Healthtech startup Eka Care on July 19 raised $15 million in Series A led by Hummingbird Ventures with participation from 3one4Capital, Mirae Assets, Verlinvest and Aditya Birla Ventures, among others.
Investors like Flipkart's Binny Bansal and Cloudnine Hospitals' Rohit MA also participated in this round of funding, said the company in a statement.
There has been an increase in early-stage private equity (PE) and venture capital (VC) investments in India’s startup ecosystem, even as late-stage investments have slowed down significantly.
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Eka Care said it plans to use the fresh capital for product development, hiring, educating consumers on the benefits of maintaining a health profile, and helping doctors move to digital practice.
Founded in December 2020 by former Goibibo co-founders Vikalp Sahni, and Deepak Tuli, Eka Care caters to both doctors and patients. The company has built a digital clinic management tool for doctors while also helping people build their health profile facilitating savings in healthcare spending and better outcomes.
"Our vision is to build a technology backbone to create and manage a health profile for every Indian. We are super excited to continue reforming the way healthcare is delivered in India by building tools for healthcare providers and users," said Sahni, who also leads the company as its chief executive officer (CEO).
In the first year of its launch, Eka Care claims it became the largest repository of health records and vitals in India, with over three crore health records, 16 lakh Ayushman Bharat Health Accounts (ABHAs), and over 5,000 doctors using its Electronic Medical Records (EMR) solutions.
Eka Care said it offers a full stack clinic management platform that helps doctors to improve their online presence, create a digital diary, and communicate with their patients digitally.
"Our clinic management tool is compliant with both NMC (National Medical Commission) and NDHM (National Digital Health Mission) guidelines, it helps reduce time in writing prescriptions, compliance, improving the online presence and overall income of the doctors," said Tuli, who is also the chief operations officer (COO) of Eka Care.
Users can create their health profiles by storing medical records such as prescriptions, lab and scan reports, vaccination and development milestones for children, heart rate trends, blood sugar information, and so on, on the platform. All the records get linked with their ABHA account.
“The next act (after Unified Payments Interface) is to proliferate the use of digital health services in India with the government's Unified Health Interface (UHI) initiative. Our deep conviction in Eka Care is driven by the growing need for a horizontal platform built on the back of UHI, the product interoperability, and the strength of the founders having previously scaled businesses across India,” said Akshay Mehra, India Lead, Hummingbird Ventures.
Earlier in July 2021, Eka Care raised $4.5 million in its seed round of funding from 3one4Capital, Eximius Ventures, Speciale Invest, and several angel investors. In July 2021, moving first, the company integrated with the CoWIN portal, allowing the booking of vaccination slots.