Bangalore-based dermatology consultation platform, Remedico, on Thursday, raised an investment of $500k from integrated incubator and accelerator platform, Venture Catalysts.
Also participating in the investment round were US-based investment advisors, Vida Ventures, and several angel investors including Anshumani Ruddra (VP of product at Hotstar, and Rohini Pandhi (startup advisor and angel investor).
Founded in 2017, Remedico is an end-to-end mobile healthcare company, allowing young people to solve their dermatological problems as they move through adolescence to early adulthood.
Commenting on Remedico’s prospects, Dr Apoorv Ranjan Sharma, president and cofounder, Venture Catalysts said, “Skin & hair care in India is approximately a $7 Bn industry, and will grow more than $10 Bn in valuation over the next 2-3 years, with a projected 20-25% online penetration.”
Sharma further said that in the current landscape, Remedico’s mature product and service offering and a strong technology-driven infrastructure places it in good stead to lead this market.
“Equipped with a strong backend, a deep understanding of young Indian consumers, and a team with proven expertise in the field, Remedico also has all the necessary requirements going for it to grow massively,” he added.
In a press statement, Venture Catalysts’ shared that its investment in Remedico will also embark company’s committed plans as healthcare accelerator and catalyst.
Remedico founder Ranjit Bhatia on securing the funding stressed that this investment has validated the Remedico’s belief in the need and viability of the company’s core proposition. “From app-based consultation to developing a robust product ecosystem, we have an exciting vision with Remedico that will benefit from investors such as Venture Catalysts and Parkview, not only in terms of capital but also the expertise and mentorship they provide,” he added.
In the Indian startup ecosystem, Remedico faces direct competition from another Bangalore-based company CureSkin which uses artificial intelligence (AI) to cure skin problems. Founded in 2017, the startup raised $1 Mn in seed fundings from Khosla Ventures, Gagarin Capital, Y Combinator, and Heartbeat labs in the same year.
Venture Catalysts Investment Spree
Venture Catalysts is an integrated incubator and invests $250K – $1.5 Mn in early-stage startups. It has been recently focusing on growing presence in Tier 2 and Tier 3 cities to develop the startup ecosystem.
The company in August 2019, announced the launch of its $43.41 Mn 9Unicorns Fund which plans to back more than 100 companies every year. In the same month, the company invested $500K in Bengaluru-based deeptech startup Instoried.
Sharma, who is also the cofounder and managing director of 9Unicorns fund had earlier shared that 9Unicorns Fund will revive idea stage funding in India. “Like in sports, timing is of great value in the business environment. With 9Unicorns Fund, we aim to do something similar. Identify budding businesses with terrific possibilities and ensure them every kind of assistance to ensure their success,” he added.