Reliance Industries Ltd. recently invested Rs.10 crore in KareXpert Technologies, a firm that offers digital healthcare solutions to the people in India. The investment was made by Reliance’s investment branch and subsidiary, Reliance Industrial Investments and Holdings Ltd. At a price of Rs.4,500 per share, the firm has invested in 22,222 preference shares in KareXpert via private placement. There is also a chance that Reliance might be interested in purchasing the additional 66,666 preference shares by investing an extra Rs.20 crore in KareXpert.
KareXpert, though a pioneer in designing various technology-oriented healthcare platforms, is fairly new to the Indian health insurance industry. It has been speculated that Reliance Industries’ interest in KareXpert Technologies is for the benefit of strengthening JioHealthHub which is a health and fitness app, launched in January 2017, that can be used for live tracking the user’s day-to-day health.
KareXpert, founded in 2014 by Nidhi Jain aims to offer quality healthcare services via digital platforms in at least 100 of India’s top cities. The firm claims to be a pioneer in creating technology-based platforms that are patient-centric in order to increase the patient’s life-span. KareXpert uses technologies based on the cloud to offer the best healthcare services to healthcare firms and a number of mobile/internet based applications when it comes to patients and shareholders.
On the other hand, Reliance Jio’s HealthHub app permits its users to upload their medical records and health data under their respective profiles. This also allows the user to view health charts. They can share their medical records and health data with their family and health service providers via the app, if necessary.