Mumbai-based Welcomecure, an online homeopathic treatment and consultation platform has raised an undisclosed amount of funding from Bollywood couple Riteish & Genelia Deshmukh, along with LC Singh, Chief Executive Officer of Nihilent Technologies.
The funds raised will go towards strengthening its infrastructure, expansion of the team and promotion of the brand through consumer engagement initiatives.
Welcomecure was founded by Jawahar J Shah, along with Punit Desai and Nidhi Desai in 2016. It provides a subscription based-platform for patients to connect with homeopathic doctors, specializing in numerous health conditions via voice, video, and messages.
It also provides an unlimited and free supply of medicine to the patient, arriving at the doorstep, along with maintaining the record of the patient’s illness and diet for the reference of the doctors. The platform claims to serve patients across 36 countries, conducting over 4,500 consultations daily.
The company claims that it turned profitable within 18 months of commercial launch while growing the business at over 450% last year, also making it EBITDA positive. The current fiscal the business is estimated to be ₹50 crores upwards of the top line.
Punit Desai, co-founder, and CEO, Welcomecure, said, “One of the key aspects of our offerings includes ensuring a seamless interaction between doctors and patients. To ensure that we maintain that, the funds raised will be focused on offering technology and service upgrades. We are looking to raise more funds of close to $5 Mn on a follow-on basis.”
The online healthcare market is growing and is expected to grow at a quicker pace in the coming years, making it a lucrative industry for the new startups looking to venture into the untapped online healthcare sector. Along with the traditional medicine industry, alternative medicine is finding acceptance in the Indian market, some credit goes to the governments AYUSH initiative promoting alternative medicine.
Other players in the alternative medicine domain competing with Welcomecure include Healclinic, Syncremedies, among others.
In related news, NirogStreet, healthcare startup acquihires Brahm Ayurved.