Karma Primary Healthcare has officially closed its Series A Funding round with Rs 11 crore or $1.3 million led by UBS Optimus Foundation along with the participation of 1Crowd and other investors.
It had earlier raised $1.69 million from Ennovent, Ankur Capital, Innospark, Grand Challenges Canada and others. The healthcare startup shared in a press release that it will use the funds to increase its technological capacity and headcount as it designs a patient-oriented care delivery structure for rural clients.
Cofounded in 2014 by Jagdeep Singh Gambhir, Gagandeep Singh Gambhir, and Manjeet Singh Gambhir, the firm creates an online system for primary health services to be delivered remotely. It delivers technology solutions to provide remote patient monitoring services in rural villages and rural health clinics in villages.
The Hyderabad-based company also provides an online consultation service with a physician for a variety of diseases. For convenience, the clinic employs a community health worker, who takes down the patient’s vital parameters, sets up a video consultation with a doctor, prints the e-prescription shared by the doctor via email, and gives the medicines free of cost.
The digital healthcare startup claims that it has extended telemedicine-supported primary-level healthcare access to 8 states in India, and has tripled its patient reach in the last three years, impacting over 350,000 individuals with over half (55%) of the driven patients being women. Karma has the ambition of expanding it to 100 places to treat more than 150,000 people by end of the year 2027. The company states that its care delivery model is changing from the traditional fee-for-service model, to a patient- centered, value- based care delivery model.
Total operating revenue in the financial year ended March 2023, was below that of the previous fiscal by 7.5%, from Rs 5.18 crore in FY22 to Rs 4.79 crore. The losses of the company further raised up to Rs 3.21 crore from a profit of Rs 10.20 lakh in the same period. It operates and shares the healthcare market with the likes of DocOnline and Practo, amongst others.
