Press Release – SINGAPORE, 2 February, 2018 – Impact Investment Exchange (IIX) announces the closing of its 17th deal in India with a successful funding round completed for India-based Karma Primary Healthcare Services Private Limited (Karma). Karma aims to provide affordable, equitable and reliable healthcare services to the underserved rural population in India through a hub-and-spoke model which connects remote communities to doctors via real-time online video consultations. The round was led by 1Crowd alongside existing investors Ankur Capital, Beyond Capital Fund and Ennovent. The company also received support from marquee organizations such as the Tata Trusts, UBS Optimus Foundation and WISH Foundation.
“Karma Healthcare is looking forward to expanding its operations into new geographies as well as enhancing our medical systems and technology with this funding” stated Jagdeep Gambhir, CEO and Co-Founder of Karma Healthcare. He added, “IIX’s support was instrumental in this fundraising round. Along with helping us secure financial commitment, the IIX team assisted in investor negotiations and guided us in quantifying our social impact.”
Since the inception of its first clinic in 2014, Karma has completed over 55,000 consultations, and currently operates 15 e-Doctor clinics in the states of Rajasthan and Haryana which deliver a comprehensive ecosystem of clinical treatment, quality medicines and diagnostics at competitive rates. With the new funding, more than 540,000 patients in the underserved communities of India will be able to access quality healthcare services through Karma’s network of e-Doctor clinics. Additionally, over 6,000 people from rural communities will be able to enjoy free consultations through Karma’s outreach camp. Karma’s overarching vision is to create a pan-India network of healthcare clinics, thereby making definitive large scale impact and taking significant steps towards ‘healthcare for all’.
“India is home to many highly-innovative companies which are creating cutting-edge solutions for the delivery of affordable goods and services to the most remote communities,” said Robert Kraybill, Managing Director of IIX. “IIX has had the pleasure of working beside and raising capital for 17 such companies over the years, including two so far in 2018. We are particularly pleased to have supported Karma Healthcare, which is making the healthcare industry in India more inclusive through innovation.”
About IIX: Impact Investment Exchange (IIX) is a Singapore-based impact enterprise that builds pathways to connect backstreets of underserved communities to the Wall Streets of the world through impact investing. IIX investment platforms and innovative financial products enable impact enterprises to accelerate their business and scale their positive impact, while pushing the impact investing space from the margins to the mainstream. To date, the work of IIX has spanned 40 countries and continues to expand with the mission of unlocking US$1 billion of impact investment capital and impacting 65 million lives by 2022.
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