Orange Health Labs recently raised $12 million in its latest funding round, led by the Amazon Smbhav Venture Fund. This round also saw continued backing from prominent investors, including Accel, General Catalyst, Bertelsmann India Investments and Y Combinator. With this funding, the company’s total capital raised now stands at $47 million.
The latest investment follows the company’s $25 million Series B funding round in June 2022, led by General Catalyst and Bertelsmann India Investments. Notably, the company introduced its first Employee Stock Option Plan (ESOP) and a $1 million equity buyback program three months after the Series B round.
The new funds will be utilised to expand product offerings, strengthen the team and drive innovations in diagnostics technology.
Dhruv Gupta and Tarun Bhambra, Founders, Orange Health Labs outlined their plans to establish an omnichannel presence. They jointly said, “We are investing in expanding our retail footprint, with 8 operational collection centers and plans to reach 30 by year-end. Additionally, we are broadening our test menu, tripling our phlebotomist workforce, and launching a new test facility in Bengaluru.”
Founded in December 2020 by Gupta and Bhambra, Orange Health Labs has revolutionised diagnostics with its on-demand services, including at-home sample collection within 60 minutes and report delivery within six hours. Operating in Bengaluru, Delhi-NCR, Mumbai and Hyderabad, the platform has served over one million customers, supported by six labs and partnerships with more than 1,000 clinics.
The company has witnessed growth, with revenue tripling in the past two years. It recently surpassed an annual revenue run rate of Rs 100 crore and achieved profitability in its Bengaluru operations.
The company has also introduced Electrocardiogram (ECG) tests available at home or at collection centers, enhancing convenience and accessibility for its customers.
Orange Health Labs’ latest funding marks a pivotal step in its mission to redefine diagnostics and healthcare accessibility in India.
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