Meddo Health closes pre-series A round at $6 million led by SRI Capital
Meddo, a health-technology start-up operating in the ambulatory space, has closed the Pre-Series A round at $6 million, led by SRI Capital, Picus Capital and Alkemi Capital.
Meddo equips OPD clinics with technology-enabled solutions to turn them into full service medical centres complete with ERM systems, diagnostic support, medicine delivery services/support and much more.
The company intends to utilize the funds focused on increasing presence and national footprint – both with more clinics in the NCR region and expansion to other cities. Organic and inorganic expansion by investing in technology solutions that integrate seamlessly with the Meddo offering and strengthen the eco-system. Investing in big-data that would give the company access to trends in the healthcare industry at a micro and macro level, and continuing to double down on patient offerings under Meddo Sure to achieve the vision of complete healthcare cover for patients, and going the extra mile to offer affordable plans that cover all expenses from primary health care (OPD) to hospitalisation (IPD), said the company.
Launched in 2018 by Saurabh Kochhar, ex-Foodpanda and Dr Naveen Nishchal, a serial entrepreneur and co-founder of Cygnus Hospitals, the Meddo model reverse integrates independent OPD clinics into the brand’s 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.
Despite the Covid challenges, Meddo has been growing and expanding its network and service offerings. In the last few months, the venture launched relevant solutions like L1 Covid centres, tele-consultation services, diagnostic solutions and an extremely useful and cost-effective healthcare membership called MeddoSure.
Saurabh Kochhar, Founder of Meddo, said, “Meddo Health was conceived with a vision to digitise and organise the ambulatory care space in India on back of innovative technology solutions. Our investors have stood strongly by our side and have shown confidence in our aim to bring much needed inclusivity and structure to the primary healthcare space in India.”
Alkemi Venture Capital has been an active investor in the healthcare sector for around 5+ years now, so having them backing us with funds is great validation of the idea and philosophy of Meddo.
“We often fail to acknowledge and appreciate the humongous role played by independent clinics (200-300K) in the overall healthcare delivery. Meddo is partnering with clinics on aspects such as technology and operations to make the patient and physician experience more seamless. In the process it is increasing the asset utilization of these clinics – a win win for all stakeholders involved. Today, more than ever, the need is apparent – and Meddo is helping organize this fragmented market. We are excited about being partners with Meddo in this journey,” said Alka Goel, Founding Partner, Alkemi Growth Capital.
Within the last two years, Meddo has served and created a customer base of almost 6 lakhs patients, on-boarded over 400 doctors from various super specialities and re-branded close to 250 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 the next 18 months.
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