Diabetes care startup OneCare raises funding from Multiply Ventures, Better Capital, Kunal Shah, others

Diabetes care startup OneCare on Monday said it has raised $1 million (Rs 7.4 crore) as part of its pre-seed funding round led by early-stage venture capital firms Multiply Ventures and Better Capital.

The funding round also saw participation from a clutch of angel investors including Kunah Shah, founder, Cred, Shashank ND, cofounder, Practo, Saikiran Krishnamurthy, founder, xto10x, Ankit Bhati, cofounder, Ola, Zishaan Hayath, founder, Toppr, Farooq Adam, cofounder, Fynd and Anand Shah, cofounder, Ola Electric, said OneCare in a statement.

Other angel investors who contributed to the funding round include Shariq Plasticwala, ex-Amazon pay head, and founder, Kafka Academy, Gaurang Jhunjhunuwala, partner, McKinsey, Nikhil Bhandarkar, founder Panthera Peak Ventures, Dinesh Advani, cofounder, Playshifu, Aditya Kulkarni, cofounder, Stoa School, Jonathan Chan, chief of staff, Freetrade and Amit Ghorawat, cofounder, Bicycle.Ai.

Bengaluru-based OneCare, which is operated by Wellworks Technologies Pvt Ltd, will use the funds for product development and hiring.

The startup, which was founded this year by Rakesh Shivran and Sagar Bhat, is building an asset light, full-stack chronic care model. Shivran was earlier heading products at healthtech firm Practo while Bhat had led multiple businesses and operations at Ola including Ola Play. Bhat was heading operations for Ola Electric in his latest role.

The statement noted that the chronic care market in India is more than $50 billion.

India’s healthtech segment is expected to grow at a CAGR (compound annual growth rate) of 39% to touch $5 billion by 2023, according to a report by transaction advisory firm RBSA Advisors. The segment has the potential to grow to $50 billion over the next 10-12 years.

India has more than 5,000 healthtech startups and the industry is currently pegged at $1.9 billion. The startups have secured funding of around $2.5 billion which reflects that technology is poised to strengthen the healthcare ecosystem of India.

Last month, Cloudphysician Healthcare Pvt Ltd, a healthcare technology company focused on critical care, raised $4 million (around Rs 30 crore) as part of its pre-Series A funding round from Elevar Equity.