Chhavideep Singh
Source: Entrackr
The end-to-end medical service provider, Meddo has recently announced to raise an additional INR 5.9 crore or USD 8130k as an extension from its pre-Series A funding round. The medical start-up has acquired these new funds from Picus Capital, an early-stage technology investment company with participation from existing investor SRI Capital and other traders.
Founded back in 2018 by Dr Naveen Nischal and Saurabh Kochhar, Meddo is working to redefine how primary and secondary healthcare facilities are provided in India through a technologically connected health and care delivery platform.
According to the regulatory filings, Meddo had initiated its pre-Series A collection of funds back in 2020 with USD 3 million received from SRI Capital, an early-stage Venture Capital firm. Several other traders also participated in the funding round.
According to a report by Inc42, Meddo is currently operational with 200 clinics and more than 350 medical doctors on-board. The Gurugram-based start-up, as it tries to take its end-to-end connected medical and healthcare facilities to different cities in India, the total funds raised by the start-up in its pre-Series A round concluded to USD 6 million led by SRI Capital and Picus Capital along with several individual traders.
When asked about the latest fundraise, the company mentions utilising these newly acquired funds to expand its footprints and presence all across India by on-barding more and more clinics, especially within the Delhi NCR and then expanding to other cities, as mentioned in a report by Inc42.
There have also been reports that Meddo could introduce its omnichannel limitless care subscription plan which goes by the name “MeddoSure” that will cover all offline and online medical consultations.
As we are aware of the tragic situations that the COVID-19 pandemics has brought upon us, physically going to the doctor or the hospital for general health check-ups and consultations have been impossible or if not, at least full of risk. This is why Meddo’s demand skyrocketed during the peak pandemic months of 2020 as it claims to have witnessed approximately 2.5 times progress in income in comparison to the previous year. This was mainly because of the COVID-19 threat that people thought it was safe to consult with medical and healthcare professionals digitally via Meddo.
Co-founder Saurabh Kochhar mentioned in a statement that Meddo, as a start-up will be investing to improve its ‘know-how’ stack to offer high-quality ad seamless care and also serve integration with India’s healthcare mission led by the National Digital Health Mission (NDMH).