Brand Capital backs health-tech startup Zoctr
Zoctr, a startup that allows users to buy health-related services and home-based wellness packages as an online aggregator, has raised an undisclosed amount from ad-for-equity media investor Times Group's Brand Capital.
This is the third round of funding for the startup, which is run by Mumbai-based Zoctr Health Pvt Ltd, in the last nine months, a statement said.
The company aims to raise $10 million in a Series A round in the next six months and this deal is seen a precursor to the bigger funding round, it added.
Zoctr will use the funds to advertise its brand through various media publications of Bennett, Coleman & Co Ltd, which operates as Times Group, as it seeks to expand presence in 18 target cities.
Nidhi Saxena, founder and CEO, Zoctr, said the startup aims to reach about 500,000 people and be among the top five most recognised healthcare brands in the country in the next five years. She added that the Times Group's outreach and media mix will help Zoctr create a high-impact launch.
Zoctr provides a portfolio of home-based medical services, including long-term intensive care, chronic care, health check-up and others. It also provides services such as tele-consulting, home laboratory pick-ups, online pharmacy and emergency management support.
With a team of 100 employees, the company has operations in Mumbai, Delhi, Kolkata, Pune and Ahmedabad.
In July 2015, Zoctr had secured $1 million in funding from SPA Capital Group founder Sandeep Parwal, Organic Wellness founder Krishan Gupta and other angel investors. Former Ranbaxy executives Anil Khandelwal and Arun Purohit have also put money in Zoctr.
Home healthcare is an emerging segment within the overall wellness space. Early this week, Aegis Care Advisors Pvt Ltd, which operates under the brand Care24, raised Health funding from SAIF Partners. Some other companies like Portea and Medwell also run an online platform but are themselves home healthcare service providers.