Exclusive: Healthtech Startup Dozee Raises $8 Mn To Accelerate Global Expansion

SUMMARY

The funding round, which was a mix of equity and debt, saw participation from Temasek Trust’s investment vehicle C3H, Stockhausen International, among others

The startup will use the fresh capital to accelerate its global expansion and boost R&D efforts to enhance critical patient care monitoring

Dozee’s net loss narrowed 19% YoY to INR 68 Cr in FY24, while operating revenue zoomed 148% YoY to INR 5.2 Cr

Healthtech startup Dozee, backed by Prime Venture Partners, 3one4 Capital, among others, has raised INR 71.5 Cr (about $8.3 Mn) in a mix of equity and debt, sources told Inc42.

As per the startup’s MCA filings, Temasek Trust’s impact-first investment vehicle C3H infused INR 6.3 Cr in the form of equity in the Bengaluru-based startup. Meanwhile, INR 58.5 Cr was infused as debt by Stockhausen International Pte Ltd.

The remaining capital came from undisclosed strategic investors.

The fresh capital will help the startup accelerate its global expansion and strengthen R&D efforts to enhance critical patient care monitoring, a company spokesperson told Inc42 in a statement.

Founded in 2015 by Mudit Dandwate and Gaurav Parchani, Dozee sells contactless patient monitoring systems that allow clinical staff of hospitals to remotely monitor vital signs of those under treatment, including heart rate, respiration rate, blood pressure and temperature.

It also sells an early warning system that alerts doctors about clinical deterioration in patients’ health.

The startup competes with the likes of Zyla Health, Fix Health, Zivov and Cardiac Design Labs in India.

Dozee last raised $6 Mn funding in its Series A2 round from 3one4 Capital, Prime Venture Partners, YourNest VC, State Bank of India, among others, in 2023. With the close of the latest round, the healthtech startup has raised close to $20 Mn in multiple rounds till date.

Struggling to grow its business in India, Dozee has expanded to international markets, including the US, the UAE and Africa. The sources cited above said that the startup is looking to foray into new international markets and also broaden its product portfolio in the coming days.

The company spokesperson said that Dozee is on track to achieve profitability in India and is currently hiring across multiple departments such as data science, product and marketing.

It must be noted that the Bengaluru-based healthtech startup fired about 40 employees last year to contain losses.

A Look At Dozee’s Financial Numbers: Dozee managed to narrow its net loss by 19% to INR 68 Cr in the financial year 2023-24 (FY24) from INR 84.4 Cr posted in the previous fiscal, as its cash burn declined.

Revenue from operations zoomed 148% to INR 5.2 Cr during the year under review from INR 2.1 Cr in FY23. Including other income of INR 1.3 Cr, Dozee’s total revenue stood at INR 6.5 Cr in FY24.

Even as its top line grew, total expenditure declined 15% to INR 74.5 Cr during the year ended March 2024 from INR 87.9 Cr in the previous fiscal year.

Employee costs continued to be the biggest expense head for the healthtech startup. However, the spending under this head declined 12% to INR 47 Cr in the reported period from INR 53.3 Cr in FY23.