Despite COVID-19 pandemic dampening the funding climate in India, health-tech start-up in the telemedicine vertical, Remedo, has raised Pre-Series-A round from River Rock Ventures.
Inflection Point Ventures also participated in the round with other investors including Angel List, Mohit Satyanand, Mitesh Daga (TPG Capital), Anoop Pabby (CEO DHFL Primerica) and Aditya Vij (Kedara capital).
Remedo, a telemedicine platform connecting over a lakh patients with doctors, will use the fund raised to expand to other specialities like Cardiovascular, neuro and respirators.
Co-founded by Ruchir Mehra, Harsh Bansal and Richeek Arya in 2017, Remedo connects doctors with patients, consisting of customised care plans, including consultation, follow-up visit reminders, tests, medicine reminders and detailed answers to patient FAQs. Remedo’s smart health assistant ‘Disha’ delivers specialised wellness programmes to patients as per their medical conditions.
Dr. Ruchir Mehra, co-founder, Remedo, says, ‘Remedo is an integrated care provider that uses various touch points between doctors and patients to manage chronic conditions, providing tools to adjust to the new reality of patient doctor moving online.”
“Because of Covid outbreak, patients are unable to meet their doctors in person as it is not advisable to visit hospitals if one is not a Corona affected case. As a result, we have seen a clear acceptance among the stakeholders to take the telemedicine route. Our business has witnessed 17% growth in follow up visits for the doctors on the platform.”
IPV, one of India’s most active angel platform, has been continuing with its investment strategy though the COVID outbreak and Remedo is their 6th investment in two months.
Shyam Anjaria, a full-time management consultant and an investor with IPV, had made his maiden investment in Remedo.
Shyam Anjaria, investor, Inflection Point Ventures, says, ‘Remedo is tapping into a unique and highly scalable B2B Health-tech market in India, which is currently underserved. The innovative business model that Remedo brings the doctors and patients together on a platform is a key differentiator. With this backdrop coupled with IPV’s stage wise due dilligence process, gave Remedo credibility and confidence for me to invest in the startup.’
IPV has invested in more than 10 investments since January 2020, especially in sectors like health-tech, online grocery delivery, online education and media & entertainment that are expected to outperform during the current pandemic and in the future as well.
Vinay Bansal, founder & CEO, Inflection Point Ventures, says, ‘We are a digital first investment platform and our due diligence process is based on studying hows and whys of startups failing.”
“We are seeing a massive surge in our investor base even with the given macro scenario because investors have found startups as a good asset class creating wealth in the private market. We aim to open up angel investment in India and want to make it as accessible as buying stocks. That’s why more than 200 investors have done their maiden angel investments through IPV."
With 1 out of every 4 Indians suffering from a chronic medical condition, patients need more than a prescription today, Remedo said it bridges this gap, enabling the patients to reach out to their doctors as much as 25 times a month, increasing their satisfaction rate to 90 percent.
Remedo is implementing a physical as well as digital model by providing access to lab tests and medication at the doctor clinics too.
First Published: IST