[Funding alert] Health-tech platform Phable raises $1M in ongoing pre-Series A round
Healthtech startupon Tuesday said it had raised $1 million in its ongoing pre-Series A round, from Inflection Point Ventures and other investors.
SOSV and Fresco – two US-based funds – had also previously invested in the startup's pre-Series A, the company said. It intends to use the funds to quickly expand in the country, and scale its technology.
Co-founded by Sumit Sinha and Mukesh Bansal in 2018, Phable operates by creating an ecosystem of patients, doctors, hospitals, health devices, insurance and patient-care service providers.
Phable founder Mukesh Bansal
Its network of 700-plus doctors has helped more than 50,000 patients on its real-time platform, which was created in collaboration with Omron and Roche.
With the government of India pushing for more innovation in the telemedicine sector, in light of the coronavirus, the company has been working hard to help doctors keep track of their patients’ health metrics from the comfort of their homes, and provide real-time guidance and interventions.
"Our vision is to drive better healthcare outcomes for patients and lower the cost of care. We aim to impact the health of 1.3 billion Indians over the next five years. We are doing this by building a ‘Super App’ for both patients and doctors,” said Sumit.
The company expects to expand to 12 cities by the end of 2020. It is currently present in Bengaluru, Hyderabad, and Chandigarh.
“Phable with their technology, aggressive rollout, and above all, their founding team has already established themselves well in this vast market and is fast becoming a preferred platform for doctors as well as patients in their markets of operation,” said Mitesh Shah, Co-Founder of Inflection Point Ventures.
IPV is one of the only few angel networks which has been active even during the coronavirus. The company has made 10 investments since January 2020, in sectors such as healthtech, online grocery delivery, online education and media and entertainment – all of which are expected to outperform during the lockdown.
“IPV, with its vast Investor base of CXOs from diverse industries including Healthcare, will provide Phable access to a large unexplored market base and help expand its network exponentially,” Mitesh added.