[Funding alert] B2B2C Ayurveda tech platform NirogStreet raises $2.5M in Series A round
July 22, 2021, Updated on : Thu Jul 22 2021 12:33:36 GMT+0000
Gurugram-based technology-led Ayurveda doctor platform,on Thursday raised $2.5 million in Series A funding from Gokul Rajaram, Pureland Venture, and Wavemaker Partners.
Other investors, including Raj Mishra (Indea Capital), Ashutosh Sinha (former-CEO, Morgan Stanley), Anuj Srivastava (Founder, Livspace), Sanjeev Shriya (Founder, Smart Chip Limited), AJ Capital (Family office of Jhunjhunwala family), Sanjay Gupta (MIT Deshpande Centre), also participated in the round.
NirogStreet plans to use the fund to invest in new product development, enter new geographies, strengthen the B2B2C community, and social commerce offerings.
The startup intends to create an engaging technology platform that will allow ease of access to Ayurvedic healthcare through technological interventions while creating easy access to high-quality medicines, avenues for income generation for doctors, and also helping SME medicine manufacturers to reach out to a larger base of doctors.
Ram N Kumar, Founder, NirogStreet, said,
As a B2B2C technology-enabled and doctor-led platform, we are consistently focusing on identifying best practices to improve the supply chain of Ayurvedic services and medicine, giving Ayurveda its due share and the recognition that it deserves by empowering those at the centre of this universe — Ayurveda doctors — to create an experience that patients can trust.”
“The recent investment will be employed to strengthen the technology platform and strengthen the offering to the Ayurveda doctors and clinics. Ayurveda has been vulnerable to the problem of substandard medicines and very low digital adoption, and NirogStreet, from the very beginning, has directed its efforts towards eliminating this problem,” Ram added.
The startup claims to have witnessed double-digit growth, with over 50,000 doctors on the platform and is constantly increasing the scale of its service along with its pool of experts.
Since the beginning of the pandemic, NirogStreet’s unique tech platform also empowered Ayurvedic doctors to consult patients across the globe via Tele-Ayurveda and offered solutions that were previously not available to them. It has also enabled the doctors to dispatch medicines on time to their patients using NirogStreet.
Gokul Rajaram, Top Executive at Doordash, said, "I’m incredibly excited to support Ram and the NirogStreet team in their mission to enable people globally to access and benefit from Ayurveda. He is doing a commendable job in nurturing the Ayurvedic fraternity in India and the sustainable healthcare ecosystem by capacity and knowledge building. We're proud to back Ram and his team at NirogStreet.”
The company plans to partner with over 150 Ayurvedic medicine manufacturers and esteemed brands in the next year to provide the best quality medicines to the patients.
Edited by Suman Singh