Healthcare startup Meddo raises $3m funding led by SRI Capital

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Healthcare startup Meddo, co-founded by ex-Foodpanda India chief executive Saurabh Kochhar has raised $3 million in its pre-Series A funding led by SRI Capital with participation from growX Ventures, LetsVenture, Citrus Pay co-founder Jitendra Gupta and Venture Gurukool, among others.

Meddo was co-founded in June 2018 by Kochhar and Dr Naveen Nishchal, co-founder of super-speciality hospital chain Cygnus Hospitals. The platform offers both offline and online healthcare services like doctor appointments and diagnostics tests through a tie-up with standalone doctor-led establishments and accredited testing labs.

Gurugram based Meddo said in a statement that it currently has on-boarded over 400 doctors and 200 clinics in Delhi NCR. It also has over 250 trained clinical staff for providing in-clinic and home-based test sample collection and claims to have served more than 150,000 customers so far.

“Our vision is to fundamentally change how healthcare is delivered in our country; starting with the largest and most unorganized segment, out-patient care. We have seen unprecedented growth within the last 7 months that we have been operational, and this funding helps us further that growth and invest in the right team and technology,” said Kochhar, co-founder, Meddo in a statement.

“Meddo is addressing a fundamental gap in India’s healthcare ecosystem by bringing Doctor run clinics on to its platform and standardizing service levels to provide patients with an offering they can trust. We are confident in Saurabh and Dr. Nishchal’s ability to execute and create a healthcare offering that Doctors, patients, and healthcare providers love,” added Shweta Singh, Principal, SRI Capital.

“Health is one of the most technologically underpenetrated and sectors in India with its peculiar challenges. We believe Meddo’s unique approach of aggregating standalone establishments using technology to bring in convenience, quality and excellence in the standards of care has great potential to overcome those challenges,” added Manu Rikhye, Partner, growX Ventures.

Meddo will now enter the club of VC-backed healthcare startups like PharmEasy, NetMeds, LetsMD, 1Mg, Practo and many others that aggregate clinics and diagnostic labs, as wells as provide on-demand medicine-delivery.

Apart from this, a bunch of preventive healthcare-cum-fitness startups including GOQii, HealthifyMe, Curefit and others have attracted investor interest in the past. These startups utilize data analytics, mobile sensors, and smart wearable devices to help customers keep track of their daily health activity, and subsequently improve the delivery of healthcare services.

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