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Healthcare technology firm Innovaccer has raised funds at a valuation of $1.3 billion, making it the latest entrant to the coveted unicorn club at a time when enterprise software startups are raising funds faster than ever.
Innovaccer did not say how much it raised in this Series D round, but said existing backer Tiger Global Management led the round. Others including Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 -Microsoft's venture fund also invested along with new investor OMERS Growth Equity- an arm of the Canadian pension fund OMERS.
Moneycontrol first reported on February 15 that Tiger is in talks to lead the unicorn round of $100-150 million in Innovaccer. This is more than triple the $400 million it was valued at in February last year, when it raised $70 million from these investors
Founded by Abhinav Shashank, Kanav Hasija and Sandeep Gupta in 2015, Innovaccer’s main objective is to take the millions of data points available in the healthcare industry — patient profiles, risk factors, types of disease, etc — and channel that data effectively to digitise solutions for hospitals, clinics and patients.
“Healthcare is at the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitising healthcare information with great success,” said Abhinav Shashank, co-founder and CEO of Innovaccer.
“Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data, but also provides a platform on which new digital services and solutions can be built with native interoperability,” he added.
The deal also makes Innovaccer India’s fifth SaaS unicorn after Freshworks, Druva, Icertis, Postman and most recently, Zenoti. Moneycontrol explains here why the SaaS space is so attractive to investors recently and what has turbocharged the industry.
“Innovaccer stands to become a meaningful beneficiary of the generational architectural shift taking place in healthcare information technology,” said John Curtius, Partner, Tiger Global.
“Organisations across healthcare need a cloud-based platform that can unlock the value of the significant investments made in legacy healthcare IT. Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes,” he added.