Healthtech startup Clinics On Cloud has raised Rs 120 crore in a Series A funding round from Model42, the medtech-focused investment arm of UAE-based investor Enlightened Minds Investments.
The Pune-based startup raised the fresh capital at a valuation of Rs 600 crore (USD 63.3 Mn).
As per a media report, Clinics On Cloud plans to utilise the funds to strengthen its AI-led healthcare capabilities, expand research and development (R&D), and accelerate the growth of its micro-clinic ecosystem.
A portion of the capital will also be deployed towards strengthening manufacturing capacity, scaling strategic partnerships with healthcare providers and expanding its global presence.
“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 allows us to take that vision global,” said Clinics On Cloud cofounder and CEO Abhay Agarwal.
Founded in 2018 by Abhay Agarwal and Manashrri Agarwal, Clinics On Cloud manufactures and deploys AI-powered health ATMs, portable box clinics and mobile medical units. These solutions facilitate point-of-care preventive health checkups and telemedicine consultations, enabling hospitals and government agencies to establish temporary micro-clinics.
The startup claims to have recorded more than 3,500 deployments across 200 cities in India and seven other countries. It has screened over 1.2 crore patients and claims to serve the Indian Army, Navy and Border Security Force (BSF).
Clinics On Cloud plans to establish the UAE as its global expansion hub, while exploring new markets across Africa, the US and Southeast Asia.
The fundraise comes amid renewed investor interest in the healthtech sector, driven by the growing adoption of artificial intelligence. In September, smart ring maker Ultrahuman raised USD 70 Mn to strengthen its integrated healthtech platform.
In July, AI-powered healthtech startup CARPL.ai raised USD 10 Mn in a Series A funding round led by the International Finance Corporation (IFC). During the same month, actor Kunal Kapoor joined Ketto co-founders Varun Sheth and Zaheer Adenwala to launch healthtech startup MetaGO.
India’s homegrown healthtech market is projected to become a USD 37 Bn opportunity by 2030.
