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HomeStart UpHealthtech platform Neodocs raises $2mn in seed funding 

Healthtech platform Neodocs raises $2mn in seed funding 

Healthtech startup Neodocs, which develops smartphone-based health-test kits, has secured $2 million in seed funding. The funding round was led by Omidyar Network India, Y Combinator, and 9 Unicorns, among others.

This funding will enable the Mumbai-based company to increase investments in its products, specifically focusing on kidney care and urinary tract infections (UTI) kits. Additionally, Neodocs plans to expand its self-diagnosis offerings by introducing a finger-prick blood test product, providing results directly on smartphones.

“We are now working with doctors and major pharma companies like Cipla, Sun Pharma, AstraZeneca, and now we feel the time is right to announce ourselves and do more partnerships. We are now able to standardize the test results across any lighting condition and any phone cameras,” Nikunj Malpani, CEO and co-founder of Neodocs said.

Neodocs, founded by IIT Bombay alumni Malpani, Anurag Meena, and Pratik Lodha, is working on an at-home testing platform. Users can follow a simple process to apply a sample to a test card with various chemicals. The card produces a visual output, like a colour or intensity change, indicating biomarker levels. The Neodocs app on a smartphone then reads and interprets these results.

After two years of research and beta sales, the company plans to expand into international markets, including Europe, Australia, the Middle East, the Philippines, and the US. Malpani highlighted the potential of their solution in countries where phlebotomists are not readily available.

“We are having very good conversations with international partners as well. Outside India, phlebotomists are not easily available, so the need for our solution is much higher in other countries,” Malpani said. 

Neodocs has sold over 2 lakh test cards and is utilized by more than 4,000 doctors throughout India. The test cards are also distributed through e-commerce platforms like Amazon.

Malpani added that the company is partnering with the governments of Maharashtra and Rajasthan to digitize testing in remote areas of India.

“We are working with various governments to take our solutions to rural India, where labs are not available, and healthcare workers can use their own phones for testing with no other equipment required,” he added. 

Neodocs has raised a total of $2.5 million and aims to sell over 10 million test kits by the next year. 

The latest funding round involved participation from Gemba Capital, Titan Capital, and notable angel investors such as Prashant Tandon and Gaurav Agarwal of 1Mg, Rohit MA from Cloudnine, Kunal Shah from Cred, Varun Alagh from Mamaearth, Viren Shetty from Narayana Healthcare, Harshad Reddy from Apollo Hospitals, and Vivek Gambhir from Boat Lifestyle.

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