Healthtech Startup WonDRx Gets Seed Round Funding from Venture Catalysts
WonDRx aims to utilize funding to provide AI based healthcare solutions for all stakeholders
Venture Catalysts is India’s first integrated incubator. It invests $250K – $1.5 Million in early stage startups that has potential to create enduring value over a long period of time. Venture Catalysts brings lethal combination of Capital, Mentoring and Business Network to help investee companies to succeed. Their innovation provides value to startups through its angel network, funding, community, services and co-working facility.
Imagine going to your Doctor next time and receiving a digital copy of the prescription on your mobile along with the physical handwritten copy. Your digital copy additionally contains the audio recording of important dosage and other critical verbal instructions given by your doctor to ensure that you don’t make mistakes. Your digital copy also has the videos that would help you get educated on the health issues that you are suffering from. Not only this, you get to see various healthcare service providers around you who you can connect with instantly. Enabling such a dream to come true is WonDRx, (pronounced as Wonder-Rx), a state of the art novel & innovative HealthTech startup with a vision to bridge the “Demand & Supply” gap between the Consumers/Patients & Healthcare Providers through a data driven approach. Recently, Venture Catalysts invested an undisclosed amount of funds during the start-up’s seed funding round.
Deriving its inspiration from the Rx written on prescriptions by doctors as an abbreviated form of the Latin for the word ‘receipt’, WonDRx aims to develop a holistic ecosystem that facilitates quick and seamless information exchange in the world of healthcare. Recently, Venture Catalysts invested in the seed round of funding organized by the start-up.
The Health-tech sector is one of the most high-potential domains today, registering a double digit growth every year. Yet, the “demand to supply” journey still remains chaotic, and no transactions are completed until the physical Rx paper is received by the healthcare service provider. WonDRx aims to fully optimize this model through an infusion of technology at every step, right from the first interaction to the last execution of transaction. The innovation introduced by WonDRx is unique. While the doctor continues to hand-write every Rx like before, with the help of WonDRx digital pen and Smart Rx paper – every written Rx is instantly digitized and the digital Rx copy is available to the Doctor, Patient and various healthcare providers (post Patient consent).
“At Venture Catalysts, we have always tried to support start-ups that fill a great need gap which also has a positive impact on the society at large. We have also recently focused our attention to start-ups dedicated emerging within the Health-tech space, considering the immense prospects of the domain. WonDRx has a great potential and we hope this association will help them build the fastest growing Health-tech organization in India. The market is still untapped and considering WonDRx’s stellar offering, I believe they can be the leaders in this space within a very short time.” says Dr Apoorv Ranjan Sharma, Founder of Venture Catalysts.
Approximately 800 thousand doctors are writing prescriptions every day. The sector is also accruing a market of around 8 Billion USD from product subscription. More than 8 million Rx are transacted each day at various healthcare providers and about 500 Billion USD value worth of services is transacted through prescriptions alone. In fact, this document with an Rx written on top, drives transactions over billions of dollars spent by Pharma and Healthcare companies to reach out to various healthcare stakeholders.
"Healthcare has been one of the primary themes of investment at NB Ventures. Digitizing the medical records will have a positive outcome for doctors, patients, insurance firms and pharma companies. The data generated will enable real-time motoring of major disease, enabling formulating policies etc. in the future. I believe WondRX has huge potential in India as well in other markets like GCC and Africa. I look forward to integrating their offering with my other portfolio companies in the healthcare space." adds Neelesh Bhatnagar Chief Executive NB Ventures Limited
WonDRx will offer three integrated Apps- WonDRx Doctor App, WonDRx Consumer App (For patients/consumers) and WonDRx Provider App (For any healthcare provider) to create a holistic, tech driven service ecosystem. Backed by a strong technology framework powering an innovative product perfectly addressing a pressing need, WonDRx has the potential to ‘become a credible Identity in Integrated Healthcare space by 2024 while establishing the most impactful Healthcare collaboration platform’ as per Pankaj Sindhu, serial entrepreneur and Founder, WonDRx.
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