Exclusive: Health-tech startup Klinic App raises seed funding – VCCircle
Mar 30, 2017
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Gurgaon-based e-diagnostic startup Elite Tech Healthcare Pvt Ltd, which runs Klinic App, has raised an undisclosed amount in seed funding from Om Chaudhry, the founder of private equity fund Fire Capital, who invested in his personal capacity. The startup will use the funds to develop its technology platform and product, Satkam Divya, co-founder of Klinic App, told VCCircle. Founded by Divya, Parvendra Singh, Shwetabh Walter, Sandeep Saraf and Amal Sardar in 2015, the company is an online aggregator of organised and unorganised pathology labs in India. Users can compare blood test prices offered by different labs. The firm currently offers its services in 40 cities through its app and website. According to Divya, the company has grown 10 times in the last six months and has conducted more than a million blood tests so far. “We plan to do Rs 50 crore of gross book value (GBV) in the next financial year, from our current annualised GBV of Rs 20 crore. We expect the growth to come from the top 10 cities,” he added. Before co-founding Klinic App, Divya had founded fintech startup Rupeetalk.com in 2007. Fire Capital is a real estate-focused private equity firm, which had raised its maiden fund in 2005-2007. Last year, VCCircle reported that it was up for sale as the real estate projects it took up did not progress as expected. However, Chaudhry at that time denied talks of a sale and said that the fund had received an extension till 2018. Another player that operates in the diagnostics labs space is Airmed , which raised Rs 10 crore ($1.47 million) in pre-series A funding from Brand Capital, the ad-for-equity investment arm of media firm Bennett, Coleman and Company Ltd’s (BCCL), in January this year. Yuvraj Singh-backed healthcare firm Healthians.com , which aggregates diagnostic labs, crowd-sources sample collectors and finds doctors nearby, had secured $3 million (Rs 20 crore) in a Series A round led by venture capital fund Beenext in October last year. Other heavily funded healthcare startups that also aggregate diagnostics labs apart from offering other services include Practo Technologies and Lybrate. In January, Practo had raised $55 million in Series D funding led by existing investor China’s Tencent. Like this report? Sign up for our daily newsletter to get our top reports.