Trying to grab a pie of the largely untapped patient record management systems space, a Vadodara-based technology solutions start-up PurpleDocs is now planning to spread its wings to other parts of India beyond Gujarat.
Having raised its first round of funding, the start-up which has already tied up with about 60 hospitals in the state, is now mulling to enter new regions including the National Capital Region (NCR), Karnataka and Maharashtra.
Moreover, the firm has also drawn up plans to develop products that would have a patient interface (for example through a mobile app) and also develop analytics for research oriented doctors and medical practioners over the next six to nine months.
The healthcare records management company from Vadodara, has recently raised investment from KellyGamma, Lead Angels and few other industry experts. The financing will be used for PurpleDocs' expansion of operations outside Gujarat and for further investment in its proprietary technology platform. Deepak Gupta, founder and CEO of PurpleDocs informed that his firm plans to add more products, advanced analytics and machine learning which will help in better diagnosis and research and move up the value chain.
He added, "PurpleDocs is a cloud based service offering for healthcare records management that makes it easy for doctors and hospitals to instantly and securely access and more importantly, analyse their patient records anytime anywhere. Today, while the prevalence of Healthcare Records Management as an integrated technology solution is still at a nascent stage in India, it is important to note that more than 100 million new patient records are generated in the country annually." This does not even include the data generated at out-patient departments (OPD) of hospitals.
"In next 3 years, we plan to capture around 6-7 per cent market share," added Gupta.
Sharvil Parikh, Investment Manager at KellyGamma Fund One felt that the area of patient record management in India is largely untapped and the penetration levels are around 2-3 per cent only.
The founders of PurpleDocs, Deepak Gupta and Pooja Gupta bootstrapped for almost three years, before getting incubated at icreate, Ahmedabad in January 2014 for structured scale-up. Gupta claimed that from a Rs 4 crore turnover (expected in FY17), the firm plans to scale this up to Rs 25 crore by FY18.