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Karma Primary Healthcare raises $1.3 Mn in Series A

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Digital healthcare startup Karma Primary Healthcare has secured Rs 11 crore (nearly $1.3 million) in Series A funding round led by UBS Optimus Foundation along with participation from 1Crowd and other investors. The company had previously raised $1.69 million from Ennovent, Ankur Capital, Innospark, Grand Challenges Canada and others. The capital will be deployed to enhance its technological capabilities and expand the team as it builds-out a patient-centric care model for rural patients, Karma stated in a press release. Co-founded in 2014 by Jagdeep Singh Gambhir, Gagandeep Singh Gambhir, and Manjeet Singh Gambhir, Karma Healthcare develops an online platform for primary health services remotely. It offers tech-enabled remote patient monitoring services for rural villages and rural health clinics in villages. The platform also offers remote consultation with a doctor for multiple diseases. The clinic staffs a community health worker, who records vital parameters, facilitates a video consultation between the patient and a physician, prints the e-prescription emailed by the doctor, and provides free of cost medicines. The Hyderabad-based company claims that it enables access to primary healthcare across 8 states in India through its assisted telemedicine model, witnessed a threefold increase in its patient base over the last three years, impacting more than 350,000 lives, with 55% of them being women. Karma aims to reach 100 locations serving over 150,000 patients annually by 2027. The company says that it is shifting from a transaction-based care model to a patient-centered, value-based care model. For the fiscal year ending in March 2023, Karma Primary Healthcare’s revenue decreased by 7.5% to Rs 4.79 crore from Rs 5.18 crore in FY22. The company’s losses increased to Rs 3.21 crore in FY23 from a profit of Rs 10.20 lakh in the previous fiscal year. It competes with players like DocOnline and Practo, among others.