Clinics On Cloud Bags ₹120 Cr To Take Its Health ATMs Global

Health tech startup Clinics On Cloud has raised ₹120 Cr (around $12.5 Mn) in its Series A funding round from Model42, the medtech-focused investment arm of UAE-based backer Enlightened Minds Investments.

The Pune-based startup raised the fresh funds at a valuation of ₹600 Cr ($63.3 Mn)

In a statement, the startup said that it plans to utilise the fresh capital to bolster its AI-led healthcare capabilities, expand research and development (R&D), and accelerate the growth of its micro-clinic ecosystem. 

A chunk of the funding will also be used to strengthen its manufacturing capacity, scale strategic partnerships with healthcare providers and expand global footprint. 

“For eight years, we have built Clinics On Cloud with a simple belief that quality healthcare should never depend on someone’s pincode. This investment gives us the opportunity to take that vision global…,” said Clinics On Cloud cofounder and CEO Abhay Agarwal.

Founded in 2018 by Abhay and Manashrri Agarwal, Clinics On Cloud manufactures and deploys AI-powered “health ATMs”, portable box clinics and mobile medical units that deliver point-of-care preventive health checkups and telemedicine consultations. These solutions enable hospitals and government agencies to set up temporary micro-clinics.

It claims to have so far seen more than 3,500 deployments across 200 cities in India and seven other countries. Having screened more than 1.2 Cr patients so far, the startup claims to cater to the Indian Army, Navy and the Border Security Force (BSF).

The Pune-based startup now plans to position UAE as its global expansion hub, with an eye on exploring new markets across Africa, the US and Southeast Asia.

The fundraise comes amid growing investor interest in the healthtech sector, which is seeing renewed funding activity on the back of AI adoption. In September this year, smart ring maker Ultrahuman raised $70 Mn to fuel its integrated healthtech playbook.

In July, another AI-powered healthtech startup CARPL.ai also bagged $10 Mn in its Series A funding round led by International Finance Corporation (IFC). In the same month, actor Kunal Kapoor banded together with crowdfunding platform Ketto’s cofounders Varun Sheth and Zaheer Adenwala to launch healthtech startup MetaGO. 

At the heart of all this is the homegrown healthtech market, which is projected to become a $37 Bn opportunity by 2030.

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