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Digital Health Startup Remedico secures Rs. 4 Cr Bridge Round investment led by AWE Funds

The round will help accelerate the company’s growth, in addition to further augmenting its technology capabilities

Bangalore, 3rd February, 2021: Blackburn Technologies Private Limited (operating as Remedico), a health-tech startup focusing on providing mobile telemedicine-based dermatology solutions to Indian Gen-Z and millennial consumers, has raised a Rs. 4 Cr bridge round investment led by AWE (Achieving Women Equity) Funds, with participation from new incoming investors LetsVenture and several angel investors. Existing investors Venture Catalysts and Parkview Investment Advisors also participated in the round. The investment will be used to drive Remedico’s product and technology rollout while scaling its pan-India operations as a provider of a fully integrated, one-stop-shop dermatology & health solutions to new-age consumers.

Remedico has treated over 35,000 paying customers since its inception, with a success rate of 90%. In 2020, it also launched its line of Remedico brand skin and hair care products. Its end-to-end system provides an effective option for young consumers, especially in tier-2 and tier-3 cities across India, who are otherwise without viable options for dermatological and medical treatments. Remedico previously raised funds from Parkview Investment Advisors, a US-based healthcare fund, as well as leading India-based investors such as Venture Catalysts, HealthStart (New Delhi), and Vida Ventures (Mumbai).

Speaking on Remedico’s recent success and its latest round of funding, Founder & CEO Ranjit Bhatia, noted, “With 2020 providing strong tailwinds for digital health adoption, Remedico is in a strong position to capitalize on the growing trend of young consumers taking control over their own health and well-being. We have seen tremendous response to our integrated dermatology offering, and we are excited to bring AWE Funds and our other co-investors on board as we accelerate our growth through 2021 and beyond."

Seema Chaturvedi, Founder & Managing Partner of AWE Funds, who will be joining the Company’s Board of Directors following this investment, noted, “Given our team’s deep investing expertise in healthcare, we believe that telemedicine is poised for rapid growth in India. Furthermore, we found Remedico’s focus on building a digital healthcare brand specifically targeting Gen-Z and millennial to be a compelling investment thesis. The high level of engagement of women, both in the company’s leadership and as part of the targeted customer base, is highly aligned with our gender lens-focused investment mandate in Achieving Women Equity. We are excited to support this great team."

Speaking about the investment, Abhimanyu Bisht, Head of Investment Operations – Venture Catalysts, added, “There is a growing consciousness about digital healthcare solutions amongst new-age consumers in tier-2 and tier-3 markets across India. However, most of the current solutions are primarily catering to the needs of consumers in urban and tier-1 markets. Remedico aims to change this dynamic with its unique bouquet of offerings designed for younger users in relatively untapped markets across the country. We are excited about Remedico’s potential and are delighted to double down on our investment in the team to drive its growth and operational scale.”

About Blackburn Technologies Private Limited (Remedico): Founded in 2018, by RanjitBhatia, the health techtelemedicine startup provides a full-stack healthcare solution to Gen Z and young millennials, spanning the entire treatment journey from digital consultations, ongoing treatment management, to branded skin & hair care products. Remedico also utilizes AI-ML capabilities for the predictive analysis of skin and health problems, and to assist doctors in improving the efficiency and effectiveness of treatment prescribed.

About AWE Funds: AWE Funds is an early growth equity fund investing in innovative enterprises to promote gender equity. We use AWE Funds’ proprietary gender lens to invest pre-series A, Series A rounds in women owned, led or influenced businesses in AgriTech, HealthTech, EdTech, Fintech& Sustainability (Cleantech & Water) businesses in India.

For Information contact :Ranjit Bhatia: |ranjit@remedicohealth.com

For information contact: Seema Chaturvedi | seema@awefunds.com

About Venture Catalysts 

Venture Catalysts is India’s first integrated incubator. It invests $250K – $1.5 Million in early stage start-ups that have potential to create enduring value for over a long period of time. Over the last few years, it has been instrumental in developing and nurturing the country’s vibrant startup ecosystem with a strong presence in Tier 2& 3 markets. Venture Catalysts brings a lethal combination of Capital, Mentoring and Business Network to help investee companies to succeed. Their innovation provides value to start-ups through its extensive angel network, funding, community, services and co-working facility. Venture Catalysts is focussed on providing startups with access to continuous capital from fund, investor network, Tier 1 founders & CXOs, and family offices besides providing them with market access from corporates and global growth programs.

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