[Funding Alert] Orange Health raises $25M from Bertelsmann India Investments, others
The capital will be used for product development as well as for building laboratories and expanding into new markets.
a diagnostics lab service startup, on Wednesday, said it has raised $25 million in a Series B round led by Bertelsmann India Investments and General Catalyst. Existing investors including Accel, Y Combinator, Good Capital, and Uncorrelated Ventures also participated in the round.
The startup will use the capital for product development, generating a better user experience, and building laboratories. It also plans on expanding into new markets and strengthening teams across functions.
Orange Health had raised $10 million in a Series A round from Accel in 2021.
"While traditional diagnostic labs need patients to come to them at collection centres, most home collection diagnostic companies haven’t been able to reliably provide services in a timely manner. Orange Health’s affordable, on-demand service addresses this market gap," said Dhruv Gupta, Co-Founder, Orange Health, in a release shared by the company.
Started in December 2020 by former Practo executives Dhruv and Tarun Bhambra, Orange Health provides diagnostic lab services across Bengaluru and National Capital Region (NCR). The startup claims to have provided diagnostics testing to more than a million customers so far. Orange Health runs every day between 6 AM to 10 PM.
"Over the last two years, healthcare and diagnostics have emerged as a key theme for India and we believe that Orange Health is on a path to turn it seamless for doctors and patients," said Pankaj Makkar, managing director, Bertelsmann India Investments.
Diagnostics, a major arm for disease detection, got a boost during the pandemic as many people were required to get tested for COVID-19, among other diseases.
To meet the growing demand, Tata 1 MG, a medicine delivery player, started its own diagnostic services while its competitor PharmEasy acquired diagnostics player Thyrocare.
Edited by Affirunisa Kankudti