Innovaccer, which was valued at $350 million last year after it closed its Series C funding round, has raised just $105 million in the new round, during a time when SaaS startups globally are raising capital at historic highs and gaining investor attention
Healthcare software-as-a -service (SaaS) startup Innovaccer has entered the billion-dollar club with its new fund-raising round led by Tiger Global Management trebling its valuation to $1.3 billion.
Innovaccer, which was valued at $350 million last year after it closed its Series C funding round, has raised just $105 million in the new round, at a time SaaS startups globally are raising capital at historic highs and gaining investor attention.
Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 (Microsoft’s Venture Fund) participated in the round along with new investor OMERS Growth Equity.
With this, the company has raised more than $225 million so far.
The seven-year-old Silicon Valley startup was founded by Abhinav Shashank and Kanav Hasija, alumni of IIT Kharagpur, and Sandeep Gupta, alumnus of IIM Ahmedabad, and like some other SaaS startups, operates a majority of its engineering, product management, and business functions such as marketing and finance out of India.
“We have more than 500 employees in India, which is about 85% of our employee count. Our mission is to connect and curate the world’s healthcare information to make it accessible and useful. So, we are focusing on healthcare globally, including India," Shashank, chief executive officer, Innovaccer, told Mint.
In March 2020, the startup worked with the governments of Goa and Puducherry on an app that helped citizens self-assess for covid-19. The app “TestYourself" helped people screen themselves by filling out a survey that lists the symptoms of the disease and also helps them decide, without visiting a clinic, whether or not they are at risk.
With the new funding, Innovaccer is launching ‘Innovaccer Health Cloud’, it said.
“More than ever before, customers need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary information technology (IT) costs, and improve care quality and cost-effectiveness. With the launch of the Innovaccer Health Cloud, we look forward to accelerating the expansion of our ecosystem with our partners to create even more value for our customers," said Gupta, chief operating officer, Innovaccer.