Neodocs, a pioneering provider of affordable smartphone-based test kits, has announced the successful closure of its seed funding round, raising an impressive Rs 16.6 crore (approximately $2 million). The investment, spearheaded by Omidyar Network India, signals a significant milestone for the healthcare startup and positions it for accelerated growth and expansion into international markets.
The funding round saw participation from a diverse group of investors, including YCombinator, 9Unicorns, Gemba Capital, Titan Capital, and notable angel investors 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).
Founded by Nikunj Malpani, Anurag Meena, and Pratik Lodha, Neodocs made waves in the healthcare industry with its innovative urine-based test kits, including the Kidney Care Kit and the UTI Care Kit. These kits, which eliminate the need for traditional laboratory machines, have garnered widespread adoption among healthcare professionals and patients alike, with over 200,000 test cards sold and usage by more than 4,000 doctors across India.
With the infusion of funds, Neodocs is poised to further expand its product offerings and geographical footprint. The company plans to enter key international markets, including Europe, Australia, the Middle East, and the Americas, bringing its groundbreaking healthcare solutions to a global audience.
In addition to its core product offerings, Neodocs is also working on introducing ‘instant’ finger-prick blood tests, which will enable users to receive test results directly on their smartphones with a simple click of a picture. This innovation underscores the company’s commitment to leveraging technology to make healthcare more accessible and convenient for individuals around the world.
Furthermore, Neodocs has established strategic partnerships with leading pharmaceutical companies and governmental bodies to drive digitalization efforts in healthcare testing, particularly in remote areas. Collaborations with companies such as Cipla, Eris, Sun Pharma, AstraZeneca, Bayer, and RPG Life Sciences, as well as governmental entities like the Government of Maharashtra and the Government of Rajasthan, highlight Neodocs’ commitment to expanding access to quality healthcare services.
The investment from Omidyar Network India not only reflects confidence in Neodocs’ innovative solutions but also underscores the broader support for impactful healthcare initiatives. This marks Omidyar’s third investment since announcing its decision to wind up operations in India, following recent funding rounds in Revfin and Sportvot.
In summary, Neodocs’ successful seed funding round propels the company into its next phase of growth and expansion, positioning it as a key player in the global healthcare landscape. With strong investor backing, a track record of innovation, and a mission-driven approach, Neodocs is poised to revolutionize healthcare delivery and improve outcomes for individuals worldwide.
