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Meddo raises $3 million pre-Series A round

Gurugram: Meddo, a health-technology startup that focuses on providing out-patient department (OPD) clinics with digital solutions, has extended its pre-Series A round with a $3 million (nearly Rs 22 crore at current exchange rates) capital infusion.

This extension has been led by the Philadelphia- and Hyderabad-based SRI Capital and Picus Capital, a global early-stage VC player set up by investors including Rocket Internet co-founder Alexander Samwer.

This takes the total capital raised by Gurugram-based Meddo in this round to $6 million. In September 2019, the company raised $3 million (around Rs 21.53 crore) in an exercise led by SRI Capital.

Operated by Arctern Healthcare Pvt Ltd, Meddo was set up in 2018 by Saurabh Kochhar and Naveen Nischal.

Kochhar is the former CEO and founder of food delivery company Foodpanda as well as Printvenue (both of which have been funded by Rocket Internet), while Nishchal is a co-founder of Cygnus Hospitals.

Apart from providing digital solutions to OPD clinics, Meddo says its platform also gives these centers supply chain solutions. Some of these services include diagnostics support and medicine delivery services.

In a statement, Kochhar said the company will use the capital it has raised in this pre-Series A round to invest in three areas – increasing its geographical presence in the national capital region and other parts of the country; launching MeddoSure, an omnichannel unlimited care membership plan; and enhancing technological infrastructure, with a focus on integrations with the Bharat Health Stack.

Meddo says it so far served nearly six lakh patients, has on-boarded more than 350 doctors and has rebranded almost 200 clinics under its brand.

Source
VCCiRCLE

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