Care24, a Mumbai-based home health care services start-up, has raised $4 million in a Series-A funding round led by SAIF Partners, supported by a strong follow-on by seed investor, India Quotient.
The fresh capital comes within three months of Care24 receiving the seed funding. Founded by Indian Institute of Technology alumni Vipin Pathak, Abhishek Tiwari, Garima Tripathi and Pranshu Sharma, the one-year-old start-up plans to execute its expansion plan with the received capital, in two phases. It will initially aim to consolidate its presence across the greater part of Mumbai. Care24 is planning to expand to more cities in India where market research and ground work has started. Care24 has, so far, assisted 3,000 patients in their recovery process. “In India, the home healthcare category is seeing a focus now and an investment in developing the standard customer-centric healthcare service delivery system is a must for achieving quality services at scale. Care24 intends on using the investment to boost its service quality, deepen its offerings while tapping the healthcare sector using technology innovations - to provide an integrated patient care," Vipin Pathak, co-founder and chief executive officer of Care24, said in a statement on Wednesday. “We believe that home healthcare market is a large opportunity waiting for organised players such as Care24 who not just deliver better operations but bring to bear a new approach to the space including leveraging technology, thereby creating a superior value proposition," said Arora, principal at SAIF Partners.