[Funding alert] B2B2C Ayurveda tech platform NirogStreet raises $2M in Pre-Series A round
, a Gurugram-based technology-led Ayurveda platform, has raised $2 million in Pre-Series A funding led by Wavemaker Partners and Amand Ventures. Existing investor Spiral Ventures has also participated in this round. The startup will utilise the capital for deeper penetration, strengthen technology platform, and digitise the supply chain.
The funds acquired by the company would also be dedicated to strengthening its reach and offering to the Ayurveda doctors by providing an engaging technology platform. The startup said it is building a network of world-class certified Ayurvedic clinics for the delivery of world class services to patients in the challenging health environment.
Ram N Kumar, Founder, NirogStreet, said,
"As a B2B2C technology-enabled and doctor-led platform, we are consistently streamlining the supply chain of Ayurvedic services and medicine, transforming it into a proper healthcare system by engaging and empowering Ayurveda doctors and clinics to create an experience that patients can trust.”
“The recent investment will be employed to strengthen the technology platform and strengthen the supply chain to ensure delivery of quality medicines to Ayurveda doctors and clinics,” Ram N Kumar added.
Ram N Kumar, Founder, NirogStreet
NirogStreet claims that it is getting a huge response from the deeper pockets of the country as only 30 percent of the doctors on its platform are from Tier-I cities and the remaining 70 percent belongs to Tier-II and III cities. The startup is exclusively catering services to over 50,000 doctors on its peer to peer learning, patient engagement and ecommerce platform.
From its network of 200 NirogStreet certified Ayurvedic clinics, the company aims to expand to 5000 clinics by 2022. With the growing adoption and demand of Ayurveda across the world, the brand has plans to expand globally.
NirogStreet’s unique tech platform empowered Ayurvedic doctors by creating close-knit Ayurveda doctors to discuss cases in real-time and consult patients across the globe for the first time via Tele-Ayurveda. It has also enabled the doctors to dispatch medicines on time to their patients using NirogStreet’s ecommerce platform worldwide.
NirogStreet is also claimed to be one of the few startups in the country which is aggressively on the path of profitability amid the pandemic.
The company has plans to partner with over 100 Ayurvedic medicine manufacturers and esteemed brands in the next one year to provide the quality medicines to the patients. It has enabled over 60,000 Ayurvedic doctors to adopt evidence-based treatment in Ayurveda using its NirogStreet for Ayurveda doctor’s mobile application. This technology-driven SaaS platform provides access to authentic Ayurveda doctors on a global scale with a focus to implement best practices and deliver quality Ayurveda healthcare.
Paul Santos, Managing Partner of Wavemaker Partners added, "Ayurvedic medicine is one of the world's oldest holistic ("whole-body") healing systems. It was developed more than 3,000 years ago in India. Ayurveda has provided relief and treatment for chronic conditions for thousands of years. However, it is plagued by non-standardised doctors and medicines. This leads to low trust and satisfaction among patients."
"NirogStreet has been doing some groundbreaking work in mainstreaming Ayurveda discipline not just in India but across the globe by strengthening the trustworthy Ayurveda practitioner fraternity in India and nurturing the sustainable healthcare ecosystem by capacity and knowledge building. We're proud to back Ram and his team at NirogStreet,” he said.
The global healthcare market is estimated to reach $11,908.9 billion by 2022, while the Indian healthcare sector is expected to reach $133.44 billion by 2022.