The Renal Project, which operates a Mumbai-based chain of dialysis-focussed micro centres, has raised Rs 2.2 crore (nearly $300,000 at current exchange rates) as part of its pre-Series A funding round.
In a statement, The Renal Project said it has raised the capital from a clutch of international angel investors. However, it did not disclose their identities.
The infusion of capital comes around a year after the firm raised seed financing from early-stage venture firm 100X.VC, whose portfolio also includes startups such as Knorish Frameworks Pvt Ltd and PickRight Technologies Pvt Ltd.
The Renal Project was set up last year by Shashank Moddhia, and currently operates more than 10 centres across the Mumbai Metropolitan Region as well as other parts of Maharashtra including Shirdi and Pune. The startup was incubated at the Atal Incubation Centre at the Narsee Monjee Institute of Management Studies (NMIMS).
The company will use the capital it has raised to expand its presence in western parts of India, with an aim to reach at least 100 dialysis centres within the next two years. Its larger goal is operating a 1,000 centres across Tier-II and Tier-III locations in the next decade. The Renal Project says it is also looking to close a Series A fundraising exercise by the middle of the next year.
Each micro centre The Renal Project operates is a three-bed facility with a capacity to treat 25 patients. Rates for its services range from Rs 1,100-1,400 (around $14.79-$18.83).
