Riteish & Genelia Deshmukh Invest in Homeopathy Treatment Platform Welcomecure.com
The company currently aims to raise overall $5 million
Welcomecure.com, global homeopathy treatment power brand, has raised an undisclosed round of funding from Bollywood power couple Riteish & Genelia Deshmukh along with LC Singh, Ex- Senior VP of TCS & currently the Vice-Chairman & CEO of Nihilent Technologies.
With this current raise, the company aims to further raise a total sum of $5 million. Since its launch, Welcomecure.com has extended its reach across the world with patients in over 36 countries and conducts over 4500+ consultations per day.
The pay-for-in-advance subscription based end-to-end homeopathy treatment platform helps connect world-class doctors, who specialise in over 125 health conditions with patients. The platform has helped provide patients with unlimited consultations via voice, video and text.
With this round of funds raised, the health-tech platform aims to solidify the brand’s recall via a strengthened consumer and media engagement plan. The funding will also be used to strengthen infrastructure and the team to continue to provide a seamless experience to users and maintain its positioning as the ultimate destination and holistic platform for homeopathy healthcare solutions.
Following its beta launch in November 2014 by founders Dr. Jawahar Shah, Punit Desai & Nidhi Desai, the portal commercially launched a year later in January 2016. Within 18 months of commercial launch the health-tech platform turned profitable and is now eyeing a herculean share in the global natural and alternative medicine market. The business has grown over 450% last year and been EBIDTA positive. Current fiscal the business envisages Rs.50 crore upwards of top line.
The multi-fold rise in the business top-lines along with profitability has strongly been attributed to the brand’s focus on shifting gears from a purely B2C centric model to B2G2C and B2B2C driven strategy as well. Currently Welcomecure.com claims to have over a 90% market share in the Indian Government’s Digital India – Digital Health domain. With over 1 lac patients seen in less than a year in the Digital India initiative; the company has also developed an Artificial Intelligence (AI) driven solution for Corporates which helps them bring down absenteeism and increases productivity. A similar AI solution for the Insurance industry is rolled out which helps in reducing the customer claim ratios.
With popularisation of Yoga and Ayurveda across the globe, Dr. Jawahar Shah, Founder & Chairman of Welcomecure.com said, “Homeopathy is yet to get its due respect, awareness and adoption. As per WHO, Homeopathy is the 2nd largest system of medicine after allopathy with nearly 700 million global users in over 100 countries and growing at nearly 30% year on year. I believe that we have a mammoth opportunity, as there are no organised players in this sector offering to cater to this existing, large and exponentially growing user base. “
Punit Desai, Co-founder & CEO of Welcomecure.com said, “With their contribution in this this round, Bollywood power-couple Riteish & Genelia Deshmukh will also endorse the service as they become the brand ambassadors of the health-tech platform. The couple’s belief in this form of medicine and their efforts towards expanding awareness regarding our brand and the space will help extend our services to more patients in need. We hope that the growth of Welcomecure.com and the industry will result in benefiting patients all over the world. We are looking to raise more funds of close to $5 million on a follow-on basis.”
Speaking about his association with Welcomecure.com, Bollywood actor Riteish Deshmukh said, “I am glad to be a part of Welcomecure.com’s growth, my wife and I strongly believe in homeopathic solutions and implement them in our family. Being a part of the Welcomecure.com family in terms of a business and the brand was an easy decision for Genelia and me. We hope that our association with the brand helps its further growth.”
Mr. L C Singh has been on the advisory board for Welcomcure.com since its launch and has been a part of the brand’s journey, during which he has witnessed its exponential growth and therefore has participated in this round.
In April 2018, Bollywood actress Shilpa Shetty Kundra had also invested $250000 in Delhi-based MamaEarth, an online baby care products startup.
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