The health tech startup, Phable has raised $12 million in a new financing round. The company is serving patients with chronic illnesses in India.
Manipal Hospitals has led the Series A round. SOSV, the existing investor of Phable, also participated in the round.
Hundreds of millions of people in India suffer from chronic diseases. One of the biggest challenges they face is the volume of transactions they have to manage each day. There are appointments with doctors and labs for tests, purchasing of medicines, medical devices and insurance, and keeping a log of their test results.
Phable has designed full-stack solution to process all these transactions. It has also developed an integration with medical IoT devices.
The main purpose to collect patient’s data automatically is that doctors can track the patient’s progress in a better way. The app also helps patients to share what medicine they are taking, and the frequency of the intake.
Phable has designed a transparent and real-time communication channel that allows a doctor to nudge their patients to take their medicine on time, and make any necessary changes to the lifestyle or medication cycle, or request a follow-up appointment. For tele-consultation also, the patients can use this app.
The startup also sells a range of medical IoT devices through its platform that patients can buy for tracking their body performance such as blood pressure and glucose levels.
Phable today serves patients with cardiovascular and endocrinology-related chronic diseases. It has already served more than 220,000 patients and plans to deploy the fresh capital to scale the startup to reach 5 million patients and 35,000 doctors by the end of the year. It also plans to broaden its offering, including allowing patients to purchase insurance from within the app or website.
Currently Phable is used by over 5,000 doctors. These doctors are using the platform to stay better connected with their existing patients and are not being paid by Phable. The startup, however, also enables patients to discover more doctors. All in all, Sinha said doctors have seen their revenue grow by 20% by using Phable’s platform.
