Gurgaon-based online healthcare services start-up Labstreet hasannounced to secure $150k in angel funding led by Chandigarh and California-based Click Labs. Click Labs is founded by Samar Singla,which supports entrepreneurs by providing them with co-working spaceas well as creating MVPs for start-ups in the area of on-demand mobileservices, mobile gaming, enterprise mobility and internet of things (IoT). The venture plans to utilise funds for enhancing the collection and logistics capabilities as well as expanding the footprint across 10 cities.
Commenting on the investment, Singla, said, "The technical know-how of the team is a big strength and the expertise they bring with themselves is of great value. I am sure that this brings great relief to the consumers to be able to get their lab tests done in a much simpler and time efficient fashion."
Founded by IIT Delhi alumni Lalit Mittal and Ujjwal Chaudhry, Labstreet is a demand aggregator for diagnostic labs. It helps customers in choosing the labs based on the lab’s accreditation, service rating and price. Further it recognises the customer’s need for convenience early and provides home sample collection facility.
“Indian diagnostic industry is undergoing a structural change as the current capacity utilizations are really low and the industry is highly fragmented. The macro-factors for this industry are same as those which created disruptive models like Uber and AirBnB models in the US market. Asset-light models like Labstreet play an important role in the market by matching demand with supply while bringing greater transparency in the market. It’s a win-win for both customers and labs,” Ujjwal Chaudhry, Co-founder, Labstreet.
Owned and operated under Kronica Medical Services Private Limited, over 5 months old start-up has been growing 25 percent week-on-week and looking to reach daily 200 transactions by next month. Labstreet has tie up with more than 25 labs across Delhi NCR. Apart from Delhi NCR, Start-up has recently launched its operations in Pune and Bangalore.
“Customers are increasingly looking for reliable labs while enjoying the convenience of at-home diagnostic services. We have received a great response from Delhi-NCR market and we are looking to replicate the same success story in top-10 cities across India. We are receiving a great traction in Bangalore and Pune markets already,” said Lalit Mittal, Co-founder, Labstreet.
Apart from Labstreet, LabsAdvisor, an online marketplace which connects customers with diagnostic labs raised nearly $184,000 (Rs 1.2 crore) from a group of eight unnamed angel investors from India and abroad.