Ayurveda Doctor platform NirogStreet has secured $2.5 Mn in Series A Funding. The funding was raised from Gokul Rajaram of Pureland Venture, Raj Mishra of Indea Capital, former CEO of Morgan Stanley Ashutosh Sinha , founder of Livspace Anuj Srivastava, founder of Smart Chip Limited Sanjeev Shriya among many other names .
The funds acquired will be deployed by the company towards strengthening technology offering for the doctors and starting operations in more states.
The company was founded by Ram Kumar in 2016. NirogStreet is a social commerce platform that provides access to Ayurveda doctors on a global scale to implement practices and deliver Ayurveda healthcare. Additionally, it is also working towards creating easy access to high quality medicines, avenues for income generation for doctors and also helping SME medicine manufactures to reach out to a larger base of doctors.
The healthtech Ayurveda startup stated that currently it is offering its services to 50,000 doctors on its peer-to-peer learning, electronic health record and B2B ecommerce platform. The company has plans to partner with over 150 Ayurvedic medicine manufacturers and brands in the next one year to provide the medicines to the patients.
Ram N Kumar, founder, NirogStreet said, “Ayurveda has demonstrated its leadership in the time of Covid-19 and we played an important role in making Ayurveda mainstream. The focus of NirogStreet is to create tech-oriented data and solutions to create better opportunities for both doctors, manufacture and customers. Ayurveda has immense potential in helping bring India on the healthcare map of the world as its leader. As a B2B2C technology enabled and doctor led platform, we are consistently focusing on identifying best practices to improve the supply chain of Ayurvedic services and medicine, giving Ayurveda its due share and the recognition that it deserves by empowering those at the center of this universe – Ayurveda doctors – to create an experience that patients can trust.”
“The recent investment will be employed to strengthen the technology platform and strengthen the offering to the Ayurveda doctors and clinics. Ayurveda has been vulnerable to the problem of substandard medicines and very low digital adoption and NirogStreet, from the very beginning, has directed its efforts towards eliminating this problem,” he added.
The Covid19 pandemic accelerated the growth of the Ayurveda industry in India as users were looking for additional remedies to boost immunity and keep away from illnesses. Due to this, several companies have ventured into the Ayurveda space and these companies have slowly started to attract investors’ interest. For instance, recently, The Ayurveda Company raised an undisclosed amount in various rounds of funding from GetVantage, Velocity, and Shiprocket Capital through revenue-based financing. Other popular Indian names in the sector include Durmeric and recently acquired Apkos Naturals.
According to Research and Markets, an Ireland-based market research organisation, the Ayurveda market in India was valued at INR 30K Cr in 2018 and is expected to reach INR 71K Cr by 2024, growing at a CAGR of 16.06% during the forecast period.