Dozee Raises $8 Million to Accelerate Global Expansion and R&D
Dozee, a healthtech company backed by Prime Venture Partners and 3one4 Capital, has raised 71.5 million (around $8.3 million) in equity and debt, as per sources.
According to the MCA filings of the company, Temasek Trust's impact investment arm C3H invested 6.3 million as equity, and 58.5 million was contributed as debt by Stockhausen International Pte Ltd. The rest of the funds were contributed by strategic investors who have not been disclosed.
This fresh capital infusion will assist Dozee in scaling up its global footprint and augmenting its research and development strength for enhancing critical patient care monitoring systems.
Established by Mudit Dandwate and Gaurav Parchani in 2015, Dozee is a contactless patient monitoring company that allows healthcare professionals to track patients' vital signs such as heart rate, respiration rate, blood pressure, and temperature remotely. In addition, Dozee provides early warning to alert doctors to probable health decline of patients.
Dozee faces domestic competition from the likes of Zyla Health, Fix Health, Zivov, and Cardiac Design Labs. In 2023, the startup had raised $6 million in its Series A2 round from the likes of 3one4 Capital, Prime Venture Partners, YourNest VC, and State Bank of India. Dozee has raised close to 20 million in various funding rounds with the recent round.
Despite being challenged in the Indian market, Dozee has scaled its business internationally, with operations in the US, UAE, and Africa. The firm is set to expand into other global markets as well as offer more products. A company spokesperson further stated that Dozee is poised to reach profitability in India and is also aggressively hiring for different departments including data science, product, and marketing.
On the financial front, Dozee reduced its net loss by 19% to 68 million in FY24 from 84.4 million in FY23 as its cash burn slowed down. Revenue from operations jumped 148% to 5.2 million in FY24 from 2.1 million in FY23. With other income of 1.3 million, Dozee's revenue for FY24 was 6.5 million. Even with higher revenue, the company was able to lower its overall expenditure by 15%, from 87.9 million in FY23 to 74.5 million in FY24. Staff costs were still the biggest expense, but the company lowered this by 12% to ₹47 million in FY24 from ₹53.3 million in FY23.
According to the MCA filings of the company, Temasek Trust's impact investment arm C3H invested 6.3 million as equity, and 58.5 million was contributed as debt by Stockhausen International Pte Ltd. The rest of the funds were contributed by strategic investors who have not been disclosed.
This fresh capital infusion will assist Dozee in scaling up its global footprint and augmenting its research and development strength for enhancing critical patient care monitoring systems.
Established by Mudit Dandwate and Gaurav Parchani in 2015, Dozee is a contactless patient monitoring company that allows healthcare professionals to track patients' vital signs such as heart rate, respiration rate, blood pressure, and temperature remotely. In addition, Dozee provides early warning to alert doctors to probable health decline of patients.
Dozee faces domestic competition from the likes of Zyla Health, Fix Health, Zivov, and Cardiac Design Labs. In 2023, the startup had raised $6 million in its Series A2 round from the likes of 3one4 Capital, Prime Venture Partners, YourNest VC, and State Bank of India. Dozee has raised close to 20 million in various funding rounds with the recent round.
Despite being challenged in the Indian market, Dozee has scaled its business internationally, with operations in the US, UAE, and Africa. The firm is set to expand into other global markets as well as offer more products. A company spokesperson further stated that Dozee is poised to reach profitability in India and is also aggressively hiring for different departments including data science, product, and marketing.
On the financial front, Dozee reduced its net loss by 19% to 68 million in FY24 from 84.4 million in FY23 as its cash burn slowed down. Revenue from operations jumped 148% to 5.2 million in FY24 from 2.1 million in FY23. With other income of 1.3 million, Dozee's revenue for FY24 was 6.5 million. Even with higher revenue, the company was able to lower its overall expenditure by 15%, from 87.9 million in FY23 to 74.5 million in FY24. Staff costs were still the biggest expense, but the company lowered this by 12% to ₹47 million in FY24 from ₹53.3 million in FY23.
