Labs aggregator Medd gets $150K in bridge round
Diagnostics tests booking app Medd has raised $150,000 (about Rs 1 crore) in a bridge round of funding from a group of angel investors.
HolaMed Healthcare Technologies Pvt Ltd, which runs Medd, didn't reveal the investors' names saying only that they included doctors and senior executives from pharmaceutical, e-commerce and investment banking firms.
The company will use the funds to expand its network of service providers, strengthening technology interface and for marketing and branding efforts.
Medd is operational in Mumbai, Nagpur and Indore, and plans to expand to Delhi-NCR, Bangalore and Hyderabad.
The company was founded in 2011 by Arpit Kothari, Anurag Mundhada and Akash Deep Singhal, all of whom graduated from IIT Bombay in 2015. It had raised seed funding from angel investor Ajeet Khurana in May.
"We went app-only like many startups but seeing strong demand from desktop [users] we will be investing in web technologies heavily in the coming three to six months," said Singhal, who is also the company's CTO.
Medd allows users to compare and choose accredited labs and hospitals and also offers discounts for preventive health check-ups. It gives users the option of getting the sample collected from their homes or offices and getting the report delivered by email, app notification or courier.
The health-tech segment has seen a number of diagnostic labs aggregators receiving investment in recent months. Gurgaon-based Kronica Medical Services Pvt Ltd, which runs LabStreet, had last month raised Rs 1 crore in angel funding from multiple investors including Chandigarh-based Click Labs. LabsAdvisor, which connects customers with diagnostic labs through an online marketplace, had raised nearly $184,000 (Rs 1.2 crore) from eight unnamed angel investors from India and abroad.