By - VOH Team
9 Feb 2024
Mumbai-based Neodocs, a pioneer in affordable smartphone-based test kits, has successfully raised Rs 16.6 crore (approximately $2 million) in its latest seed funding round. Omidyar Network India spearheaded the investment, joined by a consortium of backers, including YCombinator, 9Unicorns, Gemba Capital, Titan Capital, and prominent angel investors such as Prashant Tandon and Gaurav Agarwal (1Mg), Rohit MA (Cloudnine), Kunal Shah (Cred), Varun Alagh (Mamaearth), Viren Shetty (Narayana Healthcare), Harshad Reddy (Apollo Hospitals), and Vivek Gambhir (Boat).
Neodocs, founded by Nikunj Malpani, Anurag Meena, and Pratik Lodha, initially introduced two groundbreaking urine-based tests, the Kidney Care Kit and the UTI Care Kit, which eliminate the need for traditional lab machines. The startup has already sold over 200,000 test cards and has gained traction among more than 4000 doctors across India. The raised capital will be instrumental in expanding Neodocs' presence in international markets, including Europe, Australia, the Middle East, and the Americas.
The Kidney Care Kit measures urine albumin creatinine ratio (UACR) along with 14 other parameters, while the UTI Care Kit screens for urinary tract infections by tracking 10 essential parameters. Neodocs is currently developing 'instant' finger-prick blood tests, allowing users to receive results on their phones with just a simple picture click.
In addition to its commercial success, Neodocs is actively collaborating with leading pharmaceutical companies such as Cipla, Eris, Sun Pharma, AstraZeneca, Bayer, and RPG Life Sciences. The startup is also partnering with the Government of Maharashtra (Nashik) and the Government of Rajasthan (Ladnu) to digitize testing procedures in remote areas.
Notably, this marks Omidyar Network India's third investment since the announcement of winding up its operations in India. The organization recently led funding rounds in Revfin and Sportvot.
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