Care24, a Mumbai-based home healthcare start up, is looking to expand operations in Bengaluru, Pune, Hyderabad and increase portfolio of services covering diagnostic support service, medical equipment rentals by the end of 2018.
The home healthcare service provider is planning to raise around USD 4-8 million to further fuel its growth in different cities and deepening the services in Mumbai and Delhi. The healthcare startup had raised USD 4 million from SAIF Partners in a Series A funding. Earlier its seed investor India Quotient had put $3,50,000 in the company.
The fund will also be used for technology upgradation of the healthcare startup.
“We will be raising capital to further fuel our growth in different cities and strengthening the services in Mumbai and Delhi,” said Vipin Pathak, co-founder of Care24, adding, “We expect to grow 200% year-on-year for the next 2-3 years.”
The healthcare startup witnessed its revenue growing from Rs 67 lakh in fiscal 2016 to Rs 2.85 crore in fiscal 2017. Its net loss also increased to Rs 13.98 crore in fiscal 2017 as compared to a loss of Rs 6.2 crore last year.
Elaborating new services, the healthcare startup is planning to offer, Pathak said “The bed required for bed-ridden patients is different than other patients. We provide assistance in complete buying such beds and lease the medical equipments which are difficult to access. We are planning to partner with firms engaged in medical equipment rental services to leverage our network.”
Currently Care24 with 1500 people including physiotherapists, paramedics, nurses, doctors offers ten services including elderly care, attendant, nursing services, physiotherapy, infant and mother care, palliative care for neuro patients, cancer care. Now it provides ICU care at home. Around 40 per cent of the firm's revenue comes from neuro segment. “It is the largest segment for us from both patient and revenue perspectives. Currently we serve 400 neuro patients a day,” said Pathak.
Started its operation in 2014 serving 8-10 patients a day, Care24 is now witnessing a traffic of more than 1000 patients a day. So far 40,000 patients were served by the home healthcare service provider.
Sharing his view on growth of home healthcare industry in coming years, Care24 co-founder said “We are already seeing tremendous growth in homecare in scope of work apart from size. While the current industry is growing at 20 per cent on base of USD 4 billion industry, the scope of home care has expanded with players like Care24 coming in. Today home care is not limited to supportive care for bedridden but also includes areas like ICU at home, critical illness management, rehab care, palliative care and chemo care at home. The acceptance of homecare by hospitals, insurance, pharma is also playing a good role int this journey.”