Mobile-based dermatology consultation platform Remedico has raised $500,000 in a seed round from integrated incubator and accelerator platform Venture Catalysts.
Founded in 2017 by Ranjit Bhatia, Remedico is a full-stack health care company. It says its solution helps people deal with skin and health care issues through mobile. Bhatia served as the vice resident of the product at Craftsvilla before founding Remedico.
US-based Parkview Investment Advisors, Vida Ventures as well as angel investors including Anshumani Ruddra, vice president of product at Hotstar, and Rohini Pandhi, product at Square also participated in the round, the company said in a statement.
Skin and hair care segment in India is approximately a $7 billion industry and will achieve more than $10 billion in valuation over the next 2-3 years, with a projected 20-25% online penetration, according to Apoorv Ranjan Sharma, president and co-founder of Venture Catalysts.
The Bengaluru-based company says it is currently focusing on dermatology, with its doctors treating conditions such as acne, hair fall, and pigmentation.
Venture Catalysts is an integrated incubator. It invests $250,000 – $1.5 million in early-stage startups that have the potential to create enduring value for over a long period of time.
Technologies like artificial intelligence and image recognition have changed the approach to skincare. Users can input their skin-related issues on certain digital skincare platforms and get a customised product kit delivered at home.