Gurugram-based technology-led Ayurveda doctor platform, NirogStreet, has raised $2.5 million (around Rs 18 crore) in Series A funding from a clutch of investors including Pureland Venture, Wavemaker Partners, and DoorDash executive Gokul Rajaram. Livspace founder Anuj Srivastava, former Morgan Stanley CEO Ashutosh Sinha, AJ Capital, Indea Capital’s Raj Mishra, Smart Chip founder Sanjeev Shriya, and MIT Deshpande Centre’s Sanjay Gupta also participated in the funding round.
Founded by Ram N Kumar in June 2016, the startup plans to use the funds raised to invest in new product development, enter new geographies and strengthen its community and social commerce offerings. It aims to build a technology platform that will allow easy access to Ayurvedic healthcare through technological interventions, create avenues for income generation to doctors and help SME medicine manufacturers reach out to a larger base of doctors.
Ram N Kumar, founder of, NirogStreet said, “Ayurveda has demonstrated its leadership in the time of Covid-19 and we played an important role in making Ayurveda mainstream. The focus of NirogStreet is to create tech-oriented data and solutions to create better opportunities for both doctors, manufacture, and customers. Ayurveda has immense potential in helping bring India on the healthcare map of the world as its leader. As a B2B2C technology-enabled and doctor-led platform, we are consistently focusing on identifying best practices to improve the supply chain of Ayurvedic services and medicine, giving Ayurveda its due share and the recognition that it deserves by empowering those at the center of this universe – Ayurveda doctors – to create an experience that patients can trust.”
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The Covid19 pandemic accelerated the growth of the Ayurveda industry in India as users were looking for additional remedies to boost immunity and keep away from illnesses. Due to this, several companies have ventured into the Ayurveda space and these companies have slowly started to attract investors’ interest. For instance, recently, The Ayurveda Company raised an undisclosed amount in various rounds of funding from GetVantage, Velocity, and Shiprocket Capital through revenue-based financing. Other popular Indian names in the sector include Durmeric and recently acquired Apkos Naturals.
The platform claims to offer its services to over 50,000 doctors on its peer-to-peer learning, electronic health record, and B2B e-commerce platform. It also enables ayurvedic doctors to consult patients across the world via tele-Ayurveda. The company has been witnessing growth in double digits and is constantly increasing the scale of its service along with its pool of experts reported ET.
Over the next year, the firm plans to partner with over 150 Ayurvedic medicine manufacturers and brands to help doctors provide medicines to their patients.
According to Research and Markets, an Ireland-based market research organization, the Ayurveda market in India was valued at INR 30K Cr in 2018 and is expected to reach INR 71K Cr by 2024, growing at a CAGR of 16.06% during the forecast period.
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