NirogStreet, a technology-led Ayurveda doctor platform, has raised $4 million (around Rs 30 crore) in a funding round led by CE-Ventures, the corporate venture capital (VC) platform of Crescent Enterprises and ICMG, the company said in a statement on Friday.
The round also witnessed the participation of Gokul Rajaram, board member at Coinbase and Pinterest, Wavemaker partners Ramakant Sharma and Anuj Srivastava, founders of Livspace, Rajeev Kannan, Management Executive Officer at Sumitomo, Singapore and Suresh Vasudevan, CEO of Sysdig USA, the statement said.
The company said the fresh capital will be used to scale up and strengthen the company’s operations.
Founded by Ram N Kumar in June 2016, the company provides a platform for Ayurveda doctors. Kumar has previously established startups like PaintingHouse, DigiReedoo Labs and Marketech. He has also worked with the Centre for Civil Initiatives as a Programme Director.
“The company has demonstrated the immense value and opportunity within the Ayurveda market, which is projected to reach $9.5 billion by 2024, as well as the limitless possibilities that tech-enabled solutions can offer. I believe, pooling our experience and talents together, we will make a powerful team. CE-Ventures looks forward towards a fruitful partnership, one that will champion the growth of the Nirogstreet both within the core market in India and outwards into the MENA region," said Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises.
The platform claims to serve over 50,000 clinicians. Tele-Ayurveda allows Ayurveda doctors to consult patients across the globe, the statement said.
Gen Funahashi, CEO at Japan-based Venture Capital, ICMG Partners, said “I believe that NirogStreet directly addresses many shortcomings of the current Ayurveda industry. This includes enhancing the supply chain as well as building trust between all ayurvedic stakeholders. Most importantly, the platform supports the availability of quality healthcare to people of different socio-economic backgrounds. As the company expands and reaches a larger market, the social significance of this investment will be reflected through the countless people that will be able to access high-quality Ayurveda healthcare.”
According to a report by transaction advisory firm RBSA Advisors, India's healthtech market is predicted to rise at a CAGR (compound annual growth rate) of 39% to $5 billion by 2023. According to the analysis, the industry has the potential to grow to $50 billion in the next 10-12 years.
There are around 5,000 healthtech startups in India, with a market value of $1.9 billion. According to the RBSA Advisors research, the firms have raised $2.5 billion in funding, indicating that technology is positioned to boost India's healthcare sector.