Silicon Valley-based health-tech startup, Innovaccer, is looking to raise about $100-150 million funding from Tiger Global at a billion dollars valuation. According to the news media, with 100% YoY growth, this funding will make Innovaccer the newest unicorn of India.
The company was founded in 2015 by two ex-IITians — Abhinav Shashank and Kanav Hasija, along with Sandeep Gupta, previously working with an industrial manufacturing company, Ingersoll Rand. After raising $70 million funding from Tiger Global, Steadview Capital, Dragoneer Investment Group, and others, Innovaccer was valued at $400 million last February.
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The company has been focused on leveraging the millions of data points available in the healthcare industry to innovate digitised solutions for hospitals, clinics and patients. One of its main products — InCare, is currently the most advanced care management solution that integrates patient assignment, automated outreach, collaborative worklists and can measure team and individual productivity in various ways. The company is currently working towards other healthcare digital solutions, including remote patient monitoring, bundled payments, and overall healthcare data platforms.
The majority of Innovaccer’s growth can be attributed to the COVID pandemic, which has massively accelerated digital adoption across industries. The company has also created solutions to deal with the pandemic, such as — medication inventory tracking, staff planning for Covid-19 demand, real-time updates on critical metrics, and a telehealth platform for patients.
Over the last few years, software-as-a-service has also been one of the hottest themes for investors in the US and India, led by a spate of successful IPOs. This, in turn, led to a massive increase in SaaS valuations from ten times of annual revenue earlier to 25-30 times more recently.
The number of SaaS unicorns in India has been on the rise for the last few years. One such software firm is Zenoti, a salon and spa software firm valued at a billion dollars in December last year. Another company is Postman — an API startup, which was also valued at $2 billion, showcasing a six-fold jump in valuation in just a year.