Indian health tech startup Phable raises $25M in Series B funding to help patients with chronic conditions

One in four people in India currently suffers from chronic ailments. In addition, 80% of these patients cannot comply with the treatment plan provided by the doctor leading to even more complications. This poses a huge burden on the health care system.

Enter Phable, a Bengaluru-based health tech startup that helps patients with chronic conditions. Phable solves this by making care autonomous and predictive. Its AI-enabled health assistant significantly improves health outcomes by enabling disease-specific guidance and continuous monitoring.

Today, Phable announced it has raised $25 million in a Series B funding round led by Kalaari Capital, Aflac Ventures, Digital Horizon, and Stride Ventures. Existing investors also participated in the round. Phable will use the funding to accelerate market expansion, customer acquisition, build new revenue streams, and strengthens the full-stack and value-driven chronic care ecosystem.

Phable also plans to acquire other players through strategic investments, which will consolidate PhableCare’s position in the category. The company has allocated capital and secured additional venture debt to invest in other health-tech startups that can potentially create a thriving healthcare ecosystem through capacity and capability expansion.

Founded in 2017 by Mukesh Bansal, Prasanth Reddy, and Sumit Sinha, the Bengaluru-based is the largest chronic disease management in India. The startup creates an ecosystem of patients, doctors, hospitals, health devices, insurance, and patient care service providers.

Currently 3 Million+ patients and 10k+ doctors and over 1000+ pharmacists use PhableCare’s technology making it the market leader in this segment. The new investment further bolsters PhableCare’s rapid growth in 2021. This funding round marks a 6x jump in PhableCare’s valuation within a short time. The company will use this investment to further strengthen its full-stack and value-driven chronic care ecosystem and accelerate its market expansion, customer acquisition (doctors and patients), brand building, and building new revenue streams.

In a statement, Kalaari Capital Managing Director Vani Kola said, “We are delighted to partner with Sumit and Mukesh in their mission to revolutionize chronic disease management. Their experience and deep insights into the market, coupled with their entrepreneurial experience, reinforce our confidence in their ability to disrupt digital health in India. We wish them the very best in their journey.”

Speaking on the latest funding, Sumit Sinha, Co-founder, PhableCare, said, “We believe that India needs a focussed chronic care management ecosystem as chronic care has the largest burden on the overall healthcare expenditure. At Phable, we constantly help Chronic Disease Patients to manage their ailments at lower cost and stay out of a hospital for as long as possible. We have demonstrated that this problem can be solved effectively at scale with digital solutions, connected care ecosystem, IoT devices, and data.”

“Our focus over the next 2 years would be to take the technology to 30 Million+ Indian households and 100,000+ super-specialist doctors in India and capture 25% of the market. In addition, we will continue to build technology to integrate the healthcare system and players even further,” added Co-founder Mukesh Bansal.

Prior to the current Series B funding led by Kalaari Capital, Phablecare had secured INR 90 crores in Series-A funding led by Manipal Hospitals in March 2021. Later 2021, the start-up received an additional INR 14 cr from Omron Ventures through primary capital infusion and a venture debt facility committed of INR 45 cr from Stride Ventures.