Healthcare technology firm Innovaccer valued at $1.3 billion after Tiger funding

Innovaccer has raised funds at a valuation of $1.3 billion, making it the latest entrant to the coveted unicorn club at a time when enterprise software startups are raising funds faster than ever.

Founded by Abhinav Shashank, Kanav Hasija and Sandeep Gupta in 2015, Innovaccer's main objective is to take the millions of data points available in the healthcare industry — patient profiles, risk factors, types of disease, etc — and channel that data effectively to digitise solutions for hospitals, clinics and patients.

"Healthcare is at the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitising healthcare information with great success," said Abhinav Shashank, co-founder and CEO of Innovaccer.

The deal also makes Innovaccer India's fifth SaaS unicorn after Freshworks, Druva, Icertis, Postman and most recently, Zenoti.

"Innovaccer stands to become a meaningful beneficiary of the generational architectural shift taking place in healthcare information technology," said John Curtius, Partner, Tiger Global.

"Organisations across healthcare need a cloud-based platform that can unlock the value of the significant investments made in legacy healthcare IT. Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes," he added.