New Delhi: Remedo, a health-tech startup in the telemedicine vertical has raised an undisclosed amount in Pre-Series A funding from River Rock Ventures. The other investors who also participated in the round are Inflection Point Ventures, Angel List, Mohit Satyanand, Mitesh Daga (TPG Capital) and Aditya Vij (Kedara capital).
Remedo, co-founded by Dr. 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 specialized wellness programs to patients as per their medical conditions. Remedo will be using the funds raised to expand to other specialities like cardiology, neurology and respiratory medicine, the company said.
Dr Ruchir Mehra, Co-founder Remedo, 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 outbreak, patients are unable to meet their doctors in person as it is not advisable to visit hospitals if one is not a Corona affected case. As a result, we have 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.”
Vinay Bansal, Founder & CEO, Inflection Point Ventures, said, “We are a digital first investment platform and our due diligence process is based on studying hows and whys of startups failing. 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, while Dr. 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 a combined experience of over 30 years, this team has digitally tapped the health-tech sector.
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 per cent.