Bengaluru-based mobile-based dermatology consultation platform, Remedico has raised $500,000 in a seed round from Venture Catalysts, an integrated incubator and accelerator platform.
Dr Apoorv Ranjan Sharma, President and Co-Founder, Venture Catalysts, said,
“Skin and hair care in India is approximately $7 billion industry, and will achieve more than $10 billion in valuation over the next two-three years, with a projected 20-25 percent online penetration. Given this landscape, Remedico’s mature product and service offering and a strong technology driven infrastructure places it in good stead to lead this market.”
Other investors who participated in the round were US-based Parkview Investment Advisors, Vida Ventures, and several angel investors, including Anshumani Ruddra (VP of Product at Hotstar, ex-VP of Product at Practo), and Rohini Pandhi (Product Lead at Square).
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Founded by Ranjit Bhatia (ex-VP of Product at Craftsvilla, ex-Sequoia) in 2017, Remedico is an end-to-end mobile healthcare company, allowing young people to solve their critical health problems, as they move through adolescence and early adulthood. Its current focus is on dermatology, with its doctors treating conditions such as acne, hair fall, and pigmentation.
In a statement, the startup added that what makes Remedico different is its holistic, medical science-based approach featuring a panel that includes experts in gynecology and nutrition, to help address some of the root causes of skin and hair issues, such as hormonal imbalances and poor diet.
Ranjit Bhatia, Founder, Remedico, said,
“This investment has validated our belief in the need and viability of Remedico’s core proposition. From app-based consultation to developing a robust product ecosystem, we have an exciting vision with Remedico that will benefit from investors such as Venture Catalysts and Parkview, not only in terms of capital but also the expertise and mentorship they provide.”
Earlier this month, Dr Apoorv Ranjan Sharma also participated in a $2 million Pre-Series A round of CleanseCar, a startup in the vehicle services space.