LifCare Secures $11M Series B Funding to Expand Chronic Disease Pharmacy Services and Enhance Medication Adherence

VCBeat (WeChat ID: vcbeat) has learned that LifCare, a pharmacy focused on chronic disease services, recently completed an $11 million Series B financing round, with investment from Saif Partners and Nexus Venture Partners.

LifCare’s first two funding rounds included a $1 million seed round completed on March 21, 2016, with Rajul Garg as the investor;

On October 30 of the same year, LifCare completed a $5 million Series A financing round, with investment from Nexus Venture Partners and SAIF Partners, both of which continued to participate in LifCare’s Series B financing round.

It is reported that following the completion of its Series B financing, LifCare will primarily allocate the funds toward expanding its offline pharmacy network and further enhancing its one-stop service for chronic disease patients, covering the entire supply chain from medication procurement to end-user delivery. Currently, its pharmacies are mainly concentrated in Jaipur and New Delhi, the capital of India.

LifCare is India’s largest subscription pharmacy for chronic disease patients, providing users with affordable and convenient chronic care management.

LifCare aims to enhance patients’ overall pharmacy experience by providing a relationship-oriented, technology-driven, and convenient environment. In addition to dispensing medications, the company now seeks to offer one-stop services for patients with chronic diseases and improve medication adherence, emphasizing the importance of taking medications to maintain health.

LifCare’s team was established in late 2015. Founder Rohit Mohta and Co-founder Krishna Killa are both alumni of IIT and IIM, and the team brings years of industry experience from companies such as BCG, Bain Capital, J&J, Cipla, and Grofers. The company currently has approximately 500 employees and aims to further expand its workforce through geographic expansion.

Approximately 25% of India’s population suffers from chronic diseases, and about one-third of the population is non-adherent to maintenance medication, leading to soaring hospitalization rates and healthcare costs. Due to low medication adherence, approximately 300,000 people in India lost their lives to diabetes in 2015.

Krishna Killa, Co-founder of LifCare, stated: “At LifCare, we believe our services can save lives lost to chronic diseases. We aim to expand LifCare’s service portfolio into a comprehensive disease management platform for patients with chronic conditions.”

LifCare is redefining chronic disease management and pharmaceutical supply chains through intelligent technologies and data science, with service modules including medication replenishment management, prescription digitization, O2O services, medication reminders, smart warehouse inventory, and intelligent logistics.

From proactive monthly refills and dosage updates to ensuring improved adherence, LifCare takes care of every aspect of patient needs. LifCare is positioned as the ideal healthcare hub for patients requiring long-term medication management for conditions such as diabetes, heart disease, hypertension, thyroid disorders, and kidney diseases. Convenience, cost-effectiveness, accuracy, and timeliness are LifCare’s four core guarantees.

LifCare APP

At LifCare, patients can subscribe to pharmacy services in just two steps:

First, call LifCare Pharmacy to report your current health condition and register as a member;

Second, LifCare pharmacists will conduct telephone follow-ups to verify prescriptions;

Subsequently, at the scheduled medication times, patients will receive home-delivered medication packs. Furthermore, pharmacists will promptly replenish prescriptions on a monthly basis, with LifCare handling the home delivery of the medications.

In addition to telephone services, LifCare has also developed a dedicated app for patients to purchase medications.

Throughout the subscription service, the services provided by LifCare are mainly reflected in three aspects:

First, remind patients to take their medications at the appropriate times and to proactively refill their prescriptions before running out.

Second, provide patients with sufficient medication information, explaining the purpose of each drug and how to take it;

Third, provide members with personalized care packages to help them better manage their diseases.

According to patient feedback, LifCare can save them 15% on their monthly medication costs, which exceed 5,000 rupees (members enjoy a 15% discount on drug purchases).