The Noida and San Francisco-based Innovaccer may raise $50-60 Mn from Tiger Global, Steadview Capital along with Dragoneer Investment Group, an ET report said.
Innovaccer, a healthcare analytics startup, will be valued at $300 Mn at the completion of the round, the report said.
The company counts San Francisco-based Microsoft’s corporate venture fund M12 as one of its investors, which invested an additional $10 Mn in Innovaccer’s Series B round in January, leading the total investment to $35 Mn.
Innovaccer counts Lightspeed India, Pravega Ventures, and WestBridge Capital as early backers with total funding of over $50 Mn prior to this round.
Innovaccer was founded by IIT-Kharagpur graduates Abhinav Shashank and Kanav Hasija, along with IIM-Ahmedabad alumnus Sandeep Gupta in 2014. The company started in India but is mainly active in the US. Its products help manage patient records and allows doctors to manage patient information on an analytics platform.
Innovaccer’s flagship product, Healthcare Data Platform, has been used by more than 10K healthcare providers, affecting the lives of over 10 Mn patients in the US, as of February 2018. The 500 Startups-incubated company has already clocked 400% YoY revenue growth within four years of its launch. The big data SaaS startup aims to transform into a $100 Mn organisation by 2020 and also looking forward to breaking even by 2019-end.
Abhinav Shashank, CEO Innovaccer, had said in January, “Our unique value proposition is a holistic healthcare data platform that offers data aggregation and key analytics to help healthcare systems and insurance providers to align with value-based care models and realise significant cost savings and operational efficiency.”
Enterprise Software Gets Investor Attention
Innovaccer’s possible fundraise comes at a time when India’s enterprise sector software startups are gaining traction with marquee investors. Newly formed unicorns like Icertis and Druva have raised $100 Mn+ rounds in the past two months.
While Tiger Global has reportedly closed over a half a dozen investments in the space including Zenoti and CleverTap, this will be the first such investment for Steadview.
Meanwhile the state of Telangana, which has been an active stakeholder in the Indian startup ecosystem has launched its HealthTech Arcade programme in partnership with a health solution company called Optum. The arcade series is focussed on helping the company source startups that can solve challenges in the focus area of chronic and poly-chronic disease management, digital health, medical devices, diagnostic platforms and deeptech analytics in the health sector.