Mumbai-based health aggregator platform, Zoctr has raised an undisclosed amount in a pre-Series A round of funding from Dubai-based NB Ventures and a host of angel investors including Udaipur Angel Network. With this round, the total funds raised by the company has crossed over $2 million.
According to the company’s press note, the raised capital will be used to build deeper technology and domain expertise. The startup also plans to add electronic health dashboard as well as remote monitoring features to its recently launched mobile app. Besides, it intends to enter the home cancer care and chemotherapy market soon.
Commenting on fund release Neelesh Bhatnagar, director NB Ventures, said, “We find Zoctr’s business model and vision of an integrated cancer homecare company compelling. Home healthcare being a huge but still evolving market, we believe Zoctr can earn a fairly niche positioning.”
Founded in January 2015 by Nidhi Saxena, Zoctr allows users to buy health-related services and home-based wellness packages online. The platform aggregates a portfolio of home-based medical services, including long-term intensive care, chronic care, health check-up and others. It also provides services such as tele-consulting, home laboratory pick-ups, online pharmacy, emergency management support, medical equipment and ambulatory support.
Zoctr is backed by some of the prominent corporate and angel investors includes BCCL’s Brand Capital; Organic Wellness’ founder, Krishan Gupta and Sandeep Parwal, MD at SPA Capital Services Ltd.
The company claims to have served more than 5,000 patients and has aggregated over 3,500 blue collar workers so far across India.
“Home healthcare is a huge market and we are in it for the long haul. Rather than pursue senseless growth with huge cash burns, we are focusing on creating a highly differentiated niche play around cancer care, particularly home chemotherapy as well as leverage technologies such as remote monitoring, IoT etc. to add value to the customer,” Saxena, Zoctr’s founder and chief executive, said.
Though Indian home healthcare industry is still at a nascent stage, there are a couple of well-established players such as Portea Medical and Care 24, and other startups that have already raised multiple rounds of funding.
Zoctr is in the process of creating a pan India database of qualified and registered blue collar workers including nurses, attendants, baby care nurses and nannies on the backend of its app. The company in advanced stages of discussion with a few venture capital funds in India and abroad to close a larger $3-5 million Series A round in coming months.