Healthcare startup Care24’s loss widens to Rs 13.98 Cr for FY17Sameer Ranjan
The startup also saw its revenue increasing from Rs 67 lakh in FY16 to Rs 2.85 crore in FY17.
At-home healthcare startup Care24 saw its net loss widened to Rs 13.98 crore in FY17, as against a loss of Rs 6.2 crore in the previous year, documents filed with Registrar of Companies (RoC) showed.
The startup also saw its revenue rise from Rs 67 lakh in FY16 to Rs 2.85 crore in FY17. The Mumbai-based healthcare startup had raised $4 million from SAIF Partners in a Series A funding, before which its seed investor India Quotient had invested $3,50,000 in the firm.
Aegis Care Advisors Private Limited that runs Care24 is one of India’s first few venture-backed startups in the home healthcare space. The startup aims to provide the best of hospital-based healthcare services to patients in the comfort of their homes, leveraging the power of technology and healthcare professionals.
Founded in December 2014 by IIT alumni Vipin Pathak, Abhishek Tiwari, Garima Tripathi and Pranshu Sharma, Care24 offers services such as home care visits by nurses, physiotherapists and attendants.
Deloitte Touche Tohmatsu India has predicted that with increased digital adoption, the Indian healthcare market, which is worth around $100 billion, will likely grow at a CAGR of 23 percent to touch $280 billion by 2020. The healthcare market can increase three-fold to $372 billion by 2022.
Larger players in the home healthcare space include Health Vista India Pvt Ltd, that runs home healthcare company Portea Medical, and Medwell Ventures Pvt Ltd.
Portea, the Bengaluru-based home healthcare startup, raised Series C funding of $26 million led by Sabre Partners and MEMG CDC Ventures. It had raised Series A funding in December 2013 and $37.5 million in Series B in 2015. Last year, Medwell Ventures Pvt Ltd raised $21 million (about Rs 136 crore) in a Series B funding from Mahindra Partners and others.