Yostra Labs Raises INR4 Crore In Seed Funding Round Led By IAN
Funds will be utilized to increase its workforce by expanding in-house sales and marketing teams
Yostra Labs, on Tuesday announced to have raised INR4 crore in a seed funding round led by Indian Angel Network (IAN) and was joined by co-investors Impact Innovators and Entrepreneurs Foundation (Villgro Innovations Foundation) and Centre for Cellular and Molecular Platforms. Funds will be utilized to increase its workforce by expanding in-house sales and marketing teams. The funding will also be directed towards expanding the market reach of the company, the commercialization of the product portfolio, optimizing the bill of material, and scaling up the production.
"Being a market pioneer, Yostra has developed path-breaking innovations for the diagnosis and treatment of Diabetic Foot complications. With the investment from IAN and the guidance from our mentors, we plan to scale up our operations and expand our market reach," said Vinayak Nandalike, founder, Yostra Labs.
"Proper care and treatment are required in various stages of diabetes. Yostra has a portfolio of patented products with focus on diabetes neuropathy that can save complications and enhance livelihood of diabetes patients. This investment from IAN and co-investors will help Yostra build a business that is sustainable while providing social impact. The investment will accelerate Yostra to scale globally," said Venkataraman KNK, lead investor, IAN.
The Advanced Wound Care Market, currently at $10.3 billion is expected to grow at a compounded annual growth rate of 9.8 per cent, driven largely by an increasing focus on innovation. Yostra has a portfolio of patented products that have been backed by fundamental research. Yostra's patented portfolio of products includes Neuro Touch, a point of a care screening device for peripheral neuropathy, and Velox Care, an advanced wound care product for the treatment of chronic wounds. Founded in 2014 by Vinayak Nandalike, Mohan Rao, Dr. Sanjay Sharma and Dr. Maruthy, the startup aims to bring a change with devices that help in the management of major chronic diseases. It is currently addressing "Diabetic Foot", a complication of Diabetes – which is widely neglected even though the mortality rate is more than that of cancer. Yostra's devices have screened over 40,000 patients across clinics, private and government hospitals and diagnostics centres in India.