Co-founded in April 2015, by IIT Delhi alumni Ujjwal Chaudhry and Lalit Mittal, Labstreet is a single stop solution for pathology tests (blood, urine etc). It helps customers get blood tests done conveniently from reliable labs at an affordable cost.
Ujjwal maintains, “Indian diagnostic industry is undergoing a structural change as the current capacity utilizations are really low and the industry is highly fragmented. The macro-factors for this industry are same as those which created disruptive models like Uber and AirBnB models in the US market. Asset-light models like Labstreet play an important role in the market by matching demand with supply while bringing greater transparency in the market. It’s a win-win for both customers and labs”.
Services Offered by Labstreet:
The key USP for Labstreet is Free Home Sample Collection from any lab on its portal. It has tie-ups with 20+ labs across Delhi-NCR, including Thyrocare, Health Quest, Smart Health among others.
Labstreet provides two options to its customers to book the service- either they can make a direct call or log in to its website and book online with just a click.
To avoid any hassle and economize on time, the customer can access their report online. Nevertheless, a copy is also delivered to the customer’s address.
Additionally, the customer also gets discounts ranging from 15-30% on all tests.
Problems it is Catering to:
Citing a real life problem Ujjwal Chaudhary says, “One of my friends, who is a diabetic, needed to get lab tests done every month. Every-time, he had to check with different labs on the availability of the collection person, but still they were never on time and he had to wait in fasting mode.
This made us realize that while most labs understand the testing or the clinical part of the tests well, the services provided are mostly not up to the mark. We ensure that the customers get better service and we do not charge the customers for home collection. The idea is to bring about transparency and convenience in the diagnostics market.”
How is Labstreet Different from Other Players in this Avenue?
As claimed by the startup, there are two major differentiators which make it unique-
- It provides the entire test menu, and is not focused on just preventive space.
- It serves as a single point solution for the customer- from gathering test requirements to the point when the report is dispatched to the customer. This ensures a much better customer experience.
Technology Used by the Company
The order is automatically allocated to the relevant phlebotomist who can view the details on the mobile app that Labstreet provids to them. The customer is sent a link where he/ she can track the phlebotomist location. At the time of sample collection, the customer can also provide the feedback on the phlebotomist app.
Labstreet charges a certain percentage of transactions from labs for demand generation and home collection.
The company is currently operational in Delhi-NCR, Bangalore and Pune. It is growing by 25% on a weekly basis over the last 3 months. Ujjwal confirmed that Labstreet will be doing 200 daily transactions by next month.
Labstreet is soon to expand its footprints to 10 more cities.
Major Challenges Faced by the Company in Delivering the Services
“We need a minimum lead time of 3-4 hours for home collection, so we are unable to manage requests where immediate sample collection is needed. Going forward, we are building capabilities to decrease the lead time to 1 hour or less,” maintains Ujjwal.
On Fund Raising
As claimed by the company, it is drawing a lot of interest from investors as healthcare is poised to be the next big space. Labstreet raised Rs 1 cr. in its first round from Click Labs and other investors, including Samar Singla of Jugnoo.
“We will use raised capital in sprucing up technology, expansion and hiring key people to accelerate our growth”, stated Ujjwal.
Some of the biggest competitors of Labstreet are 1mg, Ziffi, Doctor C, Healthians among others.
The healthcare domain, especially in India, is largely unorchestrated and under-exploited. Considering the given scenario, it has become imperative for this avenue to undergo a major structural change. And the best part is, the process of this transformation has unleashed a surge of opportunities for the players to employ innovation and disrupt the sector.