Innovaccer's journey into the Unicorn Club
As a trainee for a Fortune 500 company, Abhinav Shashank submitted a 400-page long report that would receive $20 million in funding. By the time he left, the new company was making $40 million in revenues. The learnings from this experience urged him to set on his own entrepreneur journey. He wanted to do something in the unstructured but abundant world of big data.
So in 2011, he and Kanav Hasija started from a basement in Noida to build data sets for academics. Within a year, top professors from Harvard University and Wharton School of University of Pennsylvania showed interest. This idea was the predecessor of today's unicorn club member Innovaccer. Founded in 2012 by Abhinav, Kanav and Sandeep Gupta, Innovaccer is a software as a service (SaaS) startup with its product - Innovaccer Health Cloud.
This cloud platform can sift through vast amounts of data and information to bring you quick results and insights in the healthcare industry. Along with patient health records, they also help with claims, pharmacy, DMEs and more. Where its competitors can provide EMR records in 6-8 months, Innovaccr can do the same in 6-8 weeks. This is the reason why their five-year CAGR went over 100%. Their revenues too have grown 100% annually. Till now they have saved over $600 million in healthcare costs in the US alone.
In their seed round, they received $2.5 million. Over the years they have raised $121.6 million in numerous funding rounds. M12 - Microsoft's Venture Fund, Sequoia Capital India and WestBridge Capital are a few of their investors. This year Tiger Global Management raised $105 million in their series D round. This pushed Innovaccer's valuation to $1.3 billion, thus cementing its position in the Unicorn Club.
Innovaccer has its offices spread between Indian and the USA. They have over the years, accumulated customers from 1000 locations. Despite its biggest office being in Noida, it gets the most business from the USA. The lack of data infrastructure creates a challenge for Innovacer to establish itself in our country. Will increased digitalisation since Covid, help Innovaccer enter the Indian market successfully?