Infosys Innovation Fund will acquire an undisclosed number of Series A compulsory convertible preference shares (CCPS) of the healthtech startup
Infosys plans to leverage 4baseCare’s capabilities to help its clients navigate their business transformation
Founded in 2018, 4baseCare leverages advanced genomics to develop personalised care for cancer patients
IT giant Infosys is investing INR 8.3 Cr (nearly $1 Mn) to acquire a minority stake in healthtech startup 4baseCare.
Infosys, in an exchange filing, said that the transaction will be executed via its venture capital arm, Infosys Innovation Fund. In lieu of the investment, the Fund will acquire an undisclosed number of Series A compulsory convertible preference shares (CCPS) of the startup.
“Infosys Innovation Fund seeks to partner with AI and deeptech startups such as 4baseCare to complement its capabilities and jointly co-create next-generation solutions bringing the power of innovation to help Infosys’ clients navigate their business transformation,” Infosys said in the filing.
This comes barely four months after 4baseCare raised $6 Mn in its Series A funding round led by Yali Capital.
Founded in 2018 by Hitesh Goswami and Kshitij Rishi, 4baseCare leverages advanced genomics and next-generation digital health technologies to develop personalised oncology (cancer-related) care for patients. The startup claims to have developed a unique set of comprehensive genomic panels which allows oncologists to choose the optimal targeted therapy for their patients.
In 2021, 4baseCare raised $2 Mn in its Pre-Series A round.
The fundraise comes at a time when the Indian healthtech startup ecosystem continues to gain ground and momentum as investors bet on new innovations to solve healthcare issues.
In September, Delhi NCR-based Redcliffe Labs raised $42 Mn in its Series C funding round led by the Danish Investment Fund for Developing Countries (IFU).
In July, B2B healthtech platform Watch Your Health marked the final close of its Series A round at $5 Mn after raising capital from Cornerstone Ventures from India and Conquest Global from Singapore.
However, it is pertinent to mention that the sector has been a laggard in the overall Indian startup ecosystem, having managed to raise a mere $7 Bn between 2014 and the first half (H1) of 2024 across 886 deals.
