California-based healthcare start-up, Innovaccer has recently announced to be raising USD 100 million – USD 150 million from Tiger Global Management in its latest funding round. Innovaccer is a healthcare data activation company that aims to revolutionise how care is delivered.
If this funding goes through successfully, Innovaccer could become India’s brand-new entrant for the prestigious Unicorn club with a valuation of over USD 100 billion. Founded back in 2015 by Sandeep Gupta, Abhinav Shashank and Kanav Hasija, Innovaccer has grown tremendous success and profitability in the past few years.
According to the company profile on Crunchbase, Innovaccer previously raised USD 70 million in its latest Series C funding round with participation from seven existing investors including Tiger Global Management, Microsoft’s M12, Dragoneer Investment Group, B Capital Group, Steadview Capital, Mubadala Capital among a few others. Sources reveal that this round concluded at the company’s valuation worth USD 400 million in February last year.
According to a report shared by MoneyControl, it is mentioned that Innovaccer aims to digitise the main data points available in the healthcare industry across multiple channels. There are millions of these healthcare-related data points such as patient profiles, type of diseases, risk factors so on and so forth, the company further aims to channelise these data points into effective digitised solutions for patients, hospitals, clinics and doctors.
COVID-19 has been a major factor in digitising medical healthcare solutions as people would avoid physically visiting the doctor over small concerns. Hospitals, clinics and other medical start-ups are more focused on digitising their services in order to expand their operations and remain in profitability during these tough days of the COVID-19 threat. This acceleration has boosted the digital adoption of the healthcare industry and start-ups like Innovaccer have been profitable ever since.
According to a report by Money Control, Innovaccer was even contributing its services during the peak COVID-19 crisis. The start-up was using its advanced tools to deal with the pandemic situation which includes the use of medication inventory tracking and staff planning for the COVID-19 demand. The start-up also offered a real-time update on the telehealth platform for medical patients.
The latest fundraise by Innovaccer comes at a time when Software as a Service start-ups and companies are raising loads of investments from domestic as well as international markets. Innovaccer could be India’s next Unicorn if it successfully raises USD 100-150 million from Tiger Global Management.