Launched in December 2020 by Dhruv Gupta and Tarun Bhambra, Orange Health has so far provided diagnostic testing services to over one million customers in Bengaluru and NCR. /OrangeHealth |
Orange Health, a health tech startup building India’s fastest diagnostic lab service, today announced it has raised $25 million in a funding round Series B led by Bertelsmann India Investments and co-led by General Catalyst. The round saw participation from existing investors like Accel, Y Combinator, Good Capital and Uncorrelated Ventures.
Launched in December 2020 by Dhruv Gupta and Tarun Bhambra, Orange Health has so far provided diagnostic testing services to over one million customers in Bengaluru and the National Capital Region (NCR) and is among the top rated diagnostic laboratories in the country.
Funds raised will be deployed to further invest in product development as well as technology across systems, user experience and building world-class labs. The company also plans to expand into new markets and strengthen its teams across all functions. The company has already raised $10 million, with its Series A led by Accel in 2021.
The firm said: Customers can get tested for a wide range of diagnostic tests, in just 60 minutes, from the comfort of their home, 6 a.m. to 10 p.m., 7 days a week.
Commenting on the latest fundraiser, Dhruv Gupta and Tarun Bhambra, co-founders of Orange Health, said, “In diagnostics, faster is better. While traditional diagnostic labs need patients to come see them at collection centers, most home diagnostic companies have been unable to provide reliable services in a timely manner. Orange Health’s affordable on-demand service fills this market gap. As a technology-based diagnostics company built around customers, we have always focused on speed and reliability. With the new round of investments, we are excited to broaden our horizons and reach more Indians with real care, real fast.
Investors are talking
Commenting on the investment in Orange Health, Pankaj Makkar, Managing Director of Bertelsmann India Investments, said: “With the vision of making healthcare accessible and affordable, Orange Health bridges the gap between the online and offline worlds with the latest consumer technology experience and provides high – quality healthcare. Over the past two years, healthcare and diagnostics have become a key theme for India and we believe Orange Health is on the right track to make it transparent for doctors and patients. We are delighted to partner with them, as today marks the beginning of our commitment to the health technology sector. Our goal is to partner with more health tech entrepreneurs who are disrupting the healthcare industry with an innovation-driven approach.
“Having partnered with Tarun and Dhruv since their inception as an early stage investor, we believe they are best placed to innovate and improve the diagnostics supply chain in India. They demonstrate an incredible ability to create global benchmarks for speed of collection and test results from the time a prescription is issued without increasing costs to 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 pleased to have identified and supported some of the nation’s top healthcare founders and look forward to continuing our partnership,” said Radhika Ananth, Vice President of Accel.