A patient walks into a small-town clinic with chest pain. Within about two minutes, an algorithm and an on-call cardiologist sitting in a Bengaluru control room have read the ECG and flagged a suspected heart attack, often hundreds of kilometres away. That is the service Tricog Health has sold into more than 12,500 clinics and hospitals across 12-plus countries, screening 31 million patients and identifying roughly one million critical cases, as per an OMRON Healthcare statement dated 12 November 2025.
Here is the contradiction that runs through this story. Tricog has built one of the most widely deployed cardiac-AI networks in the world, yet its principal Indian operating entity, Tricog Health India Private Limited, still reported a net loss of about ₹1.3 crore in FY25 on operating revenue of ₹77.7 crore (roughly $8.1 million), according to filings collated by Inc42. Scale and profit have not yet arrived together. This piece traces how a working cardiologist turned a four-hour diagnostic delay into a company, who paid for it, how it earns, and why the economics remain unfinished.
Quick facts
| Company | Tricog Health (brand). Parent entity: Tricog Health Services Private Limited (CIN U85100KA2014PTC076085); Indian operating entity: Tricog Health India Private Limited (CIN U74999KA2017PTC107694); a Singapore entity, Tricog Health Pte Ltd, also exists |
| Founded | Parent incorporated 27 August 2014; product launched January 2015; Bengaluru, India |
| Founder(s) | Dr Charit Bhograj (interventional cardiologist, CEO), Zainul Charbiwala (ex-IBM India), Udayan Dasgupta (ex-Texas Instruments); Abhinav Gujjar (ex-Microsoft) is also named among early founders |
| Businesses | AI-assisted remote cardiac diagnostics: InstaECG (ECG interpretation), InstaEcho (echocardiogram), VCardia, and KeeboHealth remote heart-failure monitoring |
| Latest FY revenue | ₹77.7 crore operating revenue, FY25 (Tricog Health India Private Limited), per Inc42/company filings |
| Latest FY profit/loss | Net loss of about ₹1.3 crore, FY25 (Tricog Health India Private Limited) |
| Listed | Private; not listed on any exchange as of September 2026 |
| Market value / last valuation | Not publicly disclosed. Total funding reported between $23 million (Inc42) and about $32.5 million (Crunchbase) across rounds from 2016 to 2025 |
| Key shareholders / CEO | CEO Dr Charit Bhograj; backers include Blume Ventures, Inventus/Athera, UTEC, SGInnovate, Sony Innovation Fund, Aflac Ventures and OMRON Healthcare |
What Tricog does
Tricog sells fast, remote cardiac diagnosis to clinics, hospitals and diagnostic centres that do not have a cardiologist on site. A frontline health worker records an ECG or echocardiogram on a connected device; the data is sent to Tricog’s cloud, where an AI model plus a central team of cardiologists interpret it and return a report. The pitch is speed at the edge of the health system, where minutes decide whether heart muscle is saved.
- Flagship product InstaECG combines AI with expert human review to interpret ECGs and detect up to 140 cardiac conditions, with reports returned in roughly one to two minutes, as per Tricog’s product pages.
- InstaEcho, launched in 2021, extends the same model to echocardiogram interpretation.
- KeeboHealth, developed with OMRON Healthcare from 2023, is a remote-monitoring service for heart-failure patients that pairs Tricog’s analytics with OMRON’s connected ECG devices.
- Customers are primarily providers, not patients: cath labs, hospitals, clinics and diagnostic chains that pay for the diagnostic service rather than consumers buying an app.
The founding insight
Dr Charit Bhograj was an interventional cardiologist with more than 18 years of practice when a single case crystallised the problem. As recounted in Tricog’s own growth-story account, a man in his forties felt chest pain and went to a nearby general practitioner. Because roughly 70% of Indian GPs do not own an ECG machine, and because the symptoms of acidity and a heart attack overlap, he was sent home with a diagnosis of acidity. Four hours later he was rushed to hospital with a massive heart attack. Those four hours are muscle that does not come back.
Bhograj’s insight was that the treatment for a heart attack in India had already become cheap, and in government hospitals often free, so the unsolved bottleneck was not therapy but timely, accurate diagnosis. If a cardiologist could not be everywhere, the reading of the ECG could be. He recruited complementary technical skill, first Zainul Charbiwala from IBM India, then Udayan Dasgupta from Texas Instruments, spent months building the product, and launched in January 2015. The design choice that defined the company was hybrid from day one: an algorithm to triage and a human cardiologist to confirm, running 24×7 from a central hub.
The hard years
Tricog’s difficulty was never demand for cardiac care; it was building a market where the basic hardware and habit did not exist. The early years were a grind against three structural walls, each documented in the company’s own timeline and in filings.
- Market creation, from 2015. With about 70% of Indian GPs lacking an ECG machine, Tricog could not simply plug into existing workflows. It had to seed diagnosis points and persuade small clinics to adopt a subscription service, a slow, capital-hungry expansion out from Karnataka, Andhra Pradesh and Telangana into other states.
