Pegase Health Systems valued at $29 million after $10 million funding interest from IGC, USAOctober 23, 2021
Hyderabad (Telangana), October 23, 2021: Beverly Hills, CA. Pegase Health Systems (Formerly ZOLT) is one of the largest telemedicine companies in India, with 72 Million consults performed on its platform from 2009-2021.
The increased convergence of digital, health and biotech has set a precedent for the future of healthcare, and the pandemic accelerated these previously slow-moving trends in mobile healthcare technologies. Telemedicine providers across the globe that enable remote diagnosis and treatment of patients have successfully raised capital this year in the USA for establishing operations.
The Pegase Health Systems (PHS), a Hyderabad, India-based Healthcare IT firm, held preliminary talks in January 2021 with investment banks to expand its services in the USA. Launched in 2009, PHS delivered 69 Million voice calls, 400K video calls and 3 Million personal consults through its system in India to date.
IGC, a venture capital firm located in Beverly Hills with deep knowledge of capital stack restructuring and leveraging our partners’ strengths worldwide, wanted to bring the PHS telemedicine platform to the USA, subject to FDA approvals. PHS would leverage IGC expertise in financial services through partnerships with banks, HNI and healthcare specialists.
IGC has offered to Invest $10M in funding to PHS, with PHS valued at $19M. The company plans to launch the software in the USA with few hospital clients in 2022. However, regulatory hurdles could slow the PHS’s pace to deploy its platform in the USA.PHS plans on using the fund to expand its platform’s capabilities and pipeline in the USA and will roll out its services in the 2nd quarter in 2022 in the USA.
The explosive growth in online consultations best illustrates the pace of change fuelled by Covid-19 and the first lockdowns. New players like PHS identify attractive opportunities in the healthcare industry’s digital transformation and are testing their products in US markets. Mega cap tech giants in the United States such as Amazon, Google and Apple have expressed interest in transferring their technological expertise to healthcare delivery.