India-based consumer blood test supplier Healthians has received Rs 850m ($11.8m) in a series B round co-led by DG Incubation, a corporate venturing subsidiary of internet company Digital Garage, the Economic Times reported yesterday.
The round was co-led by DG Daiwa Ventures, the venture capital fund formed by Digital Garage and investment bank Daiwa Securities, with participation from insurance firm Tokio Marine, venture debt fund Trifecta Capital, Kotak Private Equity and Mistletoe.
An investment vehicle called Sin Growth Partners also participated, along with Taniya Momru, founding partner of financial services and advisory group Asuka Holdings, according to Entrackr.
Founded in 2013, Healthians supplies home blood tests for various medical conditions to Indian consumers across more than 30 cities. Customers select a test matching their medical concern and then return their sample for analysis in one of Healthians’ 10 phlebotomy labs.
The funding will help the company diversify its services and core technology as it looks to move into more tier 1 and 2 Indian cities. Healthians had raised about $10m before the latest round, company founder and CEO Deepak Sahni told ET.
Trifecta Capital led a debt round of undisclosed size for Healthians in January 2019, following an unspecified bridge amount of bridge funding from Asuka Holdings in mid-2017.
The company secured $4m in a 2016 series A round led by Beenext according to ET, though contemporary reports placed its size at $3m and stated that Digital Garage and e-commerce company Beenos also took part.
Private philanthropic foundation YouWeCan had already supplied $500,000 of seed capital for Healthians in 2015, the year after its graduation from medical care-focused accelerator HealthStart.