Neodocs, a health tech start-up, has raised Rs 16.6 crore ($2 million) in a seed funding round. The funding, led by Omidyar Network India, aims to propel Neodocs into international markets after two years of operating in stealth mode. Neodocs specialises in developing smartphone-based test kits.
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, the Middle East, and the Americas. Neodocs aims to introduce ‘instant’ finger-prick blood tests, providing results on smartphones through a simple picture.
Co-founded by Nikunj Malpani, Anurag Meena, and Pratik Lodha, Neodocs initially gained attention with its urine-based tests: The Kidney Care Kit and the UTI Care Kit. These tests eliminate dependency on lab machines. The company has sold over 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 start-up is also collaborating with pharmaceutical companies such as Cipla, Eris, Sun Pharma, AstraZeneca, Bayer, and RPG Life Sciences, along with the Governments of Maharashtra (Nashik) and Rajasthan (Ladnu) to digitise testing in remote areas.
Nikunj Malpani, CEO and co-founder of Neodocs, stated, “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.”
Speaking on the same, Aditya Misra, Director, Omidyar Network India, stated, “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.”
First Published: Feb 08 2024 | 3:53 PM IST