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Visit Health raises $30 Mn in primary and secondary transaction

EntrackrEntrackr · 11m ago
Visit Health raises $30 Mn in primary and secondary transaction
Medial

Telehealth and wellness platform Visit Health has raised Rs 250 crore ($30 million) in a combination of primary and secondary purchase of stake in the company held by Docprime Technologies, the current promoters and employees. Visit Health will use the funds to expand its business which involves a strategic partnership with health and wellness platform TatvaCare, the company said in a press release. In October 2021, DocPrime invested around $7.5 million in Visit Health. The New Delhi-based company had also scooped up $1.4 million in seed round from investors such as MapmyIndia, Snapdeal co-founders Kunal Bahl and Rohit Bansal, and Hetero Drugs Director Murali Krishna. In May, PB Fintech said that it will divest 29% of its holdings in Visit Health, which will be valued at Rs 76 crore ($9 million). The firm also added that it will make a divestment of Rs 2 crore in Visit Internet. Eight-year-old Visit Health offers customized wellness & OPD programs for SMEs and corporates’ employees and their families. It claims to serve more than 400 companies through its network of hospitals. Startup data intelligence platform TheKredible shows that DocPrime controlled 14.4% stake in Visit Health as of Series A round. For the fiscal year ending in March 2023 (FY23), Visit Health registered nearly three-fold jump in its revenue to Rs 53 crore from Rs 17.55 crore in FY22. The company managed to keep its losses below Rs 1 crore in FY23. It is yet to file FY24 numbers. On Tuesday, PB Fintech released its quarterly results. The company’s revenue slipped to Rs 1,010 crore in Q1 FY25 as compared to Rs 1,090 crore during the quarter ended March 2024. Despite the decline in scale, it managed to maintain steady profits, which stood at Rs 60 crore in Q1 FY25. Update: The headline and story have been updated to add correct information from Visit Health’s press release.

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Exclusive: Whatfix bags $100 Mn in primary and secondary capital

EntrackrEntrackr · 10m ago
Exclusive: Whatfix bags $100 Mn in primary and secondary capital
Medial

SaaS-based digital adoption solution provider Whatfix has scooped nearly $100 million in primary and secondary funding led by Sweet Nectar Investments (Warburg Pincus) and SoftBank. With this, the Bengaluru-based company has marked its first funding round in the last three years. The board at Whatfix has passed a special resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share to raise Rs 296.74 crore in primary capital, the company’s regulatory filings with the Registrar of Companies show. Additionally, the transaction also includes secondary funding worth nearly Rs 530 crore, the filings reveal. Whatfix aims to use the primary proceeds to expand and grow the business. Sweet Nectar Investments (Warburg Pincus) led the round with Rs 615 crore (Rs 271.7 crore primary and Rs 343.2 crore secondary) while the company’s existing backer SoftBank poured in Rs 210.5 crore (Rs 25 crore primary and Rs 185.5 crore secondary) funding. The secondary funding has been extracted from taking the same issue price under consideration. However, the transaction could also have taken place at a discount rate which reduces the overall amount raised. As per the startup intelligence platform TheKredible, Whatfix has been valued at around Rs 6,871 crore or $820-830 million (post-money). It has raised over $140 million before the fresh funding round. In June, the Economic Times reported that Whatfix is in talks to raise a new round which will see partial exits of early investors Helion Venture Partners and Eight Roads Ventures. Post allotment of the round, SoftBank increased its stake to 15.51% while Warburg Pincus’ Sweet Nectar Investments acquired 8.94% shares in the company (including the secondary transaction). Queries sent to Whatfix did not elicit an immediate response. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools can be used by large companies and organizations, and integrated into their own apps to help guide the workforce in using them more efficiently. Whatfix recorded a 65.7% growth in revenue from operations to Rs 285 crore while its losses also went up 31.2% to Rs 328 crore in FY23. Importantly, Whatfix generated the entire revenue from global markets: America, Europe, Asia Pacific, and the Middle East region. About 61% of the revenue emerged from the US followed by Europe. The company is yet to reveal its FY24 numbers.

Karma Primary Healthcare raises $1.3 Mn in Series A

EntrackrEntrackr · 11m ago
Karma Primary Healthcare raises $1.3 Mn in Series A
Medial

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.

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