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At a Glance
Innovaccer, a healthcare SaaS (software as a service), had now joined the billion-dollar club and recently became a unicorn when it closed the latest fundraising round led by Tiger Global Management which has shot the valuation of the firm to about $1.3 billion. In the last financial year, the firm was valued at around $350 million after closing the series C funding round. However, it has now raised $105 million in the new round.
This success can be owed to SaaS startups recently gathering the limelight and are globally at historic heights that have garnered the investors’ attention and interest. Many previous investors of the healthcare SaaS have also increased their investments. These investors include Dragoneer, B Capital Group, Mubadala Capital, Steadview Captial, and Microsoft’s Venture Fund M12.
Along with this, many new investors have also joined, which includes OMERS Growth Equity. Through this round of funding, the company has raised more than $225 million. The healthcare SaaS startup, Innovaccer, is now seven years old and is based in the Silicon Valley of the United States. It was founded by Abhinav Shashank and Kanav Hasija, alumni of IIT Kharagpur, and Sandeep Gupta, alumni of IIM Ahmedabad. Interestingly, just like most SaaS startups, many business functions like finance and marketing, engineering, and product management are handled from India.
About this, the Chief Executive Officer of Innovaccer, Abhinav Shashank, said, “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.”
In March 2020, the firm also worked with many state governments in India, including Puducherry and Goa, to build an application that has helped many citizens screen and self-analyze themselves for Covid-19. The application is called “TestYourself” and has played a vital role in helping people decide whether they should seek medical assistance, check whether they are at risk or not, and determine if they can get better without going to a doctor. This is done by filling out a survey form in which people screen themselves and list the symptoms of their feelings.
Now that the firm has received new funding, it is thinking about working on and launching “Innovaccer Health Cloud,” the firm said in an interview. “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 at Innovaccer. There are many eyes on the company and its future potential.