India’s Largest EMR platform HealthPlix raises USD 22 million in Series C funding from Avataar Venture Partners and SIG Venture Capital
~ Existing marquee investors like Lightspeed Venture Partners, JSW Ventures, Kalaari Capital, and Chiratae Ventures along with Venture Debt firm Blacksoil Capital also participated in the round ~
HealthPlix Technologies – India’s most trusted and secure doctor software brand today announced the closure of $22million funding in Series C led by Avataar Venture Partners, SIG Venture Capital and existing investors. The funding round marks the first health-tech growth stage investment done by venture capitalists in 2023. The proceeds from this round of funding will be used to ramp up doctor first product innovation, enhance the technology stack and scale user acquisition efforts.
A significant percentage of the Indian population suffers from chronic diseases and several health- tech startups have emerged to serve their needs. Leading the health-tech segment, HealthPlix’s unique approach puts doctors first and solves for their pain points. HealthPlix currently empowers 10K+ doctors who treat 2.5 percent of the entire Indian population and is advancing national health missions, such as Ayushman Bharat Digital Mission (ABDM). By 2024, the rapidly growing doctor base on Healthplix will include 25K+ doctors treating 15 percent of the entire population.
“HealthPlix approach of using Doctor as the focal point and delivering value to other stakeholders like Patients, Pharma brands, Pharmacies and Diagnostic labs is unique and differentiated. We have seen many business models that have failed to scale in the Health-tech ecosystem and we believe that Sandeep has built a great team to deliver on HealthPlix promise”, says Mohan Kumar,
Investment Advisor to Avataar Venture Partners
‘’We invested in HealthPlix to help further the team’s vision of being the active catalyst for technology adoption in healthcare by allowing doctors to be more productive, thereby driving better outcomes for patients.’’ says Bhavanipratap Rana, Investment Advisor to SIG Venture Capital.
Sharing his vision, Sandeep Gudibanda, CoFounder & CEO, HealthPlix Technologies said, “We are a 100% DOCTOR FIRST firm and that ethos has earned us significant TRUST from doctors. At HealthPlix, our vision is to drive better Health Outcomes at Population level. Today, we serve 2.5% of the entire Indian population. With these new funds, we aim to cater to 200-250Mn more patient lives in an 18-month time frame. Avataar Venture Partners and SIG Venture Capital share our passion and the doctor-first ethos, and we are delighted to be partnering with them. We’d be the first health-tech startup in India to secure Series C funding in 2023. ”
Commenting on the occasion, Chaitanya Raju, Executive Director, HealthPlix Technologies said, “Doctors are at the core of healthcare delivery. It is during doctor’s interaction with patients that health decisions get made, diagnostic tests get prescribed, medicines get chosen, surgical procedures get planned, and hospital referrals get made. This intera ction is the moment of truth, where $100 billion of annual healthcare spend is decided. And in this moment of truth, the ONLY solution that doctors turn to for assistance is HealthPlix.”
In 2022, HealthPlix had secured USD 2mn in debt funding from Blacksoil Ventures. The company’s current Series C funding round saw participation from its marquee existing investors, which is a testament to their trust in the health-tech startup. Since its inception in 2014, the startup has been recognized as the best Doctor Productivity Software in India and has introduced several products such as EMR, Drug-to-Drug Interactions (DDI), Mobile EMR, AI-powered SmartScan, and Doctor Insights Dashboard, among others.
About Avataar Venture Partners
Avataar Venture Partners is an Early Growth stage fund focused on helping B2B Tech & SaaS companies accelerate their scaling journey. Avataar has partnered with India’s leading B2B SaaS companies, including media software unicorn Amagi, India’s first SaaS IPO and global leader in travel & hospitality RateGain, SaaS unicorn for wellness industry Zenoti and Retail CRM & Loyalty Capillary. Avataar’s B2B Tech companies include InsuranceDekho, India’s leading B2B Insurtech distribution company and ElasticRun, India’s leading Rural Commerce company.
Website: https://avataar.vc/
About SIG Venture Capital
SIG Venture Capital is the Southeast Asian and Indian venture capital arm of the Susquehanna International Group of Companies, a global proprietary trading and investment firm founded in 1987. As part of SIG, we have access to flexible and patient capital to grow with our investments. With 70+ IPO/M&A and other exits among our 350+ portfolio companies in enterprise and consumer technology over the last 18 years in Asia, we support founders from their early days through each stage of growth. Our portfolio includes Agora, Bytedance, Kumu, Inshorts, Lentra, Mobile Premier League, Musical.ly, Paidy, PayMaya and RedDoorz. For more information about SIG Venture Capital, please visit www.sig-asiavc.com
About HealthPlix
HealthPlix has pioneered the digitization of healthcare through its future -ready AI-powered EMR platform for doctors in India. The start-up currently empowers 10K+ doctors to drive better health outcomes for their patients by providing clinical decision support at the point of care. More than 22 million patients have been treated using the HealthPlix EMR platform by doctors practicing across 16 specialities. HealthPlix doctor base and network spans across 370+ cities in India making it the trusted EMR platform for doctors in the country.
Founded in 2014, the start-up is backed by marquee investors such as Lightspeed Venture Partners, JSW Ventures, Kalaari Capital, and Chiratae Ventures.
