India's HealthPlix raises $22m Series C

SIG Venture Capital, Lightspeed Venture Partners, JSW Ventures, Kalaari Capital, and Chiratae Ventures also participated. It follows a USD 19.5m Series B – featuring Lightspeed, Kalaari, JSW, and Chiratae – that closed in 2021. Lightspeed, Kalaari, JSW, and Chiratae joined IDG Ventures India in a USD 3m Series A in 2018.

HealthPlix’s medical records software is said to use artificial intelligence to provide doctors with clinical decision support. There is also a mobile app that allows patients to conduct video consultations with specialist doctors.

Further services include a data analytics offering referred to as “real world evidence-based,” which is touted as helping medical practitioners and the pharma industry operators to improve medical outcomes. There are more than 10,000 doctors on the platform currently; the plan is to get to 25,000 by 2024.

This is Avataar’s first investment in the healthcare sector. Last October, the B2B software specialist hit a first close of USD 120m on its second flagship fund, which is targeting USD 350m. The firm raised USD 300m for its first fund in 2019; an opportunities fund raised USD 100m in 2021.

“HealthPlix’s approach of using doctors as the focal point and delivering value to other stakeholders like patients, pharma brands, pharmacies and diagnostic labs is unique and differentiated,” Mohan Kumar, a managing partner at Avataar, said.

“We have seen many business models that have failed to scale in the health-tech ecosystem, and we believe that [CEO Sandeep Gudibanda] has built a great team to deliver on HealthPlix promise.”

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• Topics
• South Asia
• Technology
• Healthcare
• Expansion
• India
• Lightspeed Venture Partners
• Kalaari Capital
• Chiratae Ventures
• Avataar Venture Partners
• SIG
• health-tech