Chennai, NFAPost: Health tech startup in the telemedicine vertical, Remedo, has raised Pre-Series A round from River Rock Ventures. Inflection Point Ventures also participated in the round with other investors including Angel List, Mohit Satyanand, Mitesh Daga (TPG Capital) and Aditya Vij (Kedara capital).
Remedo is an engagement platform that helps doctors better manage patients with chronic diseases and improves patient outcomes by guiding them through their care journey. Remedo is implementing a physical-digital model by providing access to lab tests and medication at the doctor clinics too. The startup, which runs a telemedicine platform connecting over a lakh patients, will be using the funds raised to expand to other specialities like cardiovascular and neuro.
Remedo, co-founded by Ruchir Mehra, Harsh Bansal and Richeek Arya in 2017, connects doctors with patients, consisting of customised care plans, including consultation, follow-up visit reminders, tests, medicine reminders and detailed answers to patient FAQs. Remedo’s smart health assistant ‘Disha’ delivers specialised wellness programmes to patients as per their medical conditions.
Remedo Co-founder Ruchir Mehra said, “Remedo is an integrated care provider that uses various touch points between doctors and patients to manage chronic conditions, providing tools to adjust to the new reality of patient doctor moving online.”
Because of Covid-19 outbreak, patients are unable to meet their doctors, and the startup has seen a clear acceptance among the stakeholders to take the telemedicine route.
“Our business has witnessed 17% growth in follow up visits for the doctors on the platform,” Mehra added.
Inflection Point Ventures (IPV) is an initiative of accomplished CXOs & Angel Investors. Started in 2018, IPV has invested close to Rs 100 crore across 35 startups. IPV’s investors’ base is currently at 1,600 seeing a massive influx of highly accomplished CXOs and HNIs, who are looking to invest in startups with rational valuation and sustainable business model.
The most active angel platform has been continuing with its investment strategy though the Covid outbreak has dampened the funding climate in India. Remedo is their sixth investment in 2 months. Shyam Anjaria, a full time management consultant and an investor with IPV, had made his maiden investment in Remedo.
Inflection Point Ventures Investor Shyam Anjaria said, “Remedo is tapping into a unique and highly scalable B2B health tech market in India, which is currently underserved. The innovative business model that Remedo brings the doctors and patients together on a platform is a key differentiator.”
IPV has invested or committed in over 10 investments since January 2020, especially in sectors like health tech, online grocery delivery, online education and media & entertainment that are expected to outperform during the current pandemic and in the future as well.
Inflection Point Ventures Founder and CEO Vinay Bansal said, “We are seeing a massive surge in our investor base even with the given macro scenario because investors have found startups as a good asset class creating wealth in the private market. We aim to open up angel investment in India and want to make it as accessible as buying stocks. That’s why more than 200 investors have done their maiden angel investments through IPV.”
Remedo’s founding team stands strong with background in medical, technology and sales. While Ruchir Mehra and Harsh V Bansal are alumnus of IIM L, Richeek Arya has been a student of IIIT Hyderabad who left Silicon Valley to start Remedo in India.
With 1 out of every 4 Indians, suffering from a chronic medical condition, patients need more than a prescription today, and Remedo bridges this gap, enabling the patients to reach out to their doctors as much as 25 times a month, increasing their satisfaction rate to 90%.