SUMMARY
Spiral Ventures, ICMG Co-Creation Fund, family office of investor Anthony Weldon, DoorDash's Gokul Rajaram and SMBC's Rajeev Kannan also have participated in the round
NirogStreet claims to have onboarded nearly 50K ayurvedic doctors and about 50 ayurvedic brands on the platform
The development comes nearly a year after NirogStreet secured $4 Mn in Pre-Series B funding round led by CE Ventures
Ayurvedic startup NirogStreet has secured $12 Mn in Series B funding round led by Jungle Ventures.
Spiral Ventures, ICMG Co-Creation Fund, family office of investor Anthony Weldon and angel investors DoorDash’s Gokul Rajaram and SMBC’s Rajeev Kannan also have participated in the round.
The development comes nearly a year after NirogStreet secured $4 Mn in Pre-Series B funding round led by CE Ventures.
Coinbase’s Gokul Rajaram, Livspace’s Anuj Srivastava and Ramakant Sharma, Sumimoto’s Rajeev Kannan and Sysdig’s Suresh Vasudevan, among others also have participated in the round.
Set up in 2016 by Ram N Kumar, NirogStreet is an online ayurvedic platform that offers peer-to-peer learning for medical practitioners, digital health record management and smart clinics and ecommerce enablement for ayurvedic medicines.
“NirogStreet is transforming the entire ayurveda value chain by infusing trust, quality, access and scale to the industry. We are incredibly excited to be a part of the team and are confident that our extensive experience, strong global network, and deep industry expertise will accelerate the next stages of growth of the company,” said, Anurag Srivastava, founding partner at Jungle Ventures.
NirogStreet informed that it has introduced a supply chain infrastructure for ayurvedic medicines where medical practitioners can order and fill prescriptions and the startup will deliver medicines at customers’ doorstep.
The startup claims to have onboarded nearly 50K ayurvedic doctors and about 50 ayurvedic brands on the platform. Besides, the startup claims to operate more than 7000 stock-keeping units (SKUs).
“We are streamlining the supply chain of ayurvedic services and medicines to enable the doctors to deliver trusted healthcare and working towards making ayurveda the first call of treatment,” said, Ram N Kumar, Founder & CEO, NirogStreet.
The startup will use funds to strengthen its supply chain, product offerings and tech infra.
As per a Research and Markets report, India’s ayurveda industry was pegged at INR 30K Cr in 2018. The industry is anticipated to grow into an INR 71K Cr size by 2024, growing at a CAGR of nearly 16.06% by 2024.
Indian Cricketer Smriti Mandhana-backed Neem Ayu and Wipro Consumer Care Ventures-backed The Ayurveda Co are some startups that are working in the ayurveda space.
