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EkaCare, a startup that helps digitize patient health records in India, raises $ 15 million

EkaCare, a startup that helps digitize patient health records in India, raises $ 15 million

Admin | Post Tuesday, 19 July 2022 - 04:10 PM | 64

EkacareA startup aimed at digitizing patient health records in India is hiring more engineers and bringing additional doctors to a platform that brings together more than 30 million registered users and 5,000 doctors. Aiming to come, we have raised $ 15 million in a new funding round. ..

Hummingbird Ventures led the EkaCare Series A round with the participation of 3one4Capital, Mirae Assets, Verlinvest, Aditya Birla Ventures, Binny Bansal, Rohit MA and more.

Founded by Vikalp Sahni and Deepak Tuli, who co-founded the travel booking platform Goibibo in December 2020, EkaCare enables consumers to manage digital health records that physicians can access using their in-house digital clinic management tools.

?We don?t see a future that keeps most of our health data non-digital,? Sahni said in an interview with TechCrunch.

Today, his platform allows nearly 500,000 chronic patients to digitally store their health records.

?When you go to the doctor and you have a medical record file, the doctor has to look at every page of that file, which is impossible for anyone to read and remember,? Tuli said. Told. ?But if it?s a graph, it?s easier to remember and see ? that?s the fundamental difference for doctors.?

Vicarp Searney (left) and Deepak Turi (right)

Headquartered in Bangalore, EkaCare began its journey as a records management app for doctors and patients. Last year, approved by the Ayushman Bharat Digital Mission (ABDM) in New Delhi, users created and used the Ayushman Bharat Health Account (ABHA) to integrate the platform into the Unique Health Interface (UHI).

The government envisions that ABDM will provide an integrated digital health infrastructure. At the same time, ABHA acts as a personal account, making it easy for consumers to share their health data with doctors, hospitals, pharmacies and medical technology companies. UHI, on the other hand, provides an interoperable IT network. Through this network, people can use ABHAID to connect with a variety of healthcare providers.

?The essence of UHI and ABDM is that the public health recording app becomes a patient?s health locker,? says Sahni. ?That?s absolutely what we want our users to do, so it was a natural integration for us.?

While using ABDM is an option for users, Sahni recommends that Eka Care create their own health ID so that consumers can share their health records with the open ecosystem. ..

Last year, Eka Care integrated the government?s CoWIN to allow users to find a COVID vaccination center and store vaccine certificates on the platform.

By following the government?s plans to digitize medical data, EkaCare was able to attract the latest investment.

?We have found timing important for the major venture investment markets,? Akshay Mehra, India?s lead at Hummingbird Ventures, told TechCrunch. ?In this case, we thought the Eka team was in a good position to carry out that strategy, either by promoting ABDM or through the government.?

Mehra was also part of a team that worked behind Sahni?s previous experience with the government (Indian contact tracing app Aarogya Setu) as one of the reasons he persuaded Hummingbird Ventures to make an investment decision. ) Was pointed out.

?Of course, I don?t want to name players outside of competition, but their patient approach is the most difficult,? he said.

Many companies adopted the government?s digitization plan in the last quarter and started offering UHI-based solutions. These include players such as DRiefcase, Docon and BajajFinservHealth.

Without explicitly nominating a competitor, Sahni told TechCrunch that many players still see health as a transactional journey. ?We will be at least 50 times more in terms of the total number of users using MAU, DAU, and our platform,? he said.

Executives also pointed out that Eka Care?s platform has both patients and doctors, making it competitive with similar medical services. ?For some reason, thanks to our broader tech business advantage, we were able to take advantage of the best CoWIN, ABDM tailwinds on the market,? says Sahni.

Eka Care claims to be India?s largest health record repository with over 30 million health records and 1.6 million ABHA.

In addition to supporting the government ecosystem, the company offers Gmail integration for storing medical records directly from email. Users can also upload medical documents via WhatsApp or by clicking on a photo. Eka Care?s mobile app also includes a heart rate monitor feature that uses your smartphone?s camera to suggest your heart rate.

Android EkaCare app

Keeping sensitive health records on digital platforms often raises user security and privacy concerns. Eka Care claims to manage user security by taking multiple steps.

?There were some really good people on our tech team. They did a good job. Many of these people have also worked with me at Aarogya Setu and Goibivo,? Sani said. Said. ?I?ve never seen more hacking attempts in my life than I?ve seen during a stint at Aarogya Setu, and fortunately, everything we?ve learned is now incorporated into EkaCare. . ?

He said the company also works with external agencies and has an internal security and anonymization team to ensure the security of user data.

?There are external agencies we employ. They do penetration testing on our system every month,? says Sahni. ?They try to test us externally as hackers like white hat hackers and give us early warnings we have made.?

Ekacare too Claim We do not rent or sell ?information or data? to users, nor do we use or transfer user data ?to serve ads that include retargeting, personalization, or interest-based advertising.?

Today, Eka Care operates on a subscription-based model to generate revenue. Sell ??subscriptions to doctors to enable them to connect with patients and digitally store records on the platform.

?Our goal is to allow doctors to complete electronic medical record (EMR) input within 30 seconds. The rest of the time we should talk to patients to gain a better understanding and confidence in them.? Said Turi.

Eka Care plans to expand its revenue model and explore more ways to monetize its offerings. Some of the funds received in the Fresh Round are specifically intended to be used for monetization experiments.

?If consumers aren?t willing to pay, they may be willing to pay because the insurance company has insurance, so there are many ways,? Sahni said.

Eka Care also plans to expand its current workforce of approximately 150 by hiring more engineers and speeding up the process of training new physicians. We have sales teams in 14 cities, including the town of Tier 2 and the metro, with doctors on board. However, there are plans to extend that scope to new cities.

With the new funding, Eka Care has raised a total of $ 19.8 million. This includes $ 4.8 million before the current round. The exact valuation of the company after the new funding has not yet been revealed. But Turi said it was close to a ?three-digit million dollar.?

?Vikalp and Deepak support a strong team with experience and expertise in building and scaling digital platforms,? ??said Ashish Dave, CEO of Future Asset Venture Investments (India), in a statement.

EkaCare, a startup that helps digitize patient health records in India, raises $ 15 million