Total amount raised
$2.4 Millions
Latest funding date
02/01/2024
Location
Neodocs has successfully raised Rs 16.6 crore in a seed funding round, with notable investors including 100Unicorns and Y Combinator. The company aims to perform 100 million tests in the next three years.
Keep reading to explore the intricacies of Neodocs' fundraising journey and the investors backing this innovative platform.
What Is Neodocs?
Neodocs, founded in 2020, is headquartered in Mumbai, Maharashtra, India. The company operates in the health care, personal health, software, and wellness industries. It was established by Anurag Meena, Nikunj Malpani, and Pratik Lodha.
With an employee count ranging from 11 to 50, Neodocs offers a platform for instant lab tests that users can complete with their smartphones. Their products include a urine test kit, digital health insights, personalized recommendations, and an app that transforms a smartphone into a personal wellness tracker.
How Much Funding Has Neodocs Raised?
- Seed Round
- Amount Raised: $2M
- Date: February 2024
- Lead Investors: Omidyar Network India, Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Neodocs' goal to perform 100 million tests in 3 years and expand into international markets.
- Non-Equity Assistance
- Date: July 2023
- Lead Investors: Google for Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources from Google for Startups.
- Seed Round
- Date: September 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their product offerings and expand market reach.
- Pre-Seed Round
- Amount Raised: $125K
- Date: August 2021
- Lead Investors: 100Unicorns
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart product development and initial market entry.
- Pre-Seed Round
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and operational costs.
- Pre-Seed Round
- Date: December 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and begin initial product research.
- Pre-Seed Round
- Amount Raised: $300K
- Date: December 2020
- Lead Investors: 100Unicorns
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund the development of their initial product prototypes.
Total Amount Raised: $2.425M
Current Valuation: Not publicly disclosed
Key Investors
- Omidyar Network India
- Details: Omidyar Network India is a social impact investment firm that supports innovative organizations aiming to create social impact. Despite announcing its closure in India, it continues to make selective investments.
- Investment Focus Areas: Social impact, technology, innovation
- Notable Investments: Quikr, Dailyhunt, 1mg
- Y Combinator
- Details: Y Combinator is a startup accelerator that has funded over 2,000 startups, including well-known companies like Airbnb and Dropbox. It provides seed funding and mentorship to early-stage startups.
- Investment Focus Areas: Early-stage startups across various sectors
- Notable Investments: Airbnb, Dropbox, Reddit
- 9Unicorns
- Details: 9Unicorns is an accelerator fund that invests in early-stage startups with disruptive ideas. It aims to support startups through their initial growth phases.
- Investment Focus Areas: Early-stage startups
- Notable Investments: Beardo, Shiprocket, Fynd
- Gemba Capital
- Details: Gemba Capital is a venture capital firm focusing on early-stage technology and innovation-driven startups. It aims to support startups with high growth potential.
- Investment Focus Areas: Early-stage technology startups
- Notable Investments: Fynd, Beardo, Innov8
- Titan Capital
- Details: Titan Capital is a venture capital firm that provides seed and early-stage funding to startups. It has a diverse portfolio across various sectors.
- Investment Focus Areas: Early-stage startups across various sectors
- Notable Investments: Ola, UrbanClap, Mamaearth
What's Next for Neodocs?
Neodocs is poised for significant growth as it expands into international markets such as Europe, Australia, the Middle East, and the Americas. The company is also developing new products like instant finger-prick blood tests, which could revolutionize at-home diagnostics. Collaborations with major pharmaceutical companies and government bodies to digitalize testing in remote areas further amplify their growth potential.
Future fundraising opportunities appear promising, with the potential for Series A and beyond, driven by the successful seed round and high-profile investor interest. However, Neodocs may face challenges such as regulatory hurdles, competition from other healthtech startups, and ensuring the accuracy and reliability of their test results. As they scale operations, maintaining quality control will be crucial.
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