Noida-based home healthcare services provider Health Care At Home India Pvt Ltd will raise $40 million (Rs 250 crore) from healthcare-focused private equity firm Quadria Capital Advisors Pvt Ltd.
“We have committed to a milestone-based investment of up to $40 million in Health Care At Home India,” Sunil Thakur, director and COO, Quadria Capital, told VCCircle.
Health Care At Home India (HCAH India) is a joint venture between the Burmans, promoters of FMCG major Dabur India Ltd, and the founders of UK-based Health Care At Home.
“We see huge potential in this space, especially with the convergence of high-skill-based critical care support at home and pharma services centred on patient-support and patient-access. We will be working with the company to ramp up unique models like chemo at home, high-end drug infusion and introduce products like dialysis at home, therapies for chronic disease including digital therapy,” added Thakur.
The Economic Times reported that the healthcare services provider will use the money to fund its expansion to new cities, including Bangalore, Hyderabad and Kolkata,
“We also plan to use the funds to deepen our offerings both in the B2C and B2B (pharma) segment,” Vivek Srivastava, co-founder and CEO, HCAH India, told ET. He said the company plans to roll out a series of clinical initiatives and offer cancer care services.
Email queries to HCAH India did not elicit any response till the time of filing this story.
Health Care At Home India
Founded in 2012, the Burman family later settled for a 65 per cent stake in HCAH India in November 2014, following its tie up with Healthcare at Home UK’s founders Gareth Jones and Charles Walsh.
HCAH India offers homecare services in oncology, pulmonology, post-operative care, critical care and palliative care. It also offers services like maternity and elderly care, as well as post-surgical care and intensive care unit services.
It has also tied up with hospital chains, such as Manipal Hospitals, Fortis and Nova Hospitals, to offer home healthcare services, besides catering to pharma companies.
The company had raised about $15 million (Rs 100 crore) in external funding two years ago, and had plans to raise another Rs 200 crore (about $30 million) by the end of 2018.
Besides, HCAH India had acquired Navi Mumbai-based Health Impetus Pvt Ltd for an undisclosed amount last year.
At home gathers pace
India’s home healthcare industry was worth $2 billion in 2014 and has been growing at 20% annually, according to accounting firm PricewaterhouseCoopers (PwC). The booming sector has caught the attention of entrepreneurs and investors, alike, and is evolving as an organised, technology-led industry with standards and protocols.
One of the most prominent ventures in the space is Bangalore-headquartered Healthvista India Pvt Ltd-owned Portea Medical Pvt Ltd. It provides services across 22 Indian cities and at two locations in Malaysia. In September 2015, the company, controlled by serial entrepreneurs Krishnan Ganesh and his wife Meena Ganesh, had raised $37.5 million (Rs 247 crore) in a Series B round of funding led by existing investor Accel Partners and IFC, among others.
Another startup, Medwell Ventures Pvt Ltd, founded by former Fortis Healthcare limited CEO Vishal Bali, had raised $10 million (Rs 64 crore) in a Series A round from Fidelity Growth Partners India and Fidelity Biosciences.
MyCareLine, Care24 and Healers At Home are some of the other funded startups in the home healthcare space