Orange Health Raises $25M In Series B Funding Round
Orange Health, a diagnostics lab service startup, has raised $25 million in a Series B round led by Bertelsmann India Investments and General Catalyst.
The funding round also saw participation from existing investors, including Accel, Y Combinator, Good Capital, and Uncorrelated Ventures.
As per the startup, the raised funds will be used for product development, generating a better user experience, and building laboratories. The startup also plans to expand into new markets and strengthen teams across functions.
Orange Health | Making Healthcare Seamless
Founded by former Practo executives Dhruv Gupta and Tarun Bhambra, Orange Health provides diagnostic lab services across Bengaluru and National Capital Region (NCR). It claims to have provided diagnostics testing to more than a million customers so far.
Speaking about Orange Health, Dhruv Gupta, Co-Founder of Orange Health, said,
“While traditional diagnostic labs need patients to come to them at collection centres, most home collection diagnostic companies haven’t been able to reliably provide services in a timely manner. Orange Health’s affordable, on-demand service addresses this market gap.”
Backed by leading global investors, the diagnostics lab service startup runs every day between 6 AM to 10 PM. As per Pankaj Makkar, managing director, Bertelsmann India Investments, healthcare and diagnostics have emerged as a key theme for India over the last two years. Pankaj added that Orange Health is on a path to turning it seamless for doctors and patients.
Commenting on the development, Anand Chandrasekaran, partner at General Catalyst, said,
“We believe India can become the cradle of many such cost-effective healthcare innovations and are honoured to be investors and partner with Orange Health on their journey to build an enduring company, focused on making a positive impact on so many lives in India.”
Healthtech Space In India
Indian healthtech space has attracted investors’ interest over the years and is currently among the fastest-growing destinations for healthtech investments.
Last year, a report by London & Partners and Dealroom.co stated that India had ranked fourth globally for healthtech investments by venture capitalists (VCs) since 2016. This year several startups in this space, including Truemeds, Gurugram-based Curelink and Dozee, have raised funds.
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