Healthtech startup Phable raises $1 million from IP Ventures, others

Healthtech startup Phable raises $1 million from IP Ventures, others
Photo Credit: 123RF.com
5 May, 2020

Terrals Technologies, which owns and operates healthcare platform Phable, has raised $1 million in an ongoing bridge round of funding, dubbed as pre-series A, led by venture capital firm Inflection Point Ventures (IPV).

The company did not disclose the names of other investors participating in the round.

The Bengaluru headquartered company will deploy the funds to expand its operations, according to a statement. It currently offers services in Bengaluru, Hyderabad and Chandigarh.

"Our vision is to drive better healthcare outcomes for patients and lower the cost of care. We aim to impact the health of 1.3 billion Indians over the next 5 years. We are doing this by building a Super App for both patients and doctors,” Sumit Sinha, co-founder, Phable said.

Phable was founded in 2017 by Sinha, Prashanth Reddy, and Mukesh Bansal, all former executives at Borderless Access (BA), a consumer intelligence and market research firm. 

The company offers services to patients, doctors, and hospitals. It helps patients manage chronic ailments with a compliance mechanism that alerts them on the intake of medication, lab tests and doctor visits.

The app also leverages artificial intelligence (AI) and machine learning (ML) capabilities to offer targeted health tips to address patients’ ailments and helps physicians to offer the right advice through a patient’s treatment history.

Last year in August, it raised $150,000 (approximately Rs 1 crore then) from US-headquartered venture capital firm SOSV. In 2018, Phable raised $300,000 from early-stage investment firm OmphalosVenture India LLP and a few angel investors, including some physicians.

The company claims to have helped over 50,000 patients by bringing more than 700 doctors on its platform already. Additionally, it aims to expand to 12 cities by the end of 2020.

IPV was founded in 2017 by a group of CXOs and investors with experience in the startup ecosystem. Some of its recent investments include fitness startup Oga, sports discovery platform Sportido, and healthtech platform iKure.

Investor interest has increased in the healthtech space. Gurugram-based Mindhouse recently raised $676,113 in a debt funding round. New Delhi headquartered Plunes Technologies, which owns an eponymous healthtech platform, bagged $300,000 in a bridge funding round. Also, last month, the chronic disease management platform Wellthy Therapeutics raised $4 million.