In-home healthcare is quickly picking up steam in India. Care24 is one of India’s first few venture backed start-ups in the home healthcare space.
In-home healthcare is quickly picking up steam in India. Care24 is one of India’s first few venture backed start-ups in the home healthcare space. This Mumbai-based venture aims to provide the best of hospital-based healthcare services to patients without having to move them from the comfort of their homes with the power of technology and good quality of healthcare professionals.
“Currently Care24 operates from Mumbai, but we aim to spread our wings across all metros in the country within the next 12 months. We have entered the Delhi market which will soon be followed by Bengaluru, Hyderabad, Chandigarh and Ahmedabad during the next quarter,” says Vipin Pathak, co-founder & CEO, Care24. “Also, we plan to take the patient count to around 2,500 per day from the current 800 per day.”
In early 2016, Care24 raised $4 million in its Series A round led by venture capital firm SAIF Partners, and $350,000 from India Quotient “that we are using to enhance our technology and to train service providers who visit patients,” says Pathak, who set up Care24 along with ex-IITians Abhishek Tiwari, Garima Tripathi and Pranshu Sharma. Since its inception in 2014, Care24 has successfully helped 10,000-plus patients heal at home, with its network of nurses, physiotherapists and attendants.
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“As Care24 continues to grow its base in terms of customers served per day, gross revenue is growing 100% quarter-on-quarter with run rate for the current financial year being $4 million,” says Pathak. “Currently, chronic care for patients who need long-term care constitutes around 60% of our patient pool and we have also forayed into cancer care, elderly care, maternity care and infant care. Post-surgical care and stroke rehabilitation patients, too, are a big vertical for us,” he informs.
An emerging niche
Globally, home healthcare market is expected to reach $349.8 billion by 2020 from $227.5 billion in 2015, growing at a CAGR of 9.0% from 2015 to 2020. Over the past few months, health-tech has been abuzz with start-ups helping in hospital management systems, doctor discovery, delivery of medicines, and home healthcare services.
“What sets Care24 apart is our training programme and our focus on driving in-depth services in the markets we are operating in. Our training programmes add value to the unskilled workforce, helping them enhance the quality of their work and earn higher remuneration at the same time,” he says. “The core idea is to leverage technology to track the caregivers and enforce a stringent feedback system that ensures high quality patient care.”
Pathak stresses that the home healthcare industry is pegged at $3 billion and Care24 aims to achieve 10% market share in the long term.
“Our ultimate goal is to connect the home-bound patient with his doctor and hospital in a much more meaningful way and therefore we plan to integrate more connected devices, such as health sensors, into our platform so providers don’t have to make home visits to conduct routine checks, like vitals and blood pressure measurements,” he summarises.