[Funding alert] Healthtech startup Remedo raises pre-Series A round
Remedo, a Delhi-based healthtech startup in the telemedicine vertical, has raised an undisclosed amount in its pre-Series A round from River Rock Ventures. Inflection Point Ventures also participated in the round with other investors including AngelList, Mohit Satyanand, Mitesh Daga (TPG Capital) and Aditya Vij (Kedara capital).
The startup, which runs a telemedicine platform connecting over a lakh patients with doctors present on its platform, said it will be using the funds to expand to other specialities like cardiovascular, neuro, and respirators.
Remedo, co-founded by Dr Ruchir Mehra, Harsh Bansal, and Richeek Arya in 2017, connects doctors with patients, consisting of customised care plans, including consultation, follow-up visit reminders, tests, medicine reminders, and detailed answers to patient FAQs. Remedo’s smart health assistant “Disha” delivers specialised wellness programmes to patients as per their medical conditions.
Dr Ruchir Mehra, Co-founder, Remedo, said,
“Because of Covid outbreak, patients are unable to meet their doctors in person as it is not advisable to visit hospitals if one is not a corona affected case. As a result, we have seen a clear acceptance among the stakeholders to take the telemedicine route. Our business has witnessed 17 percent growth in follow up visits for the doctors on the platform.”
Vinay Bansal, Founder and CEO, Inflection Point Ventures, stated,
“We are a digital first investment platform, and our due diligence process is based on studying the hows and whys of startups failing. We are seeing a massive surge in our investor base even with the given macro scenario because investors have found startups as a good asset class creating wealth in the private market. We aim to open up angel investment in India and want to make it as accessible as buying stocks. That’s why more than 200 investors have done their maiden angel investments through IPV.”
IPV has invested or committed in over 10 investments since January 2020, especially in sectors like healthtech, online grocery delivery, online education, and media and entertainment that are expected to outperform during the current pandemic and in the future as well.
According to Remedo, with one out of every four Indians suffering from a chronic medical condition, patients need more than a prescription today, and the startup bridges this gap, enabling the patients to reach out to their doctors as much as 25 times a month, increasing their satisfaction rate to 90 percent.