Software-as-a-service (Saas) startup Spry Therapeutics, which offers software for physical healthcare centers, has secured $15 million in funds.
The round of funding was led by Flourish Ventures, along with participation from existing investors like Together Fund. Fidelity’s Eight Road Ventures, and F Prime Capital. The Saas startup reached an overall equity of $25 million.
Riding the wave of introducing software products to the global market, Pune-based Spry targets the American healthcare demographic.
“I’m thrilled to share that SPRY has secured new funding to drive our next chapter of growth,” co-founder and CEO Brijraj Bhuptani wrote in a LinkedIn post. A thanks to the incredible team behind SPRY—none of this would be possible without your hard work and dedication. We’re just getting started!
“U.S. healthcare is not just one big $4 trillion monolith. It is, in fact, a thousand $4 billion opportunities,” Bhuptani told Economic Times.
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The newly raised capital will be used to fund a sales and servicing team in the U.S. healthcare market with a focus on expanding the company’s client base, Bhuptani added.
So far, Spry has on-boarded 105 clinics in the U.S. with the aim to expand further.
Founded in 2021, Spry Therapeutics offers integrated software for clinical management, administrative solutions, and helps with processing insurance claims, specifically catering to the physiotherapy clinics.
“Spry is targeting the large market of small businesses which provide physical therapy but they lack the means to make insurance claims digitally,” said Kabir Kumar, partner at Flourish Ventures. “It will help solve a real need in the market.”
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With the tagline of “all-in-one solution for PT clinics,” the Saas startup entered the physical therapy market just as preventive care and rehabilitation needs are on the rise. Particularly the U.S. physical therapy market is showcasing a growth trend, with projections indicating a notable rise from $46.75 billion in 2023 to an impressive $87.83 billion by 2031, forecasting “a dynamic expansion” in the coming years, according to Research and Markets.
“Spry is changing how PTs will manage their practice by enabling them to go deep,” Bhuptani noted.
Prior to serving as the CTO of Ola from 2019 to 2021, Bhuptani was the CEO and co-founder of Birds Eye Systems Private Ltd., aka Ridlr which was later acquired by Ola. After pursuing his master’s degree in Electrical Engineering from the University of Missouri, Kansas City, Bhuptani went on to work at Qualcomm, Sears India, and Nextwave Wireless in various capacities, according to LinkedIn.
Other co-founder and Chief Product Officer Riyaz Rehman has an MBA from IIM Ahmedabad and joined Bhuptani at Ridlr as Head of Business. A few years later, the two joined forces to build Spry Therapeutics.
“In the last 3 years, we’ve partnered with more than 100 clinics across the US, helping them streamline operations, process insurance claims effortlessly, and focus on what truly matters—patient care,” Rehman wrote on LinkedIn. “Now, with this funding, we’ll deepen that impact by expanding our sales and support teams, ensuring even more clinics can benefit from our platform.”
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