Neodocs, a cutting-edge health tech start-up specializing in smartphone-based test kits, announced today the successful completion of its seed funding round, raising a total of Rs 16.6 crore (approximately $2 million). The funding round was led by Omidyar Network India, with significant participation from esteemed investors including YCombinator, 9 Unicorns, Gemba Capital, Titan Capital, and prominent individuals such as Prashant Tandon, 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 in 2020 by Nikunj Malpani, Anurag Meena, and Pratik Lodha, has operated in stealth mode for the past two years, garnering attention for its groundbreaking urine-based tests: The Kidney Care Kit and the UTI Care Kit. These tests have already sold over 200,000 test cards and established partnerships with more than 4,000 doctors across India.
The Kidney Care Kit measures the urine albumin creatinine ratio (UACR) along with 14 other parameters, facilitating early detection of chronic kidney disease (CKD). On the other hand, the UTI Care Kit screens for urinary tract infections, offering a 30-second detection method accessible through any smartphone. Neodocs is also collaborating with leading pharmaceutical companies such as Cipla, Eris, Sun Pharma, AstraZeneca, Bayer, and RPG Life Sciences, in addition to partnerships with the Governments of Maharashtra (Nashik) and Rajasthan (Ladnu) to digitize testing in remote areas.
The fresh capital will be utilized by Neodocs to propel its global expansion strategy, targeting key markets in Europe, Australia, the Middle East, and the Americas. The company aims to introduce ‘instant’ finger-prick blood tests that provide results on smartphones through a simple picture, further revolutionizing the diagnostic landscape.
Nikunj Malpani, CEO and co-founder of Neodocs, expressed his enthusiasm about the milestone, stating, “India is often referred to as the chronic disease capital of the world, and this is largely due to a lack of timely diagnosis. By enabling in-clinic testing, Neodocs is empowering doctors to screen and diagnose patients instantly and start treatment immediately.”
Aditya Misra, Director at Omidyar Network India, commented on the significance of Neodocs’ solution, stating, “Healthcare today remains reactive and episodic. Affordable and real-time diagnostics will be critical to accelerate the transition to preventive/proactive care. We believe Neodocs’ solution can significantly expand access across income segments and geographies, enrich patient health records, and reduce the cost of care to improve health outcomes.”
With this infusion of funds, Neodocs is poised to lead the charge in transforming healthcare diagnostics globally, providing accessible and instant solutions for both doctors and patients. The company is headquartered in Mumbai, Maharashtra, India.