Spry Therapeutics, a Pune-based software-as-a-service (SaaS) platform specializing in physical therapy, has raised $15 million in a funding round led by Flourish Ventures to streamline insurance claims and expand its presence in the U.S. market. The round also witnessed Together Fund, Fidelity’s Eight Roads Ventures, and F-Prime Capital participation. This investment brings the company’s total funding to $25 million, marking a significant milestone for its expansion plans.
Spry Therapeutics, co-founded by Brijraj Bhuptani, former CTO at Ola, and Riyaz Rehman, former head of business at Ridlr, specializes in building SaaS platforms for physical therapy centers.
The primary aim of Spry is to streamline operations by automating administrative tasks billing processes, and improving patient engagement. Bhuptani highlighted that Spry intends to leverage this new funding to set up a dedicated sales and servicing team in the U.S., focusing on growing its client base.
Within 18 months, the company has partnered with 105 clinics across 30 U.S. states, demonstrating the rapid adoption of its software. Spry Therapeutics plans to expand further by addressing key pain points in the physical therapy sector, such as insurance claim processing and cash flow management.
Spry Therapeutics and a Booming Market
The demand for physical therapy services is rising, driven by an increasing need for rehabilitation and preventive care. Spry Therapeutics’ solution helps practitioners handle complex billing and administrative functions, offering an integrated software package to meet the evolving needs of clinics. The platform’s ability to simplify insurance claims and improve financial management positions it as a strong competitor in the global market.
“U.S. healthcare is not just one big $4 trillion monolith. It is, in fact, a thousand $4 billion opportunities. Anyone who wants to make a meaningful impact cannot do so by going wide and operating on the fringes. Spry is changing how P.T.s will manage their practice by enabling them to go deep,” said Brijraj Bhuptani.
Future Prospects
With the fresh funding, Spry is well-positioned to capture a larger share of the U.S. market, especially as the healthcare sector continues to adopt digital solutions. The company competes with established players like WebPT, PromptEMR, Raintree, and Strata. Still, it is confident in its unique offering, which has already been recognized by industry leader G2 as the top physical therapy software solution in 2023.
Spry Therapeutics’ growth is also supported by India’s skilled talent pool, which enables the company to build robust solutions tailored to the U.S. healthcare market. As the company expands, it is likely to further enhance its platform and continue meeting the needs of physical therapy professionals worldwide.
“Spry is targeting the large market of small businesses that provide physical therapy but lack the means to make digital insurance claims. It will help solve a real need in the market,” said Kabir Kumar, partner at Flourish Ventures.
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