Meddo Gets Pre-Series A Funding Round of USD 6 Mn from Alkemi Capital, SRI Capital and Picus Capital

Meddo Health was conceived with a vision to digitise and organise the ambulatory care space in India on back of innovative technology solutions.

SMEStreet Edit Desk
Jul 01, 2021 07:48 IST
New Update
healthcare tech startups

Meddo, a health-technology start-up operating in the ambulatory space has closed the Pre-Series A round at USD 6mn 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 Mr. Saurabh Kochhar, ex-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 is the first seamlessly omni-channel healthcare player offering ‘patient-oriented Care’ in the true sense.

Despite the COVID challenges, Meddo has been growing and expanding its network and service offerings. In the last few months, the venture launched relevant solutions like L1 COVID centres, tele-consultation services, diagnostic solutions and an extremely useful and cost-effective healthcare membership called MeddoSure.

The funding journey since inception:
  • Founded by credible entrepreneurs with a reliable track record, the venture has been backed by notable investors so far.
  • In the year 2019, Meddo raised around $3 million (about Rs 21.53 crore at current exchange rates) in a pre-Series A funding round led by the Philadelphia- and Hyderabad-based SRI Capital.
  • LetsVenture, growX Ventures, Citrus Pay co-founder Jitendra Gupta and Venture Gurukool also took part in the round then.
  • Picus Capital, which joins the list of investors in Meddo now, is backed by Alexander Samwer of Rocket Internet fame - which funded Kochhar’s previous two ventures as well (foodpanda & Printvenue).
  • Joining the list of investors is Alkemi Venture Capital, a leading investor in the health and well-being space.

Talking about his vision for Meddo and sharing details regarding fund utilisation, Mr Saurabh Kochhar, Founder of Meddo, said, “Meddo Health was conceived with a vision to digitise and organise the ambulatory care space in India on back of innovative technology solutions. With ongoing COVID challenges, our journey so far has been extremely dynamic, and we have evolved on the way, turning each roadblock into an opportunity. Our investors have stood strongly by our side and have shown confidence in our aim to bring much needed inclusivity and structure to the primary healthcare space in India. Alkemi Venture Capital has been an active investor in the healthcare sector for around 5+ years now, so having them backing us with funds is great validation of the idea and philosophy of Meddo. 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 eco-system, 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)”

Showcasing their trust in Meddo, Alka Goel, Founding Partner, Alkemi Growth Capital said, “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.”

Meddo is built on a premise of integrated and omni-channel healthcare system, which is patient centric, scalable, and medium agnostic. 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 top 10 cities within next 18 months.

#Alkemi Capital #Meddo #SRI Capital and Picus Capital