Healthcare and life sciences focused private equity investor InvAscent, through India Life Sciences Fund IV, has invested $10 million to acquire a minority stake in ABI Health Technologies Private Limited Ltd, a health-tech Software as a Service (SaaS) company headquartered in Bangalore.
Founded in 2018 by Ajit Veerappan, ABI is a health-tech SaaS business which provides technology solutions to hospitals and diagnostic Labs.
The company’s product, ClaimBook, helps a hospital to automate its entire health insurance claims management process, improving revenue cycles while reducing revenue leakage. ClaimBook has been implemented in over 300 hospitals in India.
Its other product, the ABI Diagnostic Platform, helps diagnostic labs automate lab processes, increasing the lab’s throughput while improving sample management, reducing Turnaround Times and optimizing costs. The diagnostic platform has been implemented in over 450 diagnostic labs.
The two ABI’s platforms are used by hospitals and lab chains operating in India, the Middle East, and Southeast Asia markets.
“The growing use of insurance policies for payment in hospitals has brought the importance of managing the insurance claims process efficiently to the fore. ABI’s ClaimBook helps hospitals digitize the claims management process and helps them recover their dues in a timely manner. Its diagnostic platform product helps diagnostic labs serve their customers better by improving turnaround times while optimizing their cost of operations. This investment will fuel ABI’s growth and enable it to rapidly penetrate both domestic and global markets,” said Anil Jagirdar, Director, InvAscent.
InvAscent advises funds that operate under the name – India Life Sciences Fund – and has so far raised about $500 million, deploying the capital pharma, healthcare delivery, health-tech, medical devices and animal health industries.
“Indian Health-Tech is always seen as a challenging space but we see this changing rapidly with increasing adoption of tech. We believe that the platforms we have created meet the needs of enterprises across the globe. The investment will be used to support growth by financing building of add-on microservices and in expanding our presence in other geographies,” said Ajit Veerappan, Managing Director, ABI.
Masterkey Holdings acted as the financial advisor to ABI for this fundraise.
