[Funding alert] Meddo closes pre-Series A round at $6M led by SRI Capital, Picus Capital, and Alkemi Capital
Healthtech startup Meddo has closed pre-Series A round at $6 million led by SRI Capital, Picus Capital, and Alkemi Capital.
Meddo equips OPD clinics with technology-enabled digital solutions to turn them into full-service medical centres complete with ERM systems, diagnostic support, medicine delivery services/support, and much more. Launched in 2018 by Saurabh Kochhar, ex CEO at Foodpanda, and Dr Naveen Nishchal, a serial entrepreneur and Co-founder of Cygnus Hospitals, the Meddo model reverse integrates independent OPD clinics into the brand’s fold.
With a vision to organise the highly-unorganised ambulatory services sector in India, Meddo claims to be an omnichannel healthcare player offering ‘patient-oriented Care’ in the true sense.
In the last few months, the startup launched relevant solutions like L1 COVID centres, tele-consultation services, diagnostic solutions, and a useful and cost-effective healthcare membership called MeddoSure.
Co-founders of Meddo: Dr Naveen Nishchal and Saurabh Kochhar
Saurabh Kochhar, Co-founder of Meddo, said, “With the pre-series A round concluding, we are drawing up plans to utilise these funds effectively. Our focus will be on the following – a) Increasing presence and national footprint - both with more clinics in the NCR region and expansion to other cities; b) Organic and inorganic expansion by investing in technology solutions that integrate seamlessly with the Meddo offering and strengthen the ecosystem; c) Investing in big-data that would give us access to trends in the healthcare industry at a micro and macro level so we may customise our offerings as per patient needs; and d) As continuing to double down on patient offerings under Meddo Sure to achieve the vision of complete healthcare cover for patients, and going the extra mile to offer affordable plans that cover all expenses from primary health care (OPD) to hospitalisation (IPD).”
Alka Goel, Founding Partner, Alkemi Growth Capital, added,
“We often fail to acknowledge and appreciate the humongous role played by independent clinics (200-300K) in the overall healthcare delivery. Meddo is partnering with clinics on aspects such as technology and operations to make the patient and physician experience more seamless. In the process it is increasing the asset utilization of these clinics - a win-win for all stakeholders involved. Today, more than ever, the need is apparent - and Meddo is helping organize this fragmented market. We are excited about being partners with Meddo in this journey.”
Within the last two years, Meddo has served and created a customer base of almost 6 lakhs patients, on-boarded over 400+ doctors from various super specialities and re-branded close to 250+ clinics under the Meddo brand across Delhi/NCR. With a wide and dominant presence in the capital city, Meddo would want to expand its footprint across the top 10 cities within the next 18 months.