Phable, a Bengaluru-based healthtech platform focused on chronic disease management, on Wednesday announced the signing of a $12 million Series A investment round.
The new funding has been led by multi-specialty healthcare provider, Manipal Hospitals. SOSV, Phable’s early-stage investor and the global venture capital firm behind accelerators like HAX, MOX and IndieBio, have also participated in this round. Fresco Capital and Social Starts, both US-based funds and existing investors at Phable, are participating in the round via secondary shares.
Phable Co-founders Mukesh Bansal and Sumit Sinha said,
“Phable is laser-focused on its disease management platform and a significant portion of this funding will be deployed towards technology and IP creation. In addition, Phable aims to accelerate its expansion across multiple Indian cities and ramp up growth in its existing ecosystem of doctors and patients.”
With an ecosystem of 200,000+ patients and 5000+ doctors, Phable claims that it is on a mission to build India’s first complete value-based chronic care ecosystem and India’s largest deep tech-driven disease management platform. The company, founded by Sumit Sinha and Mukesh Bansal in 2018, aims to make healthcare personalised, predictive and preventative for millions of Indians suffering from chronic ailments.
Earlier in 2020, Phable had raised a Pre-Series A round from SOSV, Fresco Capital, Social Starts, Inflection Point Ventures, LetsVenture, and Betatron Venture Group.
“The growing burden of chronic diseases in India is exacerbated by issues around compliance of patients with the treatment regime – including medication, lifestyle changes and periodic follow-ups. Phable would help to fill that gap and would enhance the quality of life for many patients,” added Dr Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG).
According to William Bao Bean, General Partner at SOSV, “Phable started with an uncompromising vision of connected healthcare, reimagined through leading-edge technology, and has been unrelenting in their efforts since day one. It’s been our privilege to work with the team through our accelerator MOX and to further support Phable as they go on to better millions of lives in India.”
Allegro Capital was the sole financial advisor to Manipal Hospitals and Skyroute Capital was the sole financial advisor to Phable for the transaction.