Healthcare services platform Phable has kicked off its Series A round with fresh investments from Manipal Health Enterprises which operates Manipal group of hospitals and US-based accelerator SOSV.
The Bengaluru-based startup has allotted 100 equity shares and 8,425 Series A preference shares at an issue price of Rs 51,246.13 per share to raise Rs 43 crore, regulatory filings show. Manipal Health has led the round by putting in Rs 42.61 crore followed by SOSV with Rs 2.92 crore.
As a part of the fresh investment, William Bao Bean, partner at SOSV, has joined the company as a director.
Launched by Sumit Sinha and Mukesh Bansal in 2018, Phable operates by creating an ecosystem of patients, doctors, hospitals, health devices, insurance and patient-care service providers via its app. Doctors can leverage the platform’s solution for monitoring patients continuously through a range of medical IoT devices and provide real-time guidance and interventions.
According to the company’s website, it has tracked more than 30 million patients’ vitals and generated over 1 million health insights since its inception. The company has a presence in Bengaluru, Hyderabad, and Chandigarh and it was planning to expand its operations to 12 cities by the end of 2020.
Previously, Sinha had founded the food delivery firm Kristys Kitchen which was acquired by healthcare platform Curefit for an undisclosed amount in March 2017. Bansal was an executive at Borderless Access, a consumer intelligence and market research firm.