Healthtech Startup Dozee Bags $8 Mn to Boost Global Expansion

The funding round saw participation from Temasek Trust's impact-first investment vehicle C3H, Stockhausen International Pte, and undisclosed strategic investors.

Bengaluru-based healthtech startup Dozee has raised approximately $8.3 million (INR 71.5 Cr) in a mix of equity and debt to fuel its global expansion and strengthen research and development efforts. 

The funding round saw participation from Temasek Trust's impact-first investment vehicle C3H, Stockhausen International Pte, and undisclosed strategic investors.

According to the company's filings with the Ministry of Corporate Affairs (MCA), C3H infused INR 6.3 Cr as equity, while Stockhausen International contributed INR 58.5 Cr as debt. The remaining funds were secured from strategic investors.

A company spokesperson stated that the fresh capital will be used to enhance Dozee's critical patient monitoring systems and expand its international footprint. 

Founded in 2015 by Mudit Dandwate and Gaurav Parchani, Dozee provides contactless patient monitoring systems that track vital signs such as heart rate, respiration rate, blood pressure, and temperature. 

The startup also offers an early warning system that alerts healthcare professionals to any deterioration in a patient's health.

Despite facing challenges in scaling its business within India, Dozee has expanded its operations to international markets such as the US, the UAE, and Africa. 

The company is also exploring entry into new global markets while expanding its product portfolio. 

Currently, Dozee competes with players like Zyla Health, Fix Health, Zivov, and Cardiac Design Labs in India.

In its Series A2 round in 2023, Dozee raised $6 million from 3one4 Capital, Prime Venture Partners, YourNest VC, and State Bank of India. With the latest round, the startup has secured close to $20 million across multiple funding rounds.

On the financial front, Dozee's revenue from operations surged 148% to INR 5.2 Cr in FY24 from INR 2.1 Cr in FY23. Including other income, total revenue reached INR 6.5 Cr. 

The company also managed to reduce its net loss by 19%, narrowing it to INR 68 Cr from INR 84.4 Cr the previous year. 

Total expenditure fell by 15% to INR 74.5 Cr, while employee costs, the largest expense, decreased by 12% to INR 47 Cr.

Despite these efforts, Dozee reportedly laid off about 40 employees last year to curb losses. 

However, the startup is optimistic about achieving profitability in India and is currently hiring across departments, including data science, product, and marketing.

Stay tuned for more such updates on Digital Health News.