Funding profile · Indian diagnostics

Orange Health Labs

A Bengaluru diagnostics chain that raised Rs 277 crore in June 2026 at a reported Rs 1,950 crore post money. There is no SEC paper here. The capital record is Indian, filed with the Registrar of Companies.

Rs 277 CrSeries C, June 2026, about $30M
Rs 1,950 CrPost money, about $205M, reported estimate
Rs 138.6 CrFY26 revenue from operations, up 65 percent
Rs 4.5 CrCash and bank at Mar 31, 2026

Data as of September 24, 2026. Company-reported figures are labeled. Rupee figures are as filed; dollar equivalents are as reported.

Rounds at a glance

When Round Amount Investors Source
2020 Y Combinator, Summer 2020 Not disclosed Y Combinator YC data
Pre Series A Pre Series A Not disclosed Global Village, Good Capital Founder interview
2021 Series A $10M per 2022 reports; $7M per the founders in 2024 Led by Accel Figures differ
Jun 2022 Series B $25M Co-led by Bertelsmann India Investments and General Catalyst; Accel, Y Combinator, Good Capital, Uncorrelated Ventures Independent
Dec 2024 Growth round $12M Led by Amazon Smbhav Venture Fund; Accel, General Catalyst, Bertelsmann India, Y Combinator Independent
Jun 2026 Series C Rs 277 crore, about $30M Iron Pillar India Rs 156 Cr; Crescent Enterprises Rs 37.7 Cr; Paramark Frontier Fund Rs 37 Cr; Bertelsmann Rs 21.8 Cr; Good Capital Rs 15.5 Cr; Accel India Rs 8 Cr; General Catalyst Rs 1.8 Cr RoC filing

What the filings show

Orchard Healthcare Private Limited · Series C special resolution · June 2026

Instrument
45,79,270 compulsorily convertible preference shares
Issue price
Rs 604.72 per share
Raised
Rs 277 crore, about $30 million
Lead
Iron Pillar India, Rs 156 crore, 8.0 percent after allotment
Largest holder
Accel India, 15.49 percent after allotment
Post money
About Rs 1,950 crore, roughly $205 million, per Entrackr
Filing
Registrar of Companies, CIN U85110HR2020PTC124467

Orchard Healthcare Private Limited · Annual accounts, year to Mar 31, 2026

Revenue
Rs 138.6 crore from operations, against Rs 84 crore in FY25
Other income
Rs 4.7 crore, for total income of Rs 143 crore
Expenses
Rs 240.3 crore, up 36 percent from Rs 175.9 crore
Largest cost
Employee benefits Rs 72.2 crore, 30