Jio Health Raises $20 Million In Series B
Funds will be utilized to expand its smart clinics and omnichannel ecosystem across its primary market of Vietnam and in newer geographies and further advance technology platform innovation
Jio Health on Wednesday announced to have raised $20 million in a Series B funding led by Singapore-based healthcare investor Heritas Capital. Other investors in the round include Fuchsia Ventures, Kasikorn Bank Group and existing investor Monk's Hills Ventures. This fundraise represents the largest in the company's history and will build on Jio Health's aggressive growth. Funds will be utilized to expand its smart clinics and omnichannel ecosystem across its primary market of Vietnam and in newer geographies and further advance technology platform innovation.
"We plan to boldly invest into expanding our geographic footprint across Vietnam, enhancing our clinical and digital capabilities, and regionalizing the playbook for our "quality care, anytime, anywhere' value proposition," said Raghu Rai, founder and CEO, Jio Health.
Healthtech has been growing at an unprecedented rate in India as well as south-east Asia. A McKinsey report projects that the consumer centric digital health market in Asia could grow from $37.4 billion in 2020 to over $100 billion in 2025; a compounded annual growth rate of 21 per cent.
"Jio Health is building a unique healthcare model with a blend of online and in-person service offerings to care for patients throughout their healthcare journey, from wellness to treatment and post-treatment recovery. We are pleased to support Jio Health in their mission to provide greater access to affordable quality healthcare solutions and managed care for all," said Chik Wai Chiew, executive director and CEO, Heritas Capital.
Jio Health's vertically integrated consumer healthcare value chain enables it to provide quality, affordable care wherever consumers shop, work, live, and click. Beyond virtual care, the offline matrix of Jio Health's ecosystem consists of smart clinics, on-demand home care, and an extensive and growing network of 300-plus Jio-branded neighbourhood pharmacies. Jio Health's technology encompasses telemedicine, e-prescription fulfilment, digital medical records, and machine-learning for clinical decision support. The uniqueness of Jio Health's model is that access to care is part of a larger omni-channel strategy that integrates prevention, multi-specialty care management, and ancillary diagnostic and pharmacy benefits to deliver better healthcare outcomes.