HealthTech Startup Innovaccer joins unicorn club with latest capital round from Tiger Global

Healthcare startup Innovaccer has entered the unicorn club with its new fund-raising round. After Tiger Global Management pumped an $105 million into the startup, it's valuation has reached $1.3 billion. The startup valued at $350 million last year with its Series C funding round.

Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 (Microsoft’s Venture Fund) also participated in the round along with new investor OMERS Growth Equity. With this, the company has raised more than $225 million so far.

About Innovaccer

The 2014 startup began its joyurney when Abhinav Shashank and Kanav Hasija, alumni of IIT Kharagpur, and Sandeep Gupta, alumnus of IIM Ahmedabad wanted to focus on healthcare including in India. “We have more than 500 employees in India. That 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," Shashank, CEO had said earlier. With this fund, they aims to launch Innovaccer Health Cloud. This will combine its data activation platform. It will further allow providers and partners to develop apps on it for better patient engagement and outcomes.

In March 2020, the startup worked with the governments of Goa and Puducherry to help citizens self-assess for COVID-19. The app “TestYourself" helped people screen themselves by filling out a survey that lists the symptoms of the disease. It also helps them decide, without visiting a clinic, whether or not they are at risk.

The company, in the statement, said that by 2021-end, it aims to have a five-year CAGR of 100%. It has further added accounts of Dignity Health, Cancer Treatment Centres of America, Embright, Valley Integrated Provider Network and Lee Health in 2020.

“Organisations across healthcare need a cloud-based platform that can unlock the value of the significant investments made in legacy healthcare IT. Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes,” John Curtius, partner at Tiger Global, said in the statement.