The fund will be used to ramp up the doctor’s first product innovation, enhance the technology stack and scale user acquisition efforts
HealthPlix Technologies announced the closure of $22 million 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 the doctor’s 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 their pain points. HealthPlix currently empowers 10K+ doctors who treat 2.5 per cent 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 per cent 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.
Sandeep Gudibanda, CoFounder & CEO, HealthPlix Technologies said, “We are a 100 per cent 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 per cent 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.”
Chaitanya Raju, Executive Director, HealthPlix Technologies said, “Doctors are at the core of healthcare delivery. It is during the 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 interaction 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.”
