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Healthplix completes Series B round with a 2.25X jump in valuation

Healthtech startup Healthplix has completed its $6 million Series B round with the final infusion of Rs 8.63 crore from Chiratae Ventures, Kalaari Capital and JSW Ventures. With this round, the company has raised $7 million across two institutional rounds.

Chiratae led the fresh tranche of the Series B round with Rs 5.73 crore, shows regulatory filings. Kalaari and JSW have invested Rs 2.8 crore and Rs 2.1 crore respectively. Healthplix allotted 22,295 Series B CCPS at an issue price of Rs 3,872 per share to raise the fresh tranche.

The five-year-old startup primarily enables doctors to deliver a smooth experience in delivering consultations and managing chronic patients. It’s a full-stack service provider for clinics and doctors with a billing system, marketing insight, clinical hypothesis and treatment outcomes. 

On the patient’s front, its core offerings focus on chronic diseases such as endocrinology, diabetology, cardiology among others. In June, Healthplix had claimed to assist 50,000 consultations every day across 12 medical specialities. 

As per Fintrackr’s estimates, Healthplix has been valued around Rs 180 crore (post-money) in the Series B round. This is a 2.25X jump in the company’s valuation as compared to Rs 80 crore when it raised Series A round in April 2019.

While the company hasn’t filed financial results for FY20 yet, audited FY19’s numbers paint a dismal picture for Healthplix. Revenue from operations has dropped 36% from Rs 75.3 lakh in FY18 to Rs 48.1 lakh in FY19. Total expenditure during the same period shot up 8.7X  to Rs 11.35 crore in FY19 from Rs 1.3 crore it spent in FY18. 

Healthplix’s cash burn multiplied as the company tried to scale up operations after receiving venture capital funding. This sudden surge in scale caused its losses to grow nearly 20X to Rs 10.56 crore in FY19 as compared to Rs 53 lakhs in FY19. Healthplix’s balance sheet sported outstanding losses amounting to Rs 12.5 crore at the end of FY19. 

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