- The human-in-the-loop bottleneck. The hybrid model that made Tricog trustworthy also capped its speed: a central team of on-call cardiologists (around 20 doctors in the Bengaluru hub, per the company’s 2023 account) has to review flagged cases, which ties cost to volume in a way a pure-software product would not.
- The long funding gap. After a $10.5 million Series B in March 2020, the company did not close its next disclosed institutional round until April 2023, a three-year stretch spanning the pandemic during which it had to fund expansion into Asia and Africa largely on that earlier capital.
The response to these walls was a steady product pivot rather than a single reinvention: from ECG-only interpretation (2015) to echocardiography (InstaEcho, 2021) to connected remote monitoring (KeeboHealth, 2023). Each step widened what a single deployed device could bill for.
The turning point
The clearest inflection is the arrival of a global strategic partner willing to put both distribution and capital behind the model. In March 2023, OMRON Healthcare of Japan invested for the first time as part of Tricog’s $8.5 million round, alongside Sony Innovation Fund; the two companies then jointly built KeeboHealth. That partnership turned Tricog from an Indian diagnostics service into a component in a global heart-failure-management stack.
The numbers on either side of that shift show what strategic distribution did for reach. Tricog’s own 2023 account described roughly 120,000 patients served and a network aiming at thousands of locations. By the OMRON statement of 12 November 2025, the figures were 31 million patients screened, about one million critical cases identified, and more than 12,500 clinics and hospitals across 12-plus countries. On that date OMRON announced a second investment, and Tricog set a public target of reaching 100 million people by 2030.
The money behind it
Tricog has raised across at least four to five disclosed rounds since 2016, with sources differing on the cumulative total. Inc42 reports about $23 million; Crunchbase puts it near $32.5 million; an April 2023 Entrepreneur India report cited $30 million raised to date. The gap reflects undisclosed early rounds and later corporate top-ups. The shape of the cap table, drawn from Inc42, Entrepreneur India and investor disclosures:
- Series A, August 2016: undisclosed amount, led by Blume Ventures; Tricog was also selected as the first startup in GE Healthcare’s “five.Eight” accelerator that September.
- Series A extension, January 2018: about $4 million, led by UTEC (University of Tokyo Edge Capital).
- Series B, March 2020: about $10.5 million, with Blume Ventures and others; Aflac Ventures of the United States entered here.
- Series B2, April 2023: $8.5 million, with new investors OMRON Healthcare and Sony Innovation Fund, joined by existing backers UTEC, Inventus and SGInnovate.
- Second OMRON investment, 12 November 2025: amount not disclosed, described as a strategic follow-on to deepen the KeeboHealth partnership.
What each backer changed is instructive. UTEC and Sony anchored the Japan and deep-tech credibility; SGInnovate supported the Singapore base; and OMRON, a maker of connected blood-pressure and ECG hardware, gave Tricog device distribution rather than just money. No public valuation has been disclosed for any round as of September 2026.
How it makes money
Tricog earns from providers, not patients, on a recurring, per-use basis. The mechanics, as described by the company and its product pages:
- Money in: subscription and per-report fees paid by clinics, hospitals and diagnostic chains for each ECG or echo interpreted, often bundled with a connected device.
- Costs out: the cloud and AI stack, plus the standing cost of the 24×7 cardiologist hub that reviews flagged studies, connectivity, and field sales to seed new diagnosis points.
- Where the margin sits: in software leverage once a diagnosis point is live, each additional report carries low marginal cost, but the human review layer means gross margin does not behave like pure SaaS.
- The part people get wrong: Tricog is often described as an “AI ECG” company, implying software-only economics. In practice it runs a hybrid clinical service, which is why headcount reached about 271 employees (per Tracxn, early 2026) and why costs scale with volume.
The numbers
Reading Tricog’s financials requires care because the group operates through more than one legal entity, so any single company’s filing understates the whole. The cleanest disclosed figures are for the Indian operating entity, Tricog Health India Private Limited, per filings collated by Inc42. All figures in ₹ crore.
| Metric (₹ crore) | FY24 | FY25 |
| Operating revenue | ~9.0 | 77.7 |
| Total expenses | Not cleanly disclosed | ~79.4 |
| Net profit/(loss) | Not cleanly disclosed | (1.3) |
- FY25 operating revenue for Tricog Health India Private Limited: ₹77.7 crore, with total expenses of about ₹79.4 crore producing a net loss of roughly ₹1.3 crore (Inc42, from company filings).
- The sharp jump from about ₹9.0 crore in FY24 partly reflects how the group books revenue across entities rather than pure single-year organic growth; the sibling entity, Tricog Health Services Private Limited, reported revenue in the ₹1-10 crore band for FY24 (Tofler).
