Thursday, 14 January 2016

Care24 receives Series A funding of $4 Million from SAIF Partners

Care24, Mumbai’s fastest growing home healthcare provider, has announced their Series-A funding led by SAIF Partners and supported by a strong follow-on by seed investor, India Quotient. The $4 million of fresh capital comes within 3 months of Care24 receiving the seed funding.

The Mumbai-based start-up has been at the forefront of making home healthcare standardized and easy. It’s wide array of services - post-discharge care, bedridden care, chronic pain assistance, physiotherapy, infant care, pre and post-natal care, everyday nurses, long-term care and assisted daily living - are increasingly being sought by families across Mumbai, Navi Mumbai, Vasai-Virar and Kalyan. The platform’s smooth and systematic approach has a transparent process in place that allows patients to get physiotherapists, ayahs, ward boys, nurses and attendants, who are verified and trained to medically and emotionally take care of the patients at their
toughest times.

This year-old venture is the brainchild of IIT alumni Vipin Pathak, Abhishek Tiwari, Garima Tripathi and Pranshu Sharma. With the mission of providing 100% background-verified caregivers, Care24 ensures that their staff is qualified to address any kind of patient need. Rigorous interview and examination rounds thoroughly test a caregiver’s aptitude and subject knowledge before they are selected. The company’s comprehensive screening, selection and customer feedback-driven process is both reliable and secure. This sensitive attitude towards patient care is exactly what sets the brand apart.

After assisting 3,000 patients in their recovery process, Care24 is geared 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, providing services with optimized process and maintaining high quality at scale. Care24 is steering to become the largest player in Mumbai in next 3 months and then expand to more cities in India where market research and ground work has started.

Talking about what makes Care24 a strong industry player, Vipin Pathak, Co-founder & CEO, Care24 said, “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.

Our strength is an extremely strong execution team and right business model which can scale up while improving service quality which I feel is required to propel a brand in the home healthcare space. We’re focusing on being on obsessively customer centric, ensuring the individual customer needs are taken care of. These factors have had a big bearing on the investors’ decision to bet on us. We are thankful for the timely support from SAIF Partners and India Quotient for helping us execute our growth plans.”

Emphasizing the key reasons for choosing Care24, Mridul Arora, Principal, SAIF Partners said, “ We have known the Care24 team for a while now and have been duly impressed by their pace and quality of execution. We believe that home healthcare market is a large opportunity waiting for organized plays 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. We are very excited to partner with the Care24 team as they continue their journey to make a meaningful impact in people’s lives while creating a robust business”

Speaking about the investment, Anand Lunia - Partner India Quotient, said “We like what the team is doing in what is a very unorganized space. Today one can get the best services in every other field except in healthcare. Home care is not just about supplying nurses, but also about a high tech supported overall cure and recuperation package”

Madhukar Sinha - Partner India Quotient, added “The need for a world-class home healthcare service for bed-ridden and elderly is the opportunity we want to address. In absence of sufficient good quality healthcare infrastructure in India, this is a great problem to solve in a capital efficient way.”