Sunday, May 26

Healthcare Start-Up LifCare Raises $11 million

LifCare which is a Healthcare start-up has raised $11 million in its Series B led by Saif Partners & Nexus Venture Partners. Till now the startup has delivered only medicines meant for chronic illnesses to customers who take these medicines on a regular basis, with its infused capital, it will now look to expand further in Northern and central states of the country.

The company now aims to become a one-stop place for chronic patients and raise awareness regarding the necessity of taking medicines to stay fit.

LifCare was launched in September 2015 by Killa, a former associate at Bain Capital, Rohit Mohta, a former executive of pharma company Cipla and Deepesh, a former executive of Wipro Ltd. The company currently employs around 500 people and will look to expand the team further along with its geographical expansion.

The healthcare startup had earlier raised a seed round followed by Series A which altogether summed up to $6million in 2016.

The company delivers medicines to subscribed customers. Customers need to call on the service centre number. LifCare sends its pharmacist to the customer’s house who verifies the prescription of the doctor. The medicines are delivered by the delivery boys owned by the company.

The customers have to register themselves once and they are sent refills at constant intervals. It has a pharmacist licence and procures medicines from distributors. The delivery takes place from its warehouse.

LifCare works on the concept of subscription pharmacy and serves patients with chronic illnesses like diabetes, hypertension and more apart from just delivering medicines.

 

Co-founder of LifCare, Krishna Killa mentioned,“Starting from lab tests to many such additional requirements which becomes tenious for a chronic patient. We look to expand our suite of services to become a full-service disease management platform for chronic patients”.

 

According to the reports, Venture capital funding in the digital health sector has touched a record high of  $4.9 billion in January-June, 2018 as global tech giants expanded their presence in the space. Post funding, LifCare will be providing end to end services that chronic patients need to manage their diseases better.