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Integrated healthcare start-up Wellspring Healthcare has raised Rs 20.5 crore in its first round of funding from a clutch of venture capital firms, including IT Czar Narayana Murthy’s Catamaran Ventures.
Anil Ambani group’s Reliance Venture Asset Management and the US-based BlueCross BlueShield have also picked up stakes. However, additional financial details such as total valuation reached for the firm, incorporated in March 2010, were not disclosed.
Wellspring intends to use the proceeds to launch its integrated centres which will render help for routine and chronic ailments under one roof and also provide tertiary services like handling medical emergencies, diagnostics and pharmacy, the company’s co-founder and chief executive, Mr Kaushik Sen, told PTI here.
The company intends to launch four centres in Mumbai by August 2011, which will go up to 20 by September 2013. It is also looking at expanding into other metros including Ahmedabad and Pune once it crosses 10 centres in Mumbai, he said.
Typically, every centre will be having up to 15 employees including four doctors, Mr Sen said, declining to give a capital expenditure per centre.
Catamaran, which was started by Mr Murthy and his wife Ms Sudha by selling their holding in Infosys, has been agnostic in both, the sectors and stages at which it invests. While it has an angel investment like Wellspring, the company also invested in the microlender SKS, days before it went public.
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