Mumbai, 05 Jun, 2018: Zoctr Health Pvt. Ltd., a well-known Home Healthcare player with operations in Mumbai, Delhi, Bengaluru and Pune has raised an undisclosed amount of funding in its new funding round from Dubai based NB Ventures Ltd. A host of angels including Udaipur Angel Network also participated in this Pre-Series A round and with this the total fund raise of the company has crossed $2 Mn.
Zoctr is a growth stage company that caters to the end-to-end portfolio of home health services including Home ICU Set-up, Home Nursing & Attendant Care, Baby Care and Specialized Cancer Care. The company has so far served more than 5000+ patients and has aggregated more than 3500+ blue collar workers on a Pan India basis. The company had recently launched its ZOCTR Mobile Application in Jan, 2018 in iOS and Android which saw more than 10,000 installs within 2 months of launch and was featured as a Top 5 App that revolutionized Healthcare in India by Business Standard (7th Jan, 2018 issue). The mobile application hailed as the uber of healthcare provides real-time discovery and booking of home health services in India from anywhere across the globe, has location, geo tagging and staff tracking features, can be used to renew/stop/hold services or provide feedback at the click of a mouse and is integrated with leading e-wallets including PayTM and PayU for immediate online payments.
The company now plans to add Electronic Health Dashboard as well as Remote Monitoring features to its App. The company further plans to enter the explosive Home Cancer Care and Chemotherapy market and a large portion of this current funding round shall be utilized by the company to build deeper technology and domain expertise. The company is further creating the largest 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 is currently in advanced stages of discussion with a few VC funds in India and abroad for closing a larger $3-5 Mn Series A round within this year.
NB Ventures has previously invested in high growth start-ups including Healthify and Idfy and has a large portfolio of Indian companies. Garima Seth, the company’s Investment Banker and a start-up drove the current deal.
Says Neelesh Bhatnagar, Director NB Ventures, “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.”
Adds Alok Gupta, CIO NB Ventures, “Their being cash positive and financially disciplined gives us huge confidence in their execution ability. It’s all about focus on unit metrics and scaling without burning too much cash.”
Says Nidhi Saxena, Founder & CEO, Zoctr, “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.”
Home healthcare is an emerging space currently estimated at $3.76 Bn Market growing at an 18% CAGR. It is expected to touch $14.2 Bn and touch ~86 million patients by 2025. The demand is driven mainly by a huge number of senior citizens and chronic care patients who need long-term and affordable out-of-hospital care. While there are a few players operating in this market including Portea, HCAH, Nightingales and Care 24, there is dearth of specialized and differentiated Pan India players with scaled operations.