Healthcare-focussed software-as-a-service provider THB has secured $20 million (Rs 163 crore) in a growth equity round led by Filter Capital and Edelweiss Discovery Fund Series – I.
Cornerstone Venture Partners Fund (CSVP) and Healthquad also joined the round, THB said in a statement.
With this funding, THB plans to expand its product portfolio. It also plans to use the funds to expand its operations globally and accelerate growth in existing countries across South Asia, the Middle East, and South East Asia.
THB, operated by Sekhmet Technologies, had in 2021 raised $3.11 million from mid-market private equity firm SeaLink Capital Partners and existing investors Healthquad and Blume Ventures. It also raised capital in 2019 from Belgium-based Kois Invest and Tokyo-headquartered management consulting firm Dream Incubator as well as existing investors Blume Ventures and Healthquad.
The company, formerly known as The Healthy Billion, underwent a rebranding process in April 2016 to become THB, which it says is an acronym for technology, healthcare, and big data analytics. This change was prompted by a legal dispute with another organization regarding the use of the company's original name.
THB was founded in 2015 by former Bain & Co. executive Akansh Khurana, ex-Microsoft executive Rajesh Pachar and former American Express executive Rohit Kumar. It roped in former McKinsey consultant Kritika Tandon as the company’s chief operating officer in 2018 and ex-McKinsey Partner Chirag Adatia as the COO for India and established business in March 2023.
The company serves hospitals, drugmakers, diagnostic labs, consumer health firms, payors, and medtech companies across emerging Asia, including India, Bangladesh, Sri Lanka, the UAE, Saudi Arabia, Indonesia, Singapore, and Malaysia. It claims that its data management platform and a suite of software solutions cover more than 20 use cases, including patient engagement, doctor engagement, clinical customer relationship management, analytics automation, customer care automation, and real-world evidence.
“Healthcare Big Data Technology presents an enormous opportunity for growth in this decade. THB aims to provide its customers with a comprehensive suite of data use-cases, enabling them to fully leverage their healthcare datasets and achieve tangible growth,” said Akansh Khurana, managing director and Group CEO of THB.
Investec Capital and Antares Legal were the advisors for the latest transaction.
