Orange Health Labs Secures USD 12 Mn Funding Led by Amazon Smbhav Venture Fund The Bengaluru-based platform aims to deploy the fresh funds to accelerate product expansion, bolster team growth, and foster innovation in diagnostics.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Orange Health Labs, a diagnostics and healthcare platform, has raised USD 12 million in a funding round led by the Amazon Smbhav Venture Fund.
The round also saw participation from existing investors, including Accel, General Catalyst, Bertelsmann India Investments, and Y Combinator. This infusion brings the company's total capital raised to USD 47 million.
The funding comes after Orange Health's USD 25 million Series B round in June 2022, led by General Catalyst and Bertelsmann India Investments. Notably, the company launched its first employee stock option plan and a USD 1 million equity buyback program three months later.
Orange Health plans to deploy the fresh funds to accelerate product expansion, bolster team growth, and foster innovation in diagnostics.
Founded in December 2020 by Dhruv Gupta and Tarun Bhambra, the platform claims to offer on-demand diagnostic services, including at-home sample collection within 60 minutes and report delivery within six hours. With operations in Bengaluru, Delhi-NCR, Mumbai, and Hyderabad, the company has served over 1 million customers.
As of now, Orange Health operates six labs and partners with over 1,000 clinics.
In terms of growth, Orange Health claims to have achieved a threefold increase in revenue over the past two years and is on track to achieve 100% growth in 2024. The company recently crossed an annual revenue run rate of INR 100 crore and has achieved profitability in its Bengaluru operations.
Dhruv Gupta and Tarun Bhambra, Founders at Orange Health Labs, shared, "The company is now going omnichannel, investing in building its retail presence with 8 operational collection centers and plans to expand to 30 by year-end. Additional investments include broadening our test menu, tripling our phlebotomist (eMedic) workforce within the next year, and establishing a new test facility to meet Bangalore's growing demand."
"Recently, we enabled consumers to get ECG tests from the comfort of their homes or collection centers and remain committed to driving greater availability and convenience for our customers," the founders added.
Abhijeet Muzumdar, VP Corporate Development and Head of Amazon Smbhav Venture Fund, expressed enthusiasm for the partnership, highlighting Orange Health's innovative approach to diagnostics. "Dhruv, Tarun, and their team have created a robust diagnostics service, and we are excited to back them for their next growth phase," he said.
The USD 250 million Amazon Smbhav Venture Fund, launched in April 2021, focuses on innovative Indian startups, with previous investments in M1xchange, The Good Glamm Group, and Smallcase.
