Healthcare SaaS startup TBH (Technology l Healthcare l Big Data Analytics) on Friday said it has raised $20 million in a growth equity round led by Filter Capital and Edelweiss Discovery Fund Series – I.
Cornerstone Venture Partners Fund (CSVP) and Healthquad, among others, also participated in the round.
Founded in 2015, THB said it will use the proceeds to expand its operations globally and accelerate growth in existing countries across South Asia, the Middle East, and South East Asia. The firm currently serves over 150 healthcare enterprises across 10+ countries including India, Bangladesh, Sri Lanka and Malaysia.
THB, headed by Akansh Khurana, Rohit Kumar, Rajesh Pachar, Kritika Tandon, and Chirag Adatia, offers a data management platform and a range of software solutions for over 20 use cases such as patient and doctor engagement, clinical customer relationship management, analytics automation, customer care automation, and real-world evidence, to assist large healthcare organizations in their digital, data, and technology adoption efforts.
“Its proprietary data platform and software modules enable healthcare enterprises to deliver personalised care to their customers – delivering direct top-line impact. In our experience of working with enterprise SaaS companies, THB has all the right ingredients for achieving exponential global scale from hereon, and we are equally excited to traverse this journey with the team,” said Abhishek Prasad, managing partner, CSVP Fund.
The TBH funding comes at a time when fund managers are seen to be increasingly moving away from the health tech sector to clinch deals in the traditional healthcare space, including hospitals, amid macroeconomic headwinds. The trend has gathered steam as consumers are showing a clear preference for brick-and-mortar clinics over online consultations, which were at their peak during the pandemic years.
According to data collated by DealStreetAsia DATA VANTAGE, fundraising by health tech startups in the country dropped a whopping 81% to $57.77 million in the first quarter of this year compared with the same period last year.
