Healthtech Startup Remedico Raises INR 4 Cr In Bridge Round Led By AWE Funds The funding will help accelerate the company's growth, in addition to further augmenting its technology capabilities
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Healthtech startup Remedico, focusing on providing mobile telemedicine-based dermatology solutions to Indian Gen-Z and millennial consumers, on Wednesday announced to have raised INR 4 crore in a bridge round led by AWE (Achieving Women Equity) Funds, with participation from new incoming investors LetsVenture and several angel investors. Existing investors Venture Catalysts and Parkview Investment Advisors also participated in the round.
The investment will be used to drive the company's product and technology rollout while scaling its pan-India operations as a provider of fully integrated, one-stop-shop dermatology and health solutions to new-age consumers.
"With 2020 providing strong tailwinds for digital health adoption, Remedico is in a strong position to capitalize on the growing trend of young consumers taking control over their own health and well-being. We have seen a tremendous response to our integrated dermatology offering, and we are excited to bring AWE Funds and our other co-investors on board as we accelerate our growth through 2021 and beyond," noted Ranjit Bhatia, founder, and chief executive officer, Remedico.
Founded in 2018, the company utilizes artificial intelligence (AI)/machine learning (ML) capabilities for the predictive analysis of skin and health problems, and to assist doctors in improving the efficiency and effectiveness of treatment prescribed.
"Given our team's deep investing expertise in healthcare, we believe that telemedicine is poised for rapid growth in India. Furthermore, we found Remedico's focus on building a digital healthcare brand specifically targeting Gen-Z and millennial to be a compelling investment thesis. The high level of engagement of women, both in the company's leadership and as part of the targeted customer base, is highly aligned with our gender lens-focused investment mandate in Achieving Women Equity. We are excited to support this great team," shared Seema Chaturvedi, founder and managing partner, AWE Funds, who will be joining the company's board of directors following this investment.
In 2020, it also launched its line of the brand skin and hair care products. Its end-to-end system provides an effective option for young consumers, especially in tier-II and tier-III cities across India, who are otherwise without viable options for dermatological and medical treatments.
"There is a growing consciousness about digital healthcare solutions amongst new-age consumers in tier-II and tier-III markets across India. However, most of the current solutions are primarily catering to the needs of consumers in urban and tier-1 markets. Remedico aims to change this dynamic with its unique bouquet of offerings designed for younger users in relatively untapped markets across the country. We are excited about Remedico's potential and are delighted to double down on our investment in the team to drive its growth and operational scale," added Abhimanyu Bisht, head of investment operations, Venture Catalysts.
The platform has said to have treated over 35,000 paying customers since its inception, with a success rate of 90 per cent.
The startup has previously raised funds from the US-based healthcare fund Parkview Investment Advisors as well as India-based investors such as Venture Catalysts, HealthStart (New Delhi), and Vida Ventures (Mumbai).
