Diagnostics lab and healthcare platform Orange Health Labs said Friday it has raised $12 million (about Rs 101.6 crore) in a funding round led by Amazon Smbhav Venture Fund.
Existing investors Accel, General Catalyst, Bertelsmann India Investments and Y Combinator also joined in the round, the Bengaluru-based healthtech startup said in a statement.
The round comes more than two years after it closed its Series B round. At the time, it raised $25 million from General Catalyst, Bertelsmann, Accel, Y Combinator, and Good Capital.
To date, the company has raised $47 million in total capital.
The startup said it will use the fresh capital to fuel product expansion, expand workforce, and drive innovation in diagnostics. Orange said it has expanded its presence in major cities like Delhi-NCR, Hyderabad, and Mumbai.
Orange Health was founded by Dhruv Gupta and Tarun Bhambra in 2020 and provides services like at-home sample collection, extended service hours, and delivery of test reports.
The company is turning towards an omnichannel model. Orange is investing to build its retail presence with eight operational collection centres and aims to expand the number to 30 by year-end, it said.
“Additional investments include broadening our test menu, tripling its phlebotomist (eMedic) workforce within the next year, and establishing a new test facility to meet Bangalore's growing demand," Orange Health founders said in a statement.
In the financial year ended March 2023, the company reported a profit after tax of Rs 60.7 crore on total income of Rs 27.7 crore, according to VCCEdge, the data intelligence platform of VCCircle. The company said it has achieved a Rs 100-crore annual revenue run rate and claims to have turned the corner in Bengaluru, where it launched its operations.
