06 Bn.
Some of the recent funding activity in the segment includes SigTuple’s $4.3 Mn funding round earlier this month and RedBrick AI’s funding round last November.
According to Inc42’s ‘The State of Indian Startup Ecosystem Report, 2022’, healthcare SaaS is set to become a $3.5 Bn market opportunity by 2025, growing at a three-year compounded annual growth rate (CAGR) of 45%.
