Ayurveda Community And Commerce Platform NirogStreet Bags $ 2.5 Mn In Series A Funding
The company plans to use the fund to invest in new product development, enter new geographies, and strengthen B2B2C community and social commerce offerings
Technology-led Ayurveda doctor platform NirogStreet announced on Thursday to have secured $2.5 million in Series A Funding from Gokul Rajaram, Pureland Venture, Wavemaker Partners, Raj Mishra of Indea Capital, Ashutosh Sinha - the former chief executive officer of Morgan Stanley, Anuj Srivastava, founder of Livspace, Sanjeev Shriya, founder of Smart Chip Limited, AJ Capital - family office of Jhunjhunwala family, Sanjay Gupta - MIT Deshpande Centre.
The funds acquired by this young company would be dedicated to strengthening technology offerings for the doctors and start operations in more states. The startup intends to create a solid and engaging technology platform that will allow ease of access to Ayurvedic healthcare through technological interventions while creating easy access to high-quality medicines, avenues for income generation for doctors, and also helping SME medicine manufacturers to reach out to a larger base of doctors.
“Ayurveda has demonstrated its leadership in the time of COVID-19 and we played an important role in making Ayurveda mainstream. The focus of NirogStreet is to create tech-oriented data and solutions to create better opportunities for doctors, manufacture, and customers. Ayurveda has immense potential in helping bring India on the healthcare map of the world as its leader. As a B2B2C technology-enabled and doctor-led platform, we are consistently focusing on identifying best practices to improve the supply chain of Ayurvedic services and medicine, giving Ayurveda its due share and the recognition that it deserves by empowering those at the center of this universe - Ayurveda doctors - to create an experience that patients can trust. The recent investment will be employed to strengthen the technology platform and strengthen the offering to the Ayurveda doctors and clinics. Ayurveda has been vulnerable to the problem of substandard medicines and very low digital adoption and NirogStreet, from the very beginning, has directed its efforts towards eliminating this problem,” said Ram N Kumar, founder, NirogStreet.
NirogStreet is at the helm of offering seamless services to over 50,000 doctors on its peer-to-peer learning, Electronic Health Record, and B2B e-commerce platform with a focus on the strategic deployment of technology. Since the beginning of the pandemic, NirogStreet’s tech platform also empowered ayurvedic doctors to consult patients across the globe via Tele-Ayurveda and offer solutions that were previously not available to them. It has also enabled the doctors to dispatch medicines on time to their patients using NirogStreet, the platform shared.
"I’m incredibly excited to support Ram and the NirogStreet team in their mission to enable people globally to access and benefit from Ayurveda. He is doing a commendable job in nurturing the Ayurvedic fraternity in India as well as the sustainable healthcare ecosystem by capacity and knowledge building. We're proud to back Ram and his team at NirogStreet,” added Gokul Rajaram, executive, Doordash and boards as a member, Pinterest and Coinbase.
The company has been witnessing growth in double digits and with over 50,000 doctors on the platform and is constantly increasing the scale of its service along with its pool of experts. By leveraging technology, NirogStreet is consistently addressing the biggest challenges of access, trust, credibility, and accountability for Ayurvedic doctors and medicines. Even though many are keen on reposing their faith in solutions rooted in Ayurveda, they are unable to do so due to a lack of access to reliable and credible experts and medicines. It is this crucial bottleneck that NirogStreet intends to eliminate by focusing on weeding out substandard medicines and service delivery in Ayurveda. The brand is creating new avenues aimed at growth while focusing on endeavors to increase trust in Ayurveda doctors and medicines, a statement by the startup said.
The company has plans to partner with over 150 Ayurvedic medicine manufacturers and esteemed brands in the next year to provide the best quality medicines to the patients. It has successfully enabled over 50,000 Ayurvedic doctors to adopt evidence-based treatment in Ayurveda using its NirogStreet for Ayurveda doctor’s mobile application. This technology-driven SaaS tool and platform provides access to authentic Ayurveda doctors on a global scale with a focus to implement best practices and deliver quality Ayurveda healthcare.