ICMG Co-Creation Fund Ⅰ Investment LP, managed by ICMG Partners Co., Ltd. (HQ: Marunouchi, Chiyoda-ku, Tokyo; CEO: Gen Funahashi), with LPs: Japan Airport Terminal Co., Ltd. (HQ: Haneda Airport, Ota-ku, Tokyo; President and COO: Nobuaki Yokota) and Kiraboshi Bank, Ltd. (HQ: Minami-Aoyama, Minato-ku, Tokyo; President: Hisanobu Watanabe); has invested in NirogStreet Pte Ltd (HQ: 151 Chin Swee Road , Manhattan House, Singapore, CEO: Ram Naumi Kumar).
NirogStreet, which operates India’s first and largest Ayurvedic online platform, has recently raised a total of US$12 million in Series B funding led by Asia’s leading VC, Jungle Ventures. In addition to Jungle Ventures and ICMG, the round also includes existing investors such as Spiral Ventures, DoorDash CEO Gokul Rajaram, and SMBC APAC Co-President Rajeev Kannan.
(Left)Gen Funahashi, CEO of ICMG Partners
(Right) Anurag Srivastava, Founding Partner of Jungle Ventures
<The photo is taken at Jungle Ventures office>
With a vision to make Ayurveda mainstream in the global healthcare ecosystem, NirogStreet has grown to become India’s largest and fastest growing Ayurvedic physician platform in the world. The company offers a wide range of services through its platform, from issuing online prescriptions by doctors to knowledge sharing communities for doctors, digital medical records, and smart clinics.
The additional investment from ICMG came with the confidence in NirogStreet’s capability to execute and scale its business in the Indian market. With support from the Government, like-minded investors and shareholders, NirogStreet is in the best position to accelerate the digitalization of Ayurveda healthcare. ICMG aims to continue to support the growth of Ayurveda through NirogStreet to enable all Indian residents the opportunity to have access to affordable and quality Ayurveda medicine. Additionally, we look to further support NirogStreet in its global market expansion through potential co-creation opportunities with our strong network of Japanese corporates.
Gen Funahashi, CEO, ICMG Partners said, “We are very excited to be a part of NirogStreet and want to be directly involved as they enter the next stage of growth. With strong partners like Jungle supporting the company, we are confident that Ram and his team is in a great position to scale and strengthen the company further. Additionally, we see NirogStreet not just as a platform to accelerate digitalization of Ayurveda but also as an enabler of good health and well-being for the society. ICMG continues to boast a strong network of Japanese corporates which we will utilize to open up new opportunities for NirogStreet.”
Anurag Srivastava, Founding Partner at Jungle Ventures said, “NirogStreet is transforming the entire Ayurveda value chain by infusing trust, quality, access and scale to the industry. Ram and his team are building an industry-first Ayurveda ecosystem with their unique community-first, knowledge and commerce approach that transcends from ingredients to consumers. We are incredibly excited to be a part of the team and we are confident that our extensive experience, strong global network, and deep industry expertise will accelerate the next stages of growth of the company.”
Ram N Kumar, Founder & CEO, NirogStreet said, “We are excited and thankful to our partners. Our goal of improving healthcare globally through technology and ayurvedic solutions is scaling and strengthening. We are streamlining the supply chain of Ayurvedic services and medicines to enable the doctors to deliver trusted healthcare and working towards making Ayurveda the first call of treatment. This new fundraise will help us strengthen our supply chain, service offerings and tech that will help us realise the vision we are working to achieve.”
Recently, Prime Minister of India Narendra Modi made a mention of NirogStreet in his monthly address to the nation, ‘Mann Ki Baat’, in reference to the startup’s sustainable contributions towards capacity building, community building, and promotion of Ayurveda healthcare.
Founded in June 2016, NirogStreet is a unique concept in the Ayurveda healthcare ecosystem. NirogStreet is an impact organization striving to make Ayurveda the first call of treatment for people. The technology-driven platform provides access to authentic Ayurveda doctors on a global scale. As the world is quickly moving from reactive to proactive healthcare, the demand for holistic healing methods such as Ayurveda is at an all-time high. Their Community-first approach leverages the wide network of practitioners to promote health and wellness in the society.
【About the ICMG Group】
ICMG Group has been leading co-creative innovation not only in Japan but also in Southeast Asia and US together with various stakeholders such as leading Japanese big corporations, startups, and government agencies. ICMG Group has also carried out renewable energy investment projects in Southeast Asia with Tokyo Electric Power Company and Chubu Electric Power Co, formed a strategic partnership in Singapore with UNDP to promote the Sustainable Development Goals (SDGs), and launched the sustainable city initiative project in Japan with Aichi Prefectural Government. ICMG Co-Creation Fund aims to create a sustainable society by providing growth capital and strong partner network of leading Japanese corporations to startups that solve social issues.URL: https://www.icmg.co.jp/partners/
【About ICMG co-creation fund】
ICMG Co-Creation Fund was launched in May 2021 and is being managed by ICMG Partners as the General Partner. The Limited Partners are Japan Airport Terminal, which operates Haneda Airport Terminal Building and its group company Haneda Future Research Institute(LP investment from Japan Airport Terminal), and Kiraboshi Bank, which aims to become “a comprehensive service provider with strong financial capabilities”. The fund aims to build an ecosystem that leads a sustainable future by encouraging co-creation between startups that solve social issues beyond industries and Japanese large companies. In addition to providing startups with speedy growth capital, we also aim to provide growth support by offering collaboration opportunities with ICMG Group’s network of Japanese large companies.