Meddo, a health-technology startup that integrates physical and online healthcare services, has raised $3 million (about Rs 21.53 crore at current exchange rates) in a pre-Series A funding round led by the Philadelphia- and Hyderabad-based SRI Capital.
Meddo co-founder Saurabh Kochhar said the startup, operated by Arctern Healthcare Pvt. Ltd, will use the money to expand its team and enhance its technological infrastructure.
Kochhar started Meddo along with Naveen Nishchal in June last year. Kochhar is the former CEO and founder of food delivery company Foodpanda as well as Printvenue while Nishchal is a co-founder of Cygnus Hospitals.
Shweta Singh, principal at early-stage investment firm SRI Capital, said Meddo was addressing a gap in the India’s healthcare sector by bringing doctor-run clinics on its platform and standardising the level of services provided 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,” Singh added.
Meddo currently operates in Delhi and claims to have partnered with over 400 doctors and 200 clinics. It says it has so far served more than 1.5 lakh customers.
According to its website, the startup combines doctor visits along with nutrition, lifestyle and medical testing services. It also allows customers to access their health records through its mobile application.
Health-tech funding deals
Investment activity in the health-tech segment has been strong as startups seek to differentiate themselves by addressing gaps in traditional healthcare models as well as offering frontier technology-based solutions.
Earlier this month, PlusPin Healthcare raised Rs 5.25 crore ($708,720) in its seed round of funding from a clutch of investors of the Indian Angel Network (IAN) including former Google India head Rajan Anandan.
Healthcare ProPhysio raised Series A funding from NestaVera Group, an investment firm with interests in sectors such as education, co-working and real estate.
In July, HealthAssure Pvt. Ltd, an online aggregator of primary healthcare services, secured $2.5 million (Rs 17.15 crore) from early-stage venture capital firm Blume Ventures in its Series A round of funding.
Also in July, Bengaluru-based mfine mobilised Rs 31 crore ($4.5 million) in debt funding from venture debt firm Alteria Capital. The company uses its artificial intelligence-powered platform to connect patients with doctors for virtual consultations.