Spry Therapeutics, a software-as-a-service (SaaS) startup based in Pune, has recently secured $15 million in funding to expand its services to the US healthcare market. The funding round was led by Flourish Ventures, with participation from existing investors like Together Fund, Fidelity’s Eight Road Ventures, and F Prime Capital, bringing the total equity of the company to $25 million.
The co-founder and CEO of Spry, Brijraj Bhuptani, expressed his excitement about the new funding, emphasizing the importance of the team behind the company in achieving this milestone. With a focus on the American healthcare demographic, Bhuptani sees numerous opportunities in the US healthcare market, which he describes as a collection of smaller but substantial opportunities rather than one large entity.
The primary goal of the funding is to establish a sales and servicing team in the US healthcare market to expand Spry’s client base. The company has already onboarded 105 clinics in the US and aims to further expand its reach. Spry Therapeutics, founded in 2021, offers integrated software solutions for clinical management, administrative tasks, and insurance claims processing, specifically designed for physiotherapy clinics.
Partner at Flourish Ventures, Kabir Kumar, highlighted the significance of Spry’s focus on addressing the digital insurance claims processing needs of small physical therapy businesses. With a tagline of “all-in-one solution for PT clinics,” Spry aims to revolutionize how physical therapists manage their practices by providing comprehensive software solutions.
The growth of the US physical therapy market aligns well with Spry’s mission, as preventive care and rehabilitation needs continue to rise. Projections indicate a significant increase in market size from $46.75 billion in 2023 to $87.83 billion by 2031, signifying a promising future for companies like Spry operating in this space.
Prior to his role at Spry, Bhuptani’s experience includes serving as the CTO of Ola and co-founding Birds Eye Systems Private Ltd. He holds a master’s degree in Electrical Engineering and has a wealth of experience in the tech industry. Co-founder and Chief Product Officer Riyaz Rehman, with an MBA from IIM Ahmedabad, has also played a pivotal role in the growth of Spry.
In the past three years, Spry has partnered with over 100 clinics in the US, focusing on streamlining operations, simplifying insurance claims processing, and enhancing patient care. With the recent funding, the company plans to expand its sales and support teams to reach even more clinics and have a greater impact on the healthcare industry.
As a staff writer at The American Bazaar, Mythili Devarakonda aims to provide quality news coverage to the Indian American and South Asian communities, highlighting stories of innovation and success like that of Spry Therapeutics. With a background in journalism and a track record of impactful reporting, Mythili brings a fresh perspective to the publication, ensuring that readers stay informed about the latest developments in various industries.
