Home healthcare startup Pramati raises $200K in pre-Series A funding
Home healthcare startup Pramati Healthcare Pvt Ltd has raised $200,000 (around Rs 1.3 crore) in pre-Series A funding from three strategic investors.
The three investors include one doctor and two corporate investors, Pramati co-founder Deep Bajaj told Techcircle.in.
Bajaj said this is the first round of external investment in the company. The founders have put in Rs 50 lakh over a period of 18 months since the company started operations.
"We were at operational break-even for past few months and hence, more than the funds, at this stage we are seeking the right partners who can provide mentorship, intellectual capital and domain expertise," he said.
"The money raised will be used to consolidate our position in Delhi NCR by bring in a few key people, bolster our customised tech platform, further improvise our training modules, strengthen the network where we wish to operate as an 'extended care partner' and grow at a faster pace," said Vishal Jain, founder and managing director, Pramati Healthcare.
Founded by Vishan Jain and Bajaj, Pramati offers home healthcare services to patients in Delhi NCR. The company offers services through trained caregivers, nurses, physiotherapists and occupational therapists (rehabilitation services) at home to patients. It has an edge in handling neurology and orthopaedic patients and geriatric cases. Medical equipment, diagnostic services at home are some of the value added services the startup offers. The company said it has developed several proprietary training modules, in association with domain experts.
Pramati claims it has completed 30,000 home visits and served over 2,000 customers in the last one year. It claims to have increased its patient visits from 3300 per month (till Oct-Nov 2015) to 5000 a month as on date in the Delhi NCR region. It charges between Rs 16,000 and Rs 70,000 per month, depending on the kind of service required. Nursing services are available for about Rs 1,200 a day.
It has an online interface through which customers can book services. Patients can also call on their helpline number for appointments.
Pramati follows a business model similar to that of home healthcare startup Portea. Most of the trained nurses, physiotherapists and even doctors are employed directly by Pramati, explained Bajaj. "The total number of staff on the payroll is 60. And, some of the workforce are outsourced and work on contractual basis. So, if there's 100-150 visits a day -- out of those visits 60 are on the payroll and the rest are on contracts," he said.
Some healthcare startups such as Care24 do not employ the service providers but help customers connect with them through their online platforms. Care24, operated by Mumbai-based Aegis Care Advisors Pvt Ltd, last month raised $4 million (Rs 27 crore) in Series-A funding led by SAIF Partners and existing investor India Quotient.
Larger players in the home healthcare space include Health Vista India Pvt Ltd, that runs home healthcare company Portea Medical, and Medwell Ventures Pvt Ltd. In 2015, Portea Medical had raised $37.5 million (Rs 247 crore) in a Series B round of funding led by existing investor Accel Partners. Medwell Ventures Pvt Ltd had raised $10 million (Rs 64 crore) in its Series A round investment from Fidelity Biosciences. Last November, Delhi-based home healthcare service startup Healers At Home Ltd had raised an undisclosed amount of angel funding from a clutch of investors including Fortis Healthcare's president Daljit Singh.