Inayo, an Indian on-demand healthcare marketplace has raised $300,000 seed funding from a list of angel investors that includes Amit Ranjan, founder of SlideShare and Zishaan Hayath, co-founder of Toppr.com and Kemark Ventures.
Founded in July this year by Raunak Jain (ex-employee of Flipkart), Abhishek Sinha, (ex-housing employee) and Purna Chandra (ex-Virtusa Consulting Services employee), Inayo is an android mobile app platform with more than 30,000 products from various categories like medicines, ayurvedic products, sports nutrition, personal care products and baby care products. The app also allows users to set reminders and instructions on how and when to take their medicines. For the users to have the prescribed medicines delivered home, it is enough to upload a scanned copy or photograph of a valid prescriptions. Soon after the prescription is verified, the order will be processed and delivered to the user’s location. Right now, the startup functions on cash on payment option only.
With the fresh funds, Inayo, which operates in Powai and Andheri area of Mumbai, plans to expand to 22 localities across Mumbai, Delhi and Bengaluru. It has plans to improve its current products and also to set foot into other healthcare services that includes on demand pathology tests. Regarding the funding, Inayo said, “The funding raised will be used in expansion of Inayo in 22 localities in Mumbai, Delhi, Bengaluru as well as for enhancing the product features. We also plan to process 100 orders per day by October end.”
Healthcare is one of the largest sectors in India, in terms of both revenue and employment. On the world level, studies show that the market would reach around $160 billion by 2017 and $280 billion by 2020. Until now, mobile oriented digital-health startups have raised more than $1.3 billion on the whole.