Orange Health, a health-tech start-up building India’s fastest diagnostic lab service, announced today that it has raised $25 million in Series B funding round, led by Bertelsmann India Investments and co-led by General Catalyst. The round witnessed participation of existing investors like Accel, Y Combinator, Good Capital and Uncorrelated Ventures.
Launched in Dec 2020 by Dhruv Gupta and Tarun Bhambra, Orange Health has so far provided diagnostic testing services to over 1 million customers across Bengaluru and National Capital Region (NCR) and is among the highest rated diagnostic labs in the country.
The funds raised will be deployed towards deeper investment in product development as well as technology across systems, user experience and building world-class laboratories. The company also plans to expand to new markets and strengthen its teams across all functions. The company has previously raised $10 million, with its series A being led by Accel in 2021.
The firm said, Customers can get tested for a wide range of diagnostic tests, in just 60 minutes, in the comfort of their home, from 6 AM to 10 PM, 7 days a week.
Commenting on the latest fundraise, Dhruv Gupta and Tarun Bhambra, Co-Founders, Orange Health, said, “In diagnostics, faster is better. 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. As a tech-enabled diagnostics company built around the customers’, our focus has always been on speed & reliability. With the new round of investments, we are excited to broaden our horizons and reach out to more Indians with real care, real fast.”
Investors Speak
Commenting on the investment in Orange Health, Pankaj Makkar, Managing Director of Bertelsmann India Investments shared, “With the vision to make healthcare accessible and affordable, Orange Health is bridging the gap between online and offline worlds with the latest consumer tech experience and delivering high-quality healthcare. Over the last two years, healthcare and diagnostics have emerged as a key theme for India and we believe that Orange Health is on a path to turn it seamless for doctors and patients. We are elated to partner with them as today marks the beginning of our commitment to the health tech sector. We aim to partner with more health-tech entrepreneurs disrupting the healthcare sector with an innovation-led approach.”
“Having partnered with Tarun and Dhruv since inception as an early investor, we believe that they are best positioned to innovate and improve the diagnostics supply chain in India. They are demonstrating an incredible ability to create global benchmarks in the speed of collection and test results from the moment a prescription is issued without increasing costs for patients,” said Anand Chandrasekaran, partner at General Catalyst.
“At the time of Accel's investment last year, Anand (Daniel) and I believed in Tarun and Dhruv more than the lucrative diagnostics space or the pressing need for digital transformation in healthcare. We are happy to have spotted and backed some of the best founders in healthcare in the country and look forward to our continued partnership," said, Radhika Ananth, Vice President at Accel.
