Care24 on a journey to scale business, sets ambitious targets for the future
In a recent conversation with YourStory’s Daily Dispatch powered by HSBC, Vipin Pathak, Founder and CEO, Care24, shares the startup’s growth plans.
Founded in 2014, Mumbai basedhas been making a name for itself in the home healthcare ecosystem in India. The startup was recently acquired by Human Life Management (HLM) which is a leading Japanese home medical delivery platform.
Speaking about the company’s journey through the pandemic, Vipin Pathak, Founder and CEO, Care24 says that the past two years have been an overwhelming time for all sectors, especially healthcare. Due to the hospitals being flooded with patients, home healthcare space saw accelerated activity. The startup says it doubled down on innovation to cater to customers’ requirements.
“I think a lot of collaboration and a lot of partnerships happened during the pandemic,” he says.
Vipin shares that Care24 is decently strong in terms of technology. He adds that organised home care is about two percent of the entire market.
He adds that the Care24 is also seeing some opportunities outside of India which it plans on exploring. The startup’s current investors are from Japan. However, because of the pandemic, there are certain restrictions in place which are delaying international expansion plans.
In terms of the investment scenario, Vipin mentions that HLM, a long term investor in the startup, is willing to invest around $5-$10 million to support Care24’s growth in the coming years.
Apart from expanding its geographical presence, the startup also expects to use future funds for creating a holistic growth of homecare.
Lastly, Vipin shares that Care24 is currently expecting a 100 percent CAGR (compound annual growth rate) in the current cities. “From an investor’s perspective we are looking at a 4-5x growth from where we are in the next couple of years,” he says.
Edited by Affirunisa Kankudti