Meddo extends pre-Series A funding round to 6mn. sees growth of 2.5X in 2020 despite the pandemic
New Delhi: Meddo, a health-technology start-up operating in the ambulatory space has expanded the Pre-Series A round to a cumulative of USD 6mn led by SRI Capital and Picus Capital.. Meddo empowers offline OPD clinics with digital solutions and supply chain to create full service medical centres complete with ERM systems, diagnostic support, medicine delivery services/support and much more. Launched in 2018 by Mr. Saurabh Kochhar, ex-Foodpanda and Dr. Naveen Nishchal, a serial entrepreneur, who is also the co-founder of Cygnus Hospitals, of the model works towards reverse integration of independent OPD clinics into the Meddo fold. With a vision to organise the highly unorganised ambulatory services sector in India, Meddo is the first seamlessly omni-channel healthcare player offering ‘patient-oriented Care’ in the true sense. As a testament to that, Meddo has witnessed 2.5X in revenues in 2020 compared to the last year.
Founded by credible entrepreneurs with a reliable track record, the venture has been backed by notable investors so far. In the year 2019, Meddo raised around $3 million (about Rs 21.53 crore at current exchange rates) in a pre-Series A funding round led by the Philadelphia- and Hyderabad-based SRI Capital. LetsVenture, growX Ventures, Citrus Pay co-founder Jitendra Gupta and Venture Gurukool also took part in the round then. Picus Capital, which joins the list of investors in Meddo now, is backed by Alexander Samwer of Rocket Internet fame – which funded Kochhar’s previous two ventures as well (foodpanda & Printvenue).
Talking about his vision for Meddo and sharing details regarding fund utilization, Mr Saurabh Kochhar, Founder of Meddo, said, “At Meddo, we have always believed in technology as the key enabler for providing seamless quality care; and thereby, built a truly omni-channel care network. When this was put to test in 2020, we immediately scaled up, vertically and horizontally to provide much needed tele-care to our patients and users. The additional funds, coming in in this round will also be directed towards further expansion and value addition. There are three key areas where we will be investing – a) Increasing presence and national footprint – both with more clinics in the NCR region and expansion to other cities, b) Launch of the MeddoSure membership which is one of a kind omni-channel unlimited care membership plan, and c) Further improving our Technology stack to provide seamless quality care and lead integrations with the Bharat Health Stack through NDHM.”
Meddo is built on a premise of integrated and omni-channel healthcare system, which is patient centric, scalable, and medium agnostic. A notable growth of 2.5X despite the COVID-19 challenges has been a proof of concept and determined to focus on expansion this year expressing his expectations from 2021 Mr. Kochhar added said that, “we believe that is testament to the core need for one stop quality care that exists as a gap today. And hopefully, we would be able to create far more meaningful impact over the coming years by streamlining primary care services.”
Within the last two years, Meddo has served and created a customer base of almost 6 lakhs patients, on-boarded over 350 doctors from various super specialties and re-branded close to 200 clinics under the Meddo brand across Delhi/NCR. With a wide and dominant presence in the capital city, Meddo would want to expand its footprint across top 10 cities within next 18 months.