Healthcare technology company Eka Care has raised $15 million in a Series A round led by Hummingbird Ventures with participation from 3one4Capital, Mirae Assets, Verlinvest, Aditya Birla Ventures, Binny Bansal, Rohit MA and other investors.
The company plans to use the proceeds for product development, hiring, and educating consumers. This takes the total funding raised by the Bengaluru-based startup to nearly $20 million including a $4.5 million seed round in July 2021.
Founded by former Goibibo co-founders Vikalp Sahni and Deepak Tuli in December 2020, Eka Care offers features like appointment management, communication between doctors and patients, digital prescriptions, integrated payments, and teleconsultation. The startup helps customers build their health profile for better outcomes and savings in healthcare spending.
Users can create their health profiles at Eka by storing medical records such as prescriptions, lab & scan reports, vaccination & development, heart rate trends, blood sugar information. All these details get linked with their ABHA (Ayushman Bharat Health Account) account.
For doctors, it offers a full stack clinic management platform. Eka Care claims that it has more than 3 crore health records, 16 lakh ABHAs, and over 5,000 doctors using its advanced EMR solutions. The company also said that it is the first private platform approved by Ayushman Bharat Digital Mission (ABDM) to facilitate the creation of the ABHA card. It is an ABDM-approved PHR app where users can receive their digital medical records from ABDM-affiliated health service providers.
Eka Care’s funding is good news for the health-tech ecosystem which has been witnessing mass layoffs as well as consolidations. Bengaluru-based MFine had laid off over 50% of its workforce in May and recently got merged with LifeCell’s diagnostic arm whereas Tiger Global-backed Lybrate was acquired by Gurugram-based unicorn Pristyn Care.
According to experts, more consolidations are bound to happen in the health-tech space as the funding environment has become tough. The current scenario is also helping well-capitalised companies in the healthcare sector to look for acquisition opportunities.
