NirogStreet Raises $300k from Japanese Venture Fund Spiral Ventures & Others
Gurugram-based technology-led Ayurveda platform, NirogStreet that aims to bring evidence based approach in Ayurveda, has raised $300k (approx. Rs 2 Cr) from the Japanese venture fund Spiral Ventures, Subho Ray (President, IAMAI) and Samir Kumar (Director of Derivatives at Deutsche Bank, Singapore).
The startup plans to employ these funds for technological advancement of their platform dedicated to make Ayurveda the first call of treatment globally. The funds would also be used in spreading awareness and visibility about Ayurveda as the people are not appropriately aware of the benefits the ayurvedic treatment embodies and its rich medical knowledge.
Quick Facts:
Founders: Ram N Kumar, Aradhna Rai, and Shrey Jain
Founded in: 2016
Revenue Model: Subscription fee from doctors and margins on ecommerce
Sector: Healthcare
Registered doctors on the platform: 10,000 plus doctors
NirogStreet has been working closely with the Ayurveda institutions of excellence and researchers to advance ayurvedic research and collaboration with modern medical technologies, to make this ancient medical science more result-oriented and trusted. NirogStreet is incubated at CSIR - IIIM, to bring evidence based treatment to mainstream. The startup has over 15,000 doctors engaged on its platform so far. The company is looking to raise pre-series A funding in October 2018.
Talking about the new development, Ram N Kumar, Founder and CEO, NirogStreet said, “Today western medicine backed by a cohesive marketing push is the primary choice of healthcare. On the other hand, Ayurveda, which is a thousands of years old Indian medicine system offering the safest and most effective treatment, is still waiting to gain its place as the preferred system in modern healthcare. As a concept, Ayurveda has a huge level of trust in the country and across the world. We are happy that we have found partners who have the same trust in Ayurveda as we have and are supporting the growth of our endeavours.”
“There are over 500,000 existing Ayurveda graduates and over 25,000 new graduates enter into Ayurveda every year. But quality care, updated knowledge, and access to medicine is a challenge. NirogStreet is a platform where doctors can interact with each other, share knowledge and buy high-quality medicines. In Ayurveda ecosystem, Ayurveda doctors, apart from consultation, also dispense medicines. NiorgStreet is working to provide high-quality medicine at right margin to the doctors at the doorstep. We are trying to create a win-win scenario for every Ayurveda doctor as we help advance this great medical system at a global scale”, he added.
Founded in 2016 by Ram N Kumar, Aradhna Rai and Shrey Jain, NirogStreet is owned and operated by Operated by Wellbeing Healthtech Pvt. Ltd. The startup has developed a ‘NirogStreet for Ayurveda Doctors’ app for making appointments with doctors.
Big players who have already been ruling in the Ayurveda ecosystem are Dabur, Himalaya, Amrutanjan, Baidyanath, VICCO, Patanjali, Nirogam.com and Kama Ayurveda. Also, in January 2018, Gurugram-based ayurvedic healthcare beverages startup KivaShots secured an angel round led by a consortium of investors.
