Mukesh Ambani led firm Reliance Industries Ltd. (RIL) has invested a mammoth amount of Rs. 10 crores in an early stage healthcare technology platform called KareXpert Technologies Pvt. Ltd.
According to the sources, the investment has been made by RIL’s subsidiary and investment arm, Reliance Industrial Investments and Holdings Ltd (RIIHL).
A person familiar with the matter said, “RIIHL has bought 22,222 preference shares in KareXpert Technologies Pvt. Ltd by way of private placement at a cost of Rs 4,500 a share and later may buy the entire lot of 66,666 preference shares in a few tranches, probably by pumping in another Rs20 crore.”
KareXpert Technologies is a digital healthcare provider startup founded in 2004 by Nidhi Jain. Based in Gurugram, company claims its technology to be India’s first digital healthcare open network, with cloud-based technologies for healthcare providers and multiple mobile/web applications for all stakeholders and patients.
Reliance recently lauched its Jio Healthcare app, which allows users to upload health and medical data to maintain a medical profile and view health charts, among other features. The app also allows its users to upload their medical prescriptions, bills, lab reports, etc… and share them with medical institutions.
The analyst believes that RIIHL’s interest in KareXpert could be from the point of view of its telecom arm Jio. Interestingly, Jio had launched JioHealthHub health and other fitness apps live for its users, hence the investment in KareXpert could be in view of strengthening JioHealthHub.
The App HealthHub created by Reliance allows users to upload health and medical data to maintain a medical profile and view health charts, among other features and was launched in January last year.