Pune-based SaaS company Spry Therapeutics has raised $15 million in funding. Flourish Ventures led the round, with participation from existing investors Together Fund, Fidelity’s Eight Roads Ventures, and F Prime Capital, according to co-founder Brijraj Bhuptani.
Co-founder Brijraj Bhuptani mentioned that existing investors Together Fund, Fidelity’s Eight Roads Ventures, and F Prime Capital also participated in the funding round.
Spry Therapeutics, a company that develops software for physical healthcare centers, aims to capitalize on the growing trend of software products targeting the global market. Bhuptani, who previously served as the chief technology officer at Ola, stated that his goal is to target the largest market in the world first.
“U.S. healthcare is not just one big $4 trillion monolith. It is, in fact, thousand $4 billion opportunities,” Bhuptani said. “Anyone who wants to make a meaningful impact cannot do so by going wide and operating on the fringes. Spry is changing how PTs will manage their practice by enabling them to go deep.”
Spry Therapeutics has a team of around 130 employees in India. The company supports processing insurance claims and provides integrated software for clinical management and administrative tasks at healthcare centers. Additionally, it offers financial services like payments and billing.
With the latest equity round, the company’s total funding has reached $25 million.
Within 18 months of its launch, Spry Therapeutics has partnered with 105 clinics in the US. With the new funds, the startup plans to establish a sales and service team in the US and focus on growing its client base, said Bhuptani.
The physical therapy market is expanding due to the increasing demand for rehabilitation after surgery and preventive care, which helps patients maintain long-term health.
“Spry is targeting the large market of small businesses which provide physical therapy but they lack the means to make insurance claims digitally. It will help solve a real need in the market,” said Kabir Kumar, partner at Flourish Ventures.
Kumar highlighted India’s backend IT expertise, noting that a vast local talent pool is skilled in filing insurance claims for healthcare in the US. Spry is utilizing this talent to develop software tailored to that market.
Riyaz Rehman, the other co-founder, previously led the business at Ridlr until its acquisition by Ola in 2018.
