Hyderabad-based healthcare startup eKincare has raised $1.5 million in Series A funding led by Ventureast, Endiya Partners, Eight Roads, Touchstone Equities and former NASSCOM Chairman B.V.R. Mohan Reddy.
The healthcare platform will use the round to enhance its core technology, sales and also get more doctors on board. The proceeds will also help it to address consumer-focused challenges and build key technology innovations.
Founded by Kiran Kalakuntla in 2014, eKincare claims to have partnered with 2,000 locations with just a team of 21. Kiran is an alumnus of Duke University and previously worked with many marketing technology companies.
Two years ago, it raised Rs 2.2 crore in a pre-Series A round from a clutch of investors. Previously, the company had secured Rs 1 crore in seed round from BitKemy Ventures and Adroitent.
The platform helps users encrypt their health records and keep it on the cloud. The records can be accessed through the dashboard on the go. Its clientele base includes Optum, Unilever, Barclays, and Disney. It also has tied up with healthcare providers like Vasan Eye Care, Apollo Hospitals, Maxivision Eye Hospitals and, Vijaya Hospitals.
eKincare competes with Medibox, 1mg, Medikabazaar, Medical Unique Identity, Rxpress among others.
Currently, the overall healthcare market in India is estimated to be worth around $100 billion, and the online market is estimated to grow to over $42 billion in the coming years. But not many core healthcare players are entering the analytics part exclusively; they usually provide overall healthcare services like booking appointments and facilitating video chats.
The development was first reported by Inc42