Six-year-old enterprise application startup Innovaccer, which focuses on the healthcare sector, is the most recent unicorn launched by Indian entrepreneurs. With the new undisclosed Series D investment, the company’s post-cash valuation has staggeringly jumped by $950 million. Valued at $350 million in the course of its Series C round of $70 million in February final year, the most recent valuation for the business has surged to $1.3 billion. The round was led by Tiger Global Management even though current investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, M12 (Microsoft’s Venture Fund), and new investor OMERS Growth Equity also participated. The total fundraising by the business has jumped to more than $225 million with the most recent investment getting pegged at more than $105 million, according to sources conscious of the improvement.
“In the new round, our total investment in the business gets to over $225 million, up from $120 million at the end of our Series C round. After our Series C round of funding, Innovaccer was valued at $350 million,” Abhinav Shashank, Co-founder, and CEO at Innovaccer told TheSpuzz Online. However, Shashank didn’t disclose the investment quantity.
Based in Silicon Valley, Innovaccer has more than 500 workers (roughly 85 per cent of its total employee count) in India. Also, the majority of its engineering, item management, and couple of business enterprise functions like promoting, finance, and other people are based out of India. The startup by means of its Data Activation Platform connects and processes healthcare information across information points to develop unified patient records and supply actual-time insights to government agencies, institutions, hospitals, clinics, and more.
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“We are focusing on healthcare globally, including India as well. In March last year, we worked with the Governments of Goa and Puducherry on an application that helped citizens to assess themselves of Covid-19 infection,” added Shashank. The startup had launched an application named TestYourself for the citizens of Goa and Puducherry to screen themselves for the virus by filling out a survey that listed the symptoms of the illness.
Innovaccer will deploy the capital towards expanding its new platform — Innovaccer Health Cloud’s capabilities. Launched on Wednesday, the platform, according to the business would combine the Data Activation Platform and application suite to let clients and partners to quickly create interoperable applications that increase patient outcomes and decrease fees.
“Organizations across healthcare need a cloud-based platform that can unlock the value of the significant investments made in legacy healthcare IT. Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes,” mentioned John Curtius, Partner, Tiger Global.
India’s digital healthcare market place in India was worth Rs 11,661 crore in 2018 and is probably to turn out to be worth Rs 48,543 crore by 2024, according to a report by ResearchAndMarkets. The e-overall health segment is expanding at a compound annual development price of about 27.41 per cent in the course of the 2019-2024 period. The market place is at present led by other prominent healthtech startups such as Practo, PharmEasy, Lybrate, Healthians, DocsApp, Niramai, NetMeds, CitiusTech, and more across business enterprise models.