[Funding alert] Digital health startup Remedico raises Rs 4 Cr led by AWE Funds
Blackburn Technologies Private Limited, which owns and operates Remedico, a healthtech startup focused on providing mobile telemedicine-based dermatology solutions to Indian Gen-Z and millennial consumers, has raised a Rs 4 crore bridge round investment led by AWE (Achieving Women Equity) Funds, with participation from new incoming investors LetsVenture and several angel investors.
Existing investors Venture Catalysts and Parkview Investment Advisors also participated in the round. The Bengaluru-based startup said the investment will be used to drive Remedico’s product and technology rollout while scaling its pan-India operations as a provider of a fully-integrated, one-stop-shop dermatology and health solutions to new-age consumers.
“With 2020 providing strong tailwinds for digital health adoption, Remedico is in a strong position to capitalise on the growing trend of young consumers taking control over their own health and well-being. We have seen tremendous response to our integrated dermatology offering, and we are excited to bring AWE Funds and our other co-investors on board as we accelerate our growth through 2021 and beyond,” said Founder and CEO Ranjit Bhatia.
Remedico claims to have treated over 35,000 paying customers since its inception, with a success rate of 90 percent. In 2020, it also launched its line of Remedico brand skin and hair care products. Its end-to-end system provides an option for young consumers, especially those living in Tier-II and Tier-III cities across India who otherwise face a lack of viable options for dermatological and medical treatments, as per the startup.
Remedico previously raised funds from Parkview Investment Advisors, a US-based healthcare fund, as well as India-based investors such as Venture Catalysts, HealthStart (New Delhi), and Vida Ventures (Mumbai).
Seema Chaturvedi, Founder and Managing Partner of AWE Funds, who will be joining the company’s board of directors following this investment, said,
“Given our team’s deep investing expertise in healthcare, we believe that telemedicine is poised for rapid growth in India. Furthermore, we found Remedico’s focus on building a digital healthcare brand specifically targeting Gen-Z and millennials to be a compelling investment thesis. The high level of engagement of women, both in the company’s leadership and as part of the targeted customer base, is highly aligned with our gender lens-focused investment mandate in Achieving Women Equity.”