Consumer healthcare startup CureSkin has raised $20 million (around Rs 166 crore as per current rates) as a part of its Series B round, led by health-focussed venture capital investor HealthQuad.
The round also saw participation from the company’s existing investors including JSW Ventures, Khosla Ventures and Sharrp Ventures, a company statement said.
The platform, operated by Heallo India LLP, will use the fresh funding to continue scaling its operations and innovate AI development to build a stronger technology moat and expand distribution capabilities.
Founded in 2017 by Guna Kakulapati, Ramakrishna Rajanna and Charu Sharma, CureSkin is an artificial intelligence-driven platform for the detection and care of skin conditions. It uses AI technology to analyse users' skin conditions and recommends a personalised treatment kit and care plan. The startup was also a part of the Google Launchpad Accelerator Programme 2019.
“This investment reaffirms the growing demand for accessible expertise and quality care to solve skin & hair problems for people in India,” co-founder and chief executive officer, Kakulapati said. “These funds will help enhance our AI capabilities, accelerate our growth and expand solution offerings,” he added.
Veda Corporate Advisors acted as advisers to Cureskin for the transaction.
"With more than 70% of the company’s users currently coming from Tier III locations, Cureskin is aligned with HealthQuad’s mission of solving the accessibility, affordability and quality issues in healthcare in India,” said Charles–Antoine Janssen, chief investment officer, HealthQuad.
The latest investment brings Cureskin's total funding to $26 million. In March 2022, the Bengaluru-based company raised $5 million in a Series A round led by JSW Ventures, with participation from Sharrp Ventures, SenseAI Ventures, among others.
In 2020, CureSkin raised $500,000 in funding led by Gurugram-based SenseAI Ventures.
Meanwhile, HealthQuad, which has backed companies such as Redcliffe, HealthifyMe, Medikabazaar and more, more than $280 million worth assets under management across two funds. It is floated by founders of healthcare-focussed private equity firm Quadria Capital and backed by KOIS, a global pioneer in impact investing and innovative finance.
JSW Ventures is an early-stage institutional venture capital fund sponsored by the family office of the JSW Group, investing in technology-led startups. The fund is focussed on investing in platform companies across consumer-tech, healthtech, B2B, agritech, fintech and enterprise SaaS companies.