Wednesday, 7 August 2024, Bengaluru, India
Karma Primary Healthcare is a digital healthcare platform that secured 1.3 million USD in its series A funding round led by UBS Optimus Foundation. The funding round saw the participation of other investors including 1Crowd. The startup plans to use these fresh proceeds to Scale its production, enhance its technological capabilities, and expand its services. The development came after the company raised $1.69 million in its previous funding round from Innospark, Ankur Capital, Ennovent, and others.
The Healthcare startup offers a digital platform for primary health and medical care services remotely. The company provides tech-enabled remote patient monitoring services to reach rural health clinics in villages and rural villages. The platform also offers remote consultations with professional doctors specialized in multiple areas. The staff at community health care centers video calls the physician after taking vital parameters of the patient. The medicines are provided by the company free of cost. Karma Primary Healthcare operates in Hyderabad and other 8 states in India through its assisted telemedicine model. The startup plans to expand its services to major cities while connecting with other medical offices and clinics across India.
The online healthcare platform enables the company to provide its services in backward areas. The digital healthcare sector is growing in India and the unique business model of Karma Healthcare adds to the company’s benefit in strengthening its position in the healthcare industry. The startup intends to expand its team as it follows a patient-centric model for patients in rural areas. The firm is committed to changing the digital healthcare ecosystem using its innovative approach and cutting-edge technologies. The company aims to serve more than 150,000 patients in 100 locations annually in the next three years. The firm is focused on increasing its customer base.
The Hyderabad startup reported a three-time increase in its patient base in the past three years, serving over 350,000 lives including 55 percent of women. The company announced its plans to change its care model from a transaction-based to a patient-centric and value-based care model. The company faces competition from other online healthcare companies including DocOnline and Practo. Karma Healthcare announced a 7.5 percent decrease in revenue to Rs 4.79 crore in FY23. However, the losses increased to Rs 3.21 crore in the same period.
Conclusion:
Karma Healthcare is a digital healthcare startup that secured Rs 11 crore from USB Optimus Foundation in its series A funding round with the participation of 1 Crowd and other investors. The company intends to use this fresh capital to improve its business model, launch new services, enhance its platform, and expand its network. The startup offers an online platform that offers online medical consultants from professional doctors. The application was designed to provide rural villages with medical care services. The company aims to operate its services in 100 locations and serve around 150,000 patients annually by the end of 2027. The startup claims to have served over 350,000 patients in the past three years.
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