invested in Software co Innovaccer

$60 million to be invested in Software co Innovaccer

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Innovaccer, a healthcare company

Innovaccer is a software company which emphases on putting together healthcare data collected at various points. Steadview Capital and Tiger Global management are the two active investors in India’s tech market and are in talks with Dragoneer Investment Group to invest $50-60 million in Innovaccer.

In 2014, Abhinav Shashank and Kanav Hasija two graduates from IIT-Kharagpur founded Innovaccer, along with Sandeep Gupta, an IIM-Ahmedabad alumnus. The products of the company help doctors to manage and store the data of millions of patients along with analytics performance.

Innovaccer to be valued around $300 million

According to the reports, in the new round of funding, Innovaccer, the Noida and San Francisco-based startup will be valued at around $300 million.

One of the sources said, “The deal is expected to close in three to four weeks and the company has got interested from several other investors as well.”

Pravega Ventures, West Bridge, and Lightspeed India were the early investors for Innovaccer with total funding of $50 million. Earlier this year, Microsoft’s investment arm M12 also invested in Innovaccer.

In July, Health Catalyst was listed on NASDAQ, as one of the competitors of the company. The share price of the company increased by 75% assisted the company in raising a market capitalization of $1.5 million.

Innovaccer manages over 10 million customers

According to its website, the company focuses on the US market where it has a network of 10,000 healthcare service providers that manages 10 million customers. Innovaccer claims to have delivered $400 million of savings to its customers, including UniNet Healthcare Network, StratiFi Health, Hartford Healthcare, and Osler Health Network.

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