Care24: Mumbai-based healthcare start-up in talks with investors to raise funds

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New Delhi | Published: July 9, 2018 12:25:59 AM

Care24 operates in Mumbai and Delhi. It raised $350,000 from India Quotient in 2015 and $4 million from SAIF Partners in 2016 and till date has raised $4.5 million.

We wanted to take away the added hassle, expense and difficulty patients or their families face while looking for healthcare and the best way to do that is by providing the service right at home.
— Vipin Pathak, co-founder, Care24

After disrupting e-commerce, startups in India are impacting the healthcare sector. Care24 is one such start-up. The Mumbai-based company was founded by IIT graduates Vipin Pathak, Abhishek Tiwari, Garima Tripathi and Pranshu Sharma in December 2014 and provides ‘at-home’ care to people suffering from cancer and other , life-threatening conditions. It also caters to mothers with new-borns and elderly individuals needing care.

A report by Nasscom titled ‘Healthtech in India’ laid importance to interconnecting quality, accessibility and affordability. It said that startups in this space are creating awareness amongst people via a platform to improve access and affordability. “We wanted to take away the added hassle, expense and difficulty patients or people in need face while looking for care and the best way to do that is by providing the service right at home,” said Vipin Pathak, co-founder, Care24.

The service is undertaken by Care24’s team of attendees, nurses and medical professionals. The team is trained typically for two weeks to two months and verified by Care24. Medical professionals such as general physicians, occupational therapists and physiotherapists are required to have at least three years of experience and other nurses and attendees are supposed to have two years of experience.

The start-up has grown from handling 350-400 patients a day in 2016 to around 1000 patients a day currently. Pathak also mentioned that last year, Care24 had trained 10,000 healthcare attendants in partnership with National Skill Development Corporation India (NSDC), Tata Memorial Hospital and All India Institute of Medical Sciences (AIIMS).

Care24 operates in Mumbai and Delhi. It raised $350,000 from India Quotient in 2015 and $4 million from SAIF Partners in 2016 and till date has raised $4.5 million. Pathak added that the company was in talks with some other investors to raise further capital. Although the company saw its revenues go from Rs 67 lakh in 2016 to Rs 2.85 crore in 2017, its losses have balloneed from `6.2 crore to `13.98 crore in the same period. But Pathak believes that the tide will turn in its favour as the company strengthens its presence, improving its performance in the space.

Other home healthcare start-ups in this segment include Portea Medical, Health Care At Home India, Healers At Home, Pramati Care, Nightingales, Tribeca Care and Zoctr.

According to Nasscom’s ‘Indian Start-up Ecosystem’ report, the healthtech vertical witnessed 28% year-on-year growth in 2017, with an estimated total base of 320 start-ups. The vertical also garnered a total funding of $160 million in H1-2017, up by 129% since H1-2016. The home healthcare market is estimated to reach $6.21 billion by 2020 from $3.2 billion in 2016.

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