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Delhi-based home care and wellness service provider MyCareLine.in has raised close to Rs3.5 crore ($526,000) from two female high-net-worth individuals (HNIs) based out of Singapore and India.
One of them, a startup specialist, has invested more than $500,000 in the firm for a minority stake, MyCareLine founder and CEO Anuradha Khairnar said without disclosing the names of the investors.
Owned by Indicare Health Services Pvt Ltd, MyCareLine.in provides complete personalized healthcare services at home like Portea Medical and Bayada Home Health Care.
The company has recently formed a strategic alliance with Hoffmann World, Founded and led by Catalina Hoffmann, who is also a woman. The alliance will bring in the Spanish company's Hoffmann Methodology- a rehabilitation and prevention treatment, which provides physical and cognitive benefits to people wanting to stay healthy as they age- to India, Khairnar told to mediapersons.
The Hoffman Methodology is in commercial use across Latin America apart from Europe. Khairnar said the company is looking at raising around Rs 30-35 crore in the next round.
MyCareLine, which was founded in November 2014, develops technology-enabled solutions to deliver affordable patient care.
Currently, it has presence in Delhi-NCR. In the next one year, the company plans to set up six centres, of which one will be owned by the firm. It aims to scale this up to 35 centres by the third year and to 130 centres by the fifth year, noted she.
Additionally, MyCareLine will be tying up with large residential complexes and townships to run wellness centres in their owned premises, she said.
India's aging population and rising cases of chronic diseases due to lifestyle disorders, among others, have been driving the home healthcare market in the country.
Major home healthcare providers in the country include Portea Medical, which is operated by Health Vista India Pvt. Ltd, and Medwell Ventures Pvt. Ltd. In September 2015, Portea Medical had raised $37.5 million (Rs 247 crore) in a Series B round of funding led by existing investor Accel Partners.
In June 2015, Medwell Ventures had raised $10 million (Rs 64 crore) in its Series A round investment from Fidelity Growth Partners India and Fidelity Biosciences.
