Ayurvedic Tech startup NirogStreet has secured $12 Mn in Series B funding round led by Jungle Ventures.
Existing investors Spiral Ventures, ICMG Co-Creation Fund (managed by ICMG Partners), DoorDash’s Gokul Rajaram, SMBC APAC co-head Rajeev Kannan also participated in the round. Also, the family office of Anthony Weldon has invested.
Ram N Kumar, Founder & CEO, NirogStreet said, “Our goal of improving healthcare globally through technology and ayurvedic solutions is scaling and strengthening. This new fundraise will help us strengthen our supply chain, service offerings and tech that will help us realise the vision we are working to achieve.”
Anurag Srivastava, Founding Partner at Jungle Ventures said, “We are incredibly excited to be a part of the team and we are confident that our extensive experience, strong global network, and deep industry expertise will accelerate the next stages of growth of the company.”
Set up in 2016 by Ram N Kumar, NirogStreet is an online ayurvedic platform that offers peer-to-peer learning for medical practitioners, digital health record management and smart clinics and ecommerce enablement for ayurvedic medicines.
With over 50,000 Ayurvedic doctors in the community, NirogStreet has created a learning enablement and knowledge sharing platform for the practioners, something that never existed before.
In addition, to ensure a quality guarantee on medicines, a huge gap in this industry, NirogStreet has built an end-to-end supply chain infrastructure for Ayurvedic medicines. The company has created a verified marketplace of Ayurvedic medicines from where doctors can directly order and fill prescriptions, all while staying on the platform, while NirogStreet manages the fulfilment direct to the customer door.
As per government estimates, there are over one million AYUSH doctors in India of which majority are Ayurveda practitioners. One of the most unorganised industries, there are over 600 AYUSH medical colleges introducing over 30000 new medical graduates every year. The industry has grown significantly over the years and as per government of India releases, it is massive 18 Billion category, primary led by practising and prescribing doctors. The recent pandemic has also increased the awareness of preventive healthcare and there is an evident underlying shift in consumers’ attitudes toward Ayurveda and natural healing.