Healthtech startup Orange Health on Wednesday said it has secured a Series B funding of $25 million (around Rs 192.5 crore) co-led by Bertelsmann India Investments and General Catalyst.
The round also saw participation from existing investors like Accel, Y Combinator, Good Capital and Uncorrelated Ventures.
Bengaluru-based Orange Health plans to use the fresh funds for deeper investments across product development, technology, user experience and building laboratories.
Last year, the platform raised $10 million in Series A funding led by Accel.
Orange Health was founded in 2020 by Dhruv Gupta and Tarun Bhambra. The healthtech platform claims to be among fastest-growing diagnostic tech companies in India.
The firm has so far provided diagnostic testing services to over one million customers across Bengaluru and National Capital Region, it said in a statement.
“As a tech-enabled diagnostics company built around the customers’, our focus has always been on speed and reliability. As a result, we have an NPS of 80+. With the new round of investments, we are excited to broaden our horizon and reach out to more Indians with real care, real fast,” said Gupta and Bhambra.
Bertelsmann India, which is the strategic investment arm of Germany-headquartered media firm Bertelsmann SE & Co. KGaA, doesn't have an India-dedicated fund per se and invests from a balance sheet.
“With the vision to make healthcare accessible and affordable, Orange Health is bridging the gap between online and offline worlds. Over the last two years, healthcare and diagnostics have emerged as a key theme for India and we believe that Orange Health is on a path to turn it seamless for doctors and patients. We aim to partner with more health-tech entrepreneurs disrupting the healthcare sector with an innovation-led approach,” said Pankaj Makkar, managing director of Bertelsmann India Investments.
US-based venture capital fund General Catalyst was founded in 2000. It provides early-stage and growth equity investments. It has invested in Silicon Valley heavyweights, including Airbnb Inc., Stripe Inc., Snap Inc., Grammarly and Giphy. In India, its portfolio includes CityMall, Cred, Uni and StockGro.
“We believe India can become the cradle of many such cost-effective healthcare innovations and are honoured to be investors and partner with Orange Health on their journey to build an enduring company, focused on making a positive impact on so many lives in India,” said Anand Chandrasekaran, partner at General Catalyst.
The Indian healthtech space has seen some investments in the last few months even as a seemingly prevailing “winter” threatens scope of robust funding in the ecosystem.
In April, Doceree Media India Pvt. Ltd, which runs physician-only platform Doceree, raised Series A funding of $11 million (around Rs 83 crore) led by Eight Roads Ventures, with participation from F-Prime Capital and Alkemi Growth Capital.
In November last year, Clinikk, a Bengaluru-based insurtech and healthtech startup raised $4 million in a pre-Series A funding round led by MassMutual Ventures.