Exclusive: LabStreet raises angel funding
Gurgaon-based, Kronica Medical Services Pvt Ltd which runs and operates, LabStreet, a demand aggregator for diagnostic labs, has raised Rs 1 crore ($150,000) in angel funding from multiple investors including Chandigarh-based Click Labs.
The funds will be utilised for enhancing the collection and logistics capabilities as well as expanding the footprint across the country.
LabStreet was co-founded by IIT-Delhi alumni Lalit Mittal and Ujjwal Chaudhry in April. The duo bootstrapped the venture with Rs 15 lakh.
"Indian diagnostic industry is undergoing a structural change as the current capacity utilisations are really low and the industry is highly fragmented. The macro-factors for this industry are same as those which created disruptive models like Uber and AirBnB models in the US market," Ujjwal Chaudhry, co-founder, LabStreet, said.
The company aggregates demand for customers for pathology tests and provides home sample collection facility. It claims to be growing 25 per cent week-on-week basis and is aiming to reach 200 transactions per day by next month.
It has currently tied up with 25 plus labs in Delhi-NCR and recently launched it's operations in Pune and Bangalore.
"We have received a great response from Delhi-NCR market and we are looking to replicate the same success story in top-10 cities across India. We are receiving a great traction in Bangalore and Pune markets already," Lalit Mittal, co-founder, LabStreet, said.
LabStreet currently employs 25 people and plans to reach 100-150 people by the end of this year. The major chunk of its hiring will be for technology and logistics role.
"The technical know-how of the team is a big strength and the expertise they bring with themselves is of great value. I am sure that this brings great relief to the consumers to be able to get their lab tests done in a much simpler and time efficient fashion," according to Samar Singla, founder, Click Labs.
Click Labs is a Chandigarh and California-based technology solutions company which supports entrepreneurs by providing them with co-working space, as well as creating MVPs for startups in the area of On Demand Mobile Services (ODMS), mobile gaming, enterprise mobility and internet of things (IoT).
Last month another venture in the space LabsAdvisor raised nearly $184,000 (Rs 1.2 crore) from a group of eight unnamed angel investors from India and abroad. It connects customers with diagnostic labs through an online marketplace. There are also other asset light startups in the business besides the self-owned operations of top diagnostic chains such as Dr Lal PathLabs and SRL.