Medical diagnostics platform 5C Network raised $3 M funding from Redwood India Healthcare Fund
Redwood India Healthcare Fund has contributed Rs 25.5 crore (roughly $3 million) to the medical diagnostics platform 5C Network in a new fundraising round. This is the company’s first investment of the year.
A regulatory filing obtained from the Registrar of Companies reveals that the board of 5C Network has approved a special resolution to issue 2,72,241 CCSPS at an issue price of Rs 936.67 each in order to raise Rs 25.5 crore.
For context, the Bengaluru-based business raised the funds following a more than 17-month hiatus. Oct. 2022 saw 5C Network raise $4.6 million in its Series A round led by Celesta Capital.
According to media estimates, the post-money valuation of the company is approximately $30 million.
5C Network, established in 2016 by Sivasailam and Syed Ahmed, facilitates the creation, archiving, and analysis of radiological images for users throughout India. By making radiologists accessible, it helps hospitals get the most out of their radiology infrastructure investment.
With the support of Celesta Capital and Tata 1mg, the company has raised more than Rs 80 crore so far. Prior to the new proceeds, Unitus Capital held the largest share of external stakeholders (20.8%), followed by Tata 1mg and Celeseta Capital. Together, co-founders Syed Sabbir Ahmed and Kalyanasundaram S held 33.9% of the business.
5C Network’s revenue dropped by 20% to Rs 18.75 crore in the fiscal year that ended in March 2023, indicating that the company has been having growth issues. Additionally, during the same time frame, the company reported a loss of Rs 19.47 crore.
