Phable intends to use funds in rapid expansion across cities and scaling its technology
Phable has raised $1 million in its ongoing Pre-Series A round. Inflection Point Ventures (IPV) and other investors participated in the round. Previously, SOSV and Fresco (US based funds) have invested in Phable’s Pre-Series A. Co-Founded by Sumit Sinha and Mukesh Bansal in 2018, Phable operates by creating an ecosystem of patients, doctors, hospitals, health devices, insurance and patient care service providers. It uses artificial intelligence and machine learning to drive patient outcomes.
IPV has invested / committed in 10 investments since January 2020, especially in sectors like health-tech, online grocery delivery, online education and media and entertainment that are expected to outperform during the current pandemic and in future as well.
Sinha shared, “Our vision is to drive better healthcare outcomes for patients and lower the cost of care. We aim to impact the health of 1.3 billion Indians over the next five years. We are doing this by building a ‘Super App’ for both patients and doctors.”
With current operations in Bengaluru, Hyderabad and Chandigarh, they look forward to expanding to 12 cities by the end of 2020.
“IPV is excited to partner with Phable and back their growth journey. With their cutting edge technology, aggressive rollout and above all their amazing founding team, Phable has already established themselves well in this vast market and is fast becoming a preferred platform for doctors as well as patients in their markets of operation. IPV, with its vast investor base of CXOs from diverse industries including healthcare, will provide Phable access to a large unexplored market base and help expand its network exponentially.” said Mitesh Shah, Co-Founder, Inflection Point Ventures.
Having helped 50,000+ patients by bringing 700+ doctors on-board already, Phable intends to use the funds in rapid expansion across cities and scaling its technology. Phable has also successfully tied-up with Omron and Roche and created medical frameworks, digitising the communication between patients and doctors. This is extremely relevant during COVID-19 pandemic when doctors can keep a track of patients’ health metrics from the comfort of their homes and provide real-time guidance and interventions.