Ayurveda healthtech startup NirogStreet has raised $2 Mn in Pre-Series A funding round led by Wavemaker Partners and Amand Ventures. Existing investors Spiral Ventures has also participated in this round. Prior to this, the company had raised $300K from Japanese venture fund Spiral Ventures in 2018.
NirogStreet will use this funding for deeper penetration, strengthening technology platforms and digitise supply chain. A part of the fund will also be used for strengthening its reach and offering an engaging technology platform for Ayurvedic doctors. The company aims to build a network of certified clinics for the delivery of world class services to patients in the challenging health environment.
“Ayurveda has demonstrated its leadership in the time of Covid-19 and we played an important role in making Ayurveda mainstream. The recent investment will be employed to strengthen the technology platform and strengthen the supply chain to ensure delivery of quality medicines to Ayurveda doctors and clinics,” said Ram N Kumar, founder of NirogStreet.
The company claims to be getting a positive response with the majority of the ayurvedic doctors listed on the platform coming from Tier II and Tier III regions. Nearly 30% of the listed doctors are from Tier I cities, while the remaining 70% belong to Tier II and III cities. The company also has a network of 200 NirogStreet certified Ayurvedic clinics and plans to expand to 5000 clinics by 2022.
Founded in 2016, NirogStreet’s tech platform empowered Ayurvedic doctors by creating close-knit Ayurveda doctors to discuss cases in real-time and consult patients across the globe for the first time via Tele-Ayurveda. It has also enabled the doctors to dispatch medicines on time to their patients using NirogStreet’s ecommerce platform worldwide.
“There are 600 thousand certified Ayurveda doctors but millions of unqualified practitioners. This leads to low trust and satisfaction among patients. NirogStreet has been doing work in mainstreaming Ayurveda discipline not just in India but across the globe,” said Paul Santos, Managing Partner of Wavemaker Partners.
Besides NirogStreet, some other startups working in the ayurvedic segment include Kapiva Ayurveda, &Me, Gynoveda, Kama Ayurveda and AADAR, among others. The healthcare market in India is expected to reach $280 Bn by 2020 at a CAGR of 22.9%.