Gurugram-based healthtech startup Meddo on Tuesday announced that it has raised $3 Mn in Pre-Series A funding round led by SRI Capital. Other entities like growX Ventures, LetsVenture, Jitendra Gupta (cofounder Citrus Pay) and Venture Gurukool also participated in the round.
Saurabh Kochhar, cofounder, Meddo said the funding will be invested to increase the team size, and build on the technology backend. “Our vision is to fundamentally change how healthcare is delivered in our country; starting with the largest (USD 160 bn+) and most unorganised segment, out-patient care. We have seen unprecedented growth within the last 7 months that we have been operational, and this funding helps us further that growth and invest in the right team and technology,” Kochhar added.
Meanwhile, Shweta Singh, Principal, SRI Capital lauded Meddo’s effort in addressing a fundamental gap in India’s healthcare ecosystem. She said that the company is standardising service levels and is offering trustworthy treatment to patients. “We are confident in Saurabh and Dr. Nishchal’s ability to execute and create a healthcare offering that Doctors, patients and healthcare providers love,” she added.
Meddo, which was founded by Saurabh Kochhar and Dr Naveen Nishchal in June 2018, claims to have over 400 doctors and 200 clinics on its platform and works closely with all dominant NABL-accredited diagnostic lab partners across Delhi NCR. The company in a press release also said that it works with 250 trained peri clinical staff for in clinic and at home sample collection and have served more than 1,50,000 customers so far.
Meddo, which functions in offline and online space, aims to bring together all healthcare needs a patient could require onto a single platform. It is also working to bring convenient and comprehensive care into healthcare.
Healthtech startups have been witnessing an influx of funding recently. While Indian Angel Network (IAN) invested in Hyderabad-based healthtech startup PlusPin, NestaVera Group of companies pumped funds into Bengaluru-based healthtech startup ProPhysio.
According to DataLabs by Inc42, this year, the total market size of the healthcare industry in India is projected to be $202 Bn. This is a growth of 84% from the $110 Bn market size in the year 2016. The healthtech sector has gained significant investor interest as well. According to DataLabs by Inc42, healthtech startups have raised $1.9 Bn across 405 deals between 2014-H1 2019.