Amritsar, NFAPost: Bengaluru-based start up on physiotherapy treatments, ProPhysio has raised funding from investment firm NestaVera Group, the company said in a statement today.
The amount of investment, which was not disclosed by the company, will be used to boost its growth and augment new products and services, it said.
Founded in 2016, ProPhysio works to help patients with physiotherapy needs at their clinics and even at home. The company has also collaborated with many hospitals in Bengaluru and provide their physiotherapy services at the hospital premises.
According to the company, over the span of three years, it has catered to over 3,000 patients and has a target to help one million patients by 2023.
ProPhysio also aims to expand with presence in various locations across the country and to achieve this goal, the company plans to explore technology with artificial intelligence (AI) driven solutions for treatment of various health issues, it said.
“We have a transformational health and wellness plan and we will use the capital investment to expand with flagship centers across the country and develop intelligence health wearables” said ProPhysio Co-Founder Pramod Ravindra.
NestaVera Group has made the funding based on the holistic healing approach of ProPhysio that integrates robust technology. The investment company was also impressed by the “strong positioning of trust and credibility” of the start up, NestaVera Group Managing Director Manas Mehrotra said.
“We believe there is immense potential health solutions focused on lifestyle; we want our investments to go beyond capital investments and also lead to a positive impact on society,” Mehrotra said.
According to research studies, Physiotheraphy has growth potential in the healtcare sector and is expected to grow at a CAGR of 12% during 2015-2020.
Physiotherapy has moved from just being a injure recovery or post surgery recovery support to personalising healthcare domain, which is the potential future in this sector.
In the same context, Ravindra said “We want to take this (physiotherapy) to a different paradigm where we are health coaches and not just consultants who guide the health journey of an individual, be it a person recovering from an illness or an athlete who needs that edge to perform at their optimal levels or a regular person who wants to lead a healthy life.”
The uphill show in the sector is also seen aiding its equipment market. Global physiotherapy equipment market is also expected to get a boost during 2019-2025 and is expected to generate about $27 billion at a CAGR of 6.8%, according to a research study done by Zion Market Research.
India is also set to benefit from this estimated growth as the Asia Pacific region is recording significant growth in the physiotherapy equipment market with increasing government funding for research activities, the report said.
Also, “most of the hospitals and clinics are outsourcing their physiotherapy equipment to various developing countries like China and India, which is further propelling the physiotherapy equipment market growth,” it said.