Looking to take its end-to-end healthcare solution to more cities in India, Gurugram-based healthtech startup Meddo has expanded its Pre-Series A funding round to a cumulative of $6 Mn led by early-stage technology investment firms Picus Capital and SRI Capital.
Speaking to Inc42, Meddo CEO and cofounder Saurabh Kocchar confirmed the fundraise. The company had begun its Pre-Series A round last year with $3 Mn funding from SRI Capital. LetsVenture, growX Venture, Citrus Pay’s Jitendra Gupta and Venture Gurukool had also participated in the round.
Continuing the same round, the company received about $813K (INR 5.9 Cr) from Picus Capital and SRI Capital last month. According to the ministry of corporate affairs filings accessed by Inc42, SRI Capital has infused $508K (INR 3.72 Cr), whereas Picus has infused $304K (INR 2.23 Cr). Overall, it has allocated 5,920 shares to the two investors at a nominal price of INR 10 per share and a premium of INR 10,055 per share.
Meddo is planning to use this funding to increase its presence and national footprint by getting more clinics on board in the NCR region and expanding to other cities. It is also looking to launch an omnichannel unlimited care membership plan “MeddoSure” that covers both online and offline consultations.
Kocchar added that the startup would also be focusing on improving its technology stack to provide seamless quality care and lead integrations with the Bharat Health Stack through NDHM [National Digital Health Mission].
Founded in June 2018 by Kochhar and Dr Naveen Nishchal, Meddo offers end-to-end solutions to all healthcare needs, right from doctor consultations to diagnostic services, wellness, lifestyle among others, and maintains a digital record of patients. The company claims to have more than 350 doctors and 200 clinics on board, catering to over 6 Lakh customers so far. It also works with 250 trained peri clinical staff for in-clinic and at-home sample collection and claims to have served more than 1,50,000 customers so far.
The company said it witnessed a growth of its operations in 2020, leading up to 2.5x growth in revenue
compared to last year. This was due to massive uptake in telemedicine services and digital consultations during the pandemic. “We believe that is testament to the core need for one-stop quality care that exists as a gap today. And hopefully, we would be able to create a far more meaningful impact over the coming years!,” Kochhar added.
According to Inc42 Plus’ Indian Tech Startup Funding Report, Indian startups raised $11.5 Bn across 924 deals in 2020. The Indian healthtech startups raised $455 Mn across 77 deals in the same time period. Some startups working in the segment, along with Meddo, are Crysta, Navia Lifecare, PlusPin, ProPhysio and others