NirogStreet, technology-led Ayurveda platform, said on Wednesday that it has raised $300,000 (about Rs 20 million) in funding from Japanese venture fund Spiral Ventures.
Besides, Subho Ray, president of the Internet and Mobile Association of India (IAMAI) and Samir Kumar, Director of Derivatives at Deutsche Bank (Singapore), also participated in the round, NirogStreet said in a statement.
"The start-up plans to employ these funds for technological advancement of their platform dedicated to make Ayurveda... The funds would also be used in spreading awareness and visibility about Ayurveda," it added.
The company has been working closely with Ayurveda institutions and researchers to advance Ayurvedic research and collaboration with modern medical technologies, to make this ancient medical science more result-oriented and trusted.
NirogStreet, which has over 15,000 doctors engaged on its platform so far, allows sharing of expertise and opinion on treatments in real-time through its mobile app.
The company is looking to raise pre-series A funding in October 2018, the statement said.
NirogStreet founder and CEO Ram N Kumar said: "Today western medicine backed by a cohesive marketing push is the primary choice of healthcare.
"On the other hand, Ayurveda, which is a thousands of years old Indian medicine system offering the safest and most effective treatment, is still waiting to gain its place as the preferred system in modern healthcare."
Kumar added that there are over 5 lakh existing Ayurveda graduates and over 25,000 new graduates entering the field of Ayurveda every year.
"But quality care, updated knowledge, and access to medicine is a challenge. NirogStreet is a platform where doctors can interact with each other, share knowledge and buy high-quality medicines," he said.