Healthcare SaaS Startup Spry Raises $3 Mn For India Expansion, Foray Into US Market

Communication and assessment SaaS-based platform for movement health industry, Spry has raised $3 Mn in a seed funding round led by venture capital fund Together Fund. Movement health includes physiatry with physical medicine and rehabilitation and physical therapy.

Other investors in the round include FJ Labs, the VC firm of OLX cofounder Fabrice Grinda, Pareto, the early-stage venture capital firm by Shutterstock founder Jon Oringer, Knowledge Capital, AngelList, Whiteboard Capital, founders of Silicon Valley-based healthcare SaaS company Innovaccer, among others.

The funds raised will be deployed by Spry to bolster its product development function, expand and strengthen its market share in India, and kick-start its go-to-market (GTM) strategy in the US, said a company statement.

Founded in Mar2021 by Ola’s ex-CTO, Brijraj Bhuptani and Riyaz Rehman, Spry aims to democratise the accessibility and affordability of movement health through its full stack digital health platform. It enables practitioners and business owners of physical therapy centres to manage all their clinical and administrative functions using a single tool.

Spry supports all functions of a medical clinic right from scheduling, to patient intake and communication, assessments, EMR, home exercise plans, adherence tracking and patient lifecycle management.

Sharing about the company’s objective, Brijraj Bhuptani, cofounder and CEO of Spry said, “Through Spry, we aim to democratise access to movement health, and help people incorporate it into their daily routines rather than opting for it as a quick fix solution.”

Growing SaaS Market

The Covid-19 pandemic has made a huge impact on various verticals from healthcare to foodtech, and every industry has faced major challenges in its way. Many organisations had thus put efforts into obtaining or building automation tools that would help them resume business processes.

This has increased the demand for SaaS providers. The global SaaS market was worth $225 Bn in 2020, and is expected to grow at a CAGR of 12.5% to reach $436.9 Bn in 2025. Meanwhile, according to a Nasscom report, the Indian SaaS market crossed revenues of $3.5 Bn as of March 2020. 

The industry is further expected to grow 6X to be worth $13 Bn – $15 Bn by 2025. 

In the last five years, the number of Indian-funded SaaS startups have doubled and the number of startups drawing Series C or later stage funding has quadrupled.

In September this year, homegrown SaaS giant Freshworks also made a stellar stock market debut on the NASDAQ.

Brijraj Bhuptani also founded Ridlr, an end-to-end public transportation and commuting app being acquired by Ola in 2018. He was the chief technology officer at Ola until March 2021, while Riyaz served as the chief business officer (CBO) at Ridlr.