Reliance Industries unit invests Rs10 crore in KareXpert Technologies
Reliance Industries’s interest in KareXpert Technologies could be from the point of view of its telecom arm Reliance Jio
Mumbai: Reliance Industries Ltd (RIL) has made an investment of Rs10 crore in KareXpert Technologies Pvt. Ltd, an early-stage digital healthcare technology platform, two people aware of the matter said.
The investment was made by RIL’s subsidiary and investment arm, Reliance Industrial Investments and Holdings Ltd (RIIHL).
“RIIHL has bought 22,222 preference shares in KareXpert Technologies Pvt. Ltd by way of private placement at a cost of Rs 4,500 a share and later may buy the entire lot of 66,666 preference shares in a few tranches, probably by pumping in another Rs20 crore,” the first of the two people said on condition of anonymity.
Emails sent to RIL and KareXpert Technologies remained unanswered till press time.
Founded in 2014 by Nidhi Jain, Gurugram-based KareXpert intends to provide digital healthcare services in India’s top 100 cities. The company claims its technology to be India’s first digital healthcare open network, with cloud-based technologies for healthcare providers and multiple mobile/web applications for all stakeholders and patients.
Last April, it soft-launched operations in Gurugram by signing up a few hospitals, clinics, high-rise residential communities and enterprises.
KareXpert is developing a one-stop digital healthcare platform. “Key differentiators are its greenfield development of core intellectual property to design and implement system modelling of entire distributed healthcare for a country’s private and public healthcare and to build a patient-centric platform rather than provider-centric,” says the company’s LinkedIn profile.
Reliance Jio’s HealthHub app, on the other hand, allows users to upload health and medical data to maintain a medical profile and view health charts, among other features.
With the help of the app, users can upload medical prescriptions, bills, lab reports, etc. and share them with medical service providers and family members.
“RIIHL’s interest in KareXpert could be from the point of view of its telecom arm Jio,” an analyst tracking RIL said. “Last January, Jio had made its JioHealthHub health and fitness app live for its users. Interest in KareXpert would be from the view of strengthening JioHealthHub.” The analyst spoke on condition of anonymity.