- A continuous, audited three-to-four-year revenue and profit series for the consolidated group is not in the public domain, so earlier-year profit figures are omitted here rather than estimated.
Where the money comes from
Tricog does not publish a formal segment table, but the disclosed operating footprint shows a clear split by product and geography.
- By product: InstaECG is the volume engine, with 6,000-plus active users cited by the company, while InstaEcho (400-plus customers) and KeeboHealth are the higher-value, newer lines.
- By geography: operations span 12-plus countries across Asia and Africa (OMRON, November 2025), with India the anchor market and the stated funding intent for expansion into the US healthcare market.
- By channel: a network of thousands of diagnosis points, growing from about 3,000-5,000 sites in 2023 accounts to 12,500-plus by late 2025.
- The surprise: some of Tricog’s most important “customers” are also its investors. OMRON is both a shareholder and the hardware and distribution partner for KeeboHealth, which concentrates commercial dependence on the same set of relationships that fund the company.
The risks
The risks here are concrete and mostly structural rather than speculative.
- Clinical and regulatory exposure. Tricog provides diagnostic decisions that guide urgent treatment. A missed or wrong flag carries clinical-liability risk, and the product sits inside medical-device and health-data regimes (CDSCO in India, and equivalents abroad) that can slow expansion or raise compliance cost in each new market.
- Thin economics at scale. Despite 31 million patients screened, the main operating entity still ran a net loss of about ₹1.3 crore in FY25. The human-review layer ties cost to volume, so growth alone does not guarantee profit, and the path to durable margin is unproven.
- Investor-customer concentration. The KeeboHealth line depends heavily on OMRON, which is simultaneously an investor, hardware supplier and distribution channel. Deep partnership is an advantage, but it concentrates both commercial and strategic risk in one relationship.
- Competition. The AI-ECG field includes well-funded rivals such as AliveCor and Cardiologs (acquired by Philips), plus in-house tools from large device makers and hospital chains, which can compress pricing over time.
The takeaway
Tricog’s lesson is that in healthcare, the defensible edge is often not the algorithm but the trust wrapped around it. The company chose a slower, costlier hybrid model, machine plus on-call cardiologist, precisely because a diagnosis a clinician will act on has to be one a clinician has signed. That decision built reach across 12-plus countries and a strategic partner in OMRON, but it also tied costs to volume and kept profit out of reach through FY25. The transferable point for founders is that clinical credibility and unit economics can pull in opposite directions, and choosing credibility first is a bet that scale will eventually pay for the humans in the loop. Whether Tricog wins that bet is still, as of September 2026, an open question.
Frequently asked questions
What does Tricog Health actually do?
It provides remote, AI-assisted interpretation of ECGs and echocardiograms for clinics and hospitals that lack an on-site cardiologist. A device captures the reading, Tricog’s AI and a central team of cardiologists interpret it, and a report is returned in about one to two minutes, covering up to 140 cardiac conditions.
Who founded Tricog and when?
Interventional cardiologist Dr Charit Bhograj founded it with Zainul Charbiwala (ex-IBM India) and Udayan Dasgupta (ex-Texas Instruments); Abhinav Gujjar (ex-Microsoft) is also named among early founders. The parent entity was incorporated on 27 August 2014 and the product launched in January 2015.
How much money has Tricog raised, and from whom?
Reported totals range from about $23 million (Inc42) to roughly $32.5 million (Crunchbase) across rounds from 2016 to 2025. Backers include Blume Ventures, Inventus/Athera, UTEC, SGInnovate, Sony Innovation Fund, Aflac Ventures and OMRON Healthcare, which invested twice, in March 2023 and again in November 2025.
Is Tricog Health profitable?
Not as of its latest disclosed figures. The main Indian operating entity, Tricog Health India Private Limited, reported a net loss of about ₹1.3 crore in FY25 on operating revenue of ₹77.7 crore, per filings collated by Inc42.
Is Tricog Health listed on the stock market?
No. Tricog is a privately held company as of September 2026, with no public valuation disclosed for its funding rounds.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- OMRON Healthcare / PR Newswire, “OMRON Healthcare Announces Second Investment in Tricog Health,” November 2025.
- Inc42, Tricog Health company, funding and financials pages, 2026.
- Entrepreneur India, “Tricog Raises $8.5 Million In Series B2 Funding,” April 2023.
- Tricog Health, About Us and growth-story pages, 2023-2026.
- Tricog Health, InstaECG and InstaEcho product pages, 2026.
- Tofler, Tricog Health India Private Limited and Tricog Health Services Private Limited company records, 2026.
- Tracxn, Tricog legal-entity and company profiles, 2026.
- Crunchbase, Tricog Health company profile, 2026.
- DealStreetAsia, “Tricog raises Series C funding,” 2023.
- UTEC (University of Tokyo Edge Capital), Tricog Health Pte Ltd portfolio page.
- Trading Economics, USD/INR reference rate, September 2026.
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