Amazon Smbhav Venture led $12 M funding raised by Orange Health
In a funding round headed by Amazon Smbhav Venture Fund, diagnostics lab and healthcare platform Orange Health Labs has raised $12 million.
The round also included participation from current investors Accel, General Catalyst, Bertelsmann India Investments, and Y Combinator.
In its Series B round, which was led by General Catalyst and Bertelsmann India Investments, Orange Health had raised $25 million earlier in June 2022. Three months later, it revealed a $1 million equity buyback program and its first employee stock option plan. To date, the company has raised $47 million.
The new revenue will go toward strengthening the company’s workforce, expanding its product line, and promoting more diagnostic innovation.
Orange Health, an on-demand diagnostic company that offers at-home sample collection in Bengaluru, Gurugram, Delhi, Noida, and Ghaziabad, was founded in December 2020 by Dhruv Gupta and Tarun Bhambra. It states that more than a million clients have benefited from its diagnostic testing services to date.
It currently operates six labs and has more than 1,000 clinic partnerships.
Orange Health claims that it has tripled its growth in the last two years and is on course to reach 100% growth this year. Additionally, according to the company, it recently surpassed a revenue run rate of Rs 100 crore annually and turned a profit in Bengaluru.
Amazon made its initial investment in M1xchange, a fintech startup focusing on MSME in Gurugram, and announced the $250 million Amazon Smbhav Venture Fund for Indian startups in April 2021. Fitterfly, Smallcase, Cashify, and The Good Glamm Group have also been supported by the fund.