Digital healthcare startup Karma Primary Healthcare has secured funding from UBS Optimus Foundation as part of its Series A funding round. This investment brings the total Series A funding to ₹11 crore (about $1.3 million).
The round also saw participation from 1Crowd and other investors.
The capital will be strategically deployed to enhance Karma’s technological capabilities; extend value-added services; and expand the team as it builds-out a patient-centric care model for rural patients in India. Karma aims to reach 100 locations serving over 150,000 patients annually by 2027.
Dhun Davar, head of Social Finance, UBS Optimus Foundation and head of Social Impact & Philanthropy, India and Middle East, UBS, said, ”UBS Optimus Foundation aims to scale quality primary healthcare for vulnerable communities around the world and make it more accessible. Our partner Karma Primary Healthcare has assisted hundreds of thousands of patients in rural India since our partnership began and our continued funding will help them expand their network of medical facilities and further strengthen their digital platform.”
The funding will enable Karma to transition from a transaction-based care model to a value-based care model, including the development of value-added services and referral networks. It will also support the enhancement of predictive analytics capabilities, allowing for improved patient data management and personalized healthcare solutions.
“We are delighted by the profound impact Karma has created by revolutionizing the primary healthcare space in India. Their unwavering commitment to bridging the healthcare gap by providing medical care solutions including phygital1 consultations, advanced diagnostics, quality medicines, and health education in underserved geographies has truly been inspiring. Having supported Karma since their early days, we’re proud of the progress Jagdeep and his team are making in setting new standards in healthcare delivery. We remain committed to Karma’s transformative journey towards providing a continuum of care to people across the country,“ said Natasha Kothari, Co-Founder, 1Crowd.
Jagdeep Gambhir, CEO & Founder, Karma Primary Healthcare stated, “UBS Optimus Foundation’s support aligns perfectly with our mission to revolutionize quality healthcare access for low-middle-income communities in rural India. This long-term commitment from UBS-OF supports our vision for sustainable growth.”
Founded in 2014, Karma enables access to quality primary healthcare across 8 states in India through its assisted telemedicine model. The company has witnessed a threefold increase in its patient base over the last three years impacting more than 350,000 lives with validated positive health outcomes, with 55% of them being women. Karma has been able to achieve this growth on the back of a robust technology platform that addresses both awareness gaps and service delivery gaps which has enabled it to accumulate a comprehensive dataset of patients in rural India.
Karma Primary Healthcare (Karma) is an impact-driven, technology-enabled startup with a vision to make primary healthcare more accessible, equitable, integrated, and evidence-based. As of July 2024, Karma is present across eight states in India and has successfully treated over 350,000 patients. Committed to expanding its reach, Karma aims to operate from over 100 locations and serve over 150,000 patients annually. Transitioning from Healthcare 1.0 to Healthcare 3.0, Karma is shifting from a transaction-based care model to a patient-centred, value-based care model.
UBS Optimus Foundation is an independent grant-making foundation that offers UBS clients a platform to use their wealth to drive positive social and environmental change. The Foundation selects programs that improve children’s health, education, and protection, ones that have the potential to be transformative, scalable, and sustainable, as well as programs tackling environmental and climate issues.
