Care24, a Mumbai-based home health care services start-up, that had raised around $4 million in a Series-A funding round led by SAIF Partners, supported by a strong follow-on by seed investor, India Quotient, is now planning to take the patient count to around 2,500 per day from a current 700 per day as it aims to spread its wings across all metros in the country within the next twelve months.
It now operates in Mumbai alone and is entering the Delhi market soon which will be followed by Bangalore, Hyderabad, Chandigarh, Ahmedabad during the next quarter, informed Vipin Pathak, co-founder and chief executive officer of Care24.
Chronic care or patients who need longterm care now constitute around 60 per cent of its patient pool and it has recently also forayed into cancer care, elderly care, maternity care, infant care etc. Post surgical care and stroke rehabilitation patients too are a big vertical for home healthcare givers like Care24.
Pathak explains that while home healthcare is almost a $3 billion industry, almost 90 per cent is unorganised. The entire space, however, is growing at 20 per cent compounded annual growth rate. With more insurance companies entering the market covering home healthcare, the acceptance is likely to improve. At present, Pathak says that around 20 per cent of the patients they handle are insured.