 "Health tech startup Neodocs raises Rs 16.6 cr in seed funding round")
Neodocs, a health technology startup that makes smartphone-based test kits, has raised Rs 16.6 crore ($2 million) in a seed funding round led by Omidyar Network India.
Neodocs said it will use the funding to enter international markets after "two years of operating in stealth mode". The round saw participation from investors, including YCombinator, 9 Unicorns, Gemba Capital, Titan Capital, and individuals such as Prashant Tandon and Gaurav Agarwal (1Mg), Rohit MA (Cloudnine), Kunal Shah (Cred), Varun Alagh (Mamaearth), Viren Shetty (Narayana Healthcare), Harshad Reddy (Apollo Hospitals), and Vivek Gambhir (Boat). The start-up plans to utilise the funds to expand its global presence, targeting markets in Europe, Australia, West Asia, and the Americas. Neodocs plans to introduce "instant" finger-prick blood tests, providing results on smartphones.
Neodocs, which was co-founded by Nikunj Malpani, Anurag Meena, and Pratik Lodha, gained attention with its urine-based tests that eliminate dependency on lab machines. The company said it has sold more than 200,000 test cards and partnered with more than 4,000 doctors across India. The Kidney Care Kit measures the urine albumin creatinine ratio (UACR) along with 14 other parameters, for the early detection of chronic kidney disease (CKD). The UTI Care Kit screens for urinary tract infections, offering a 30-second detection method accessible through using any smartphone. The startup is collaborating with pharmaceutical companies Cipla, Eris, Sun Pharma, AstraZeneca, Bayer, and RPG Life Sciences, along with the governments of Maharashtra and Rajasthan to digitise testing in remote areas.
“India is often referred to as the chronic disease capital of the world, and this is largely due to a lack of timely diagnosis. By enabling in-clinic testing, Neodocs is empowering doctors to screen and diagnose patients instantly and start treatment immediately,” said Malpani, who is also chief executive officer of Neodocs.
“Healthcare today remains reactive and episodic. Affordable and real-time diagnostics will be critical to accelerate the transition to preventive/proactive care. We believe Neodocs’ solution can significantly expand access across income segments and geographies, enrich patient health records, and reduce the cost of care to improve health outcomes,” said Aditya Misra, director of Omidyar Network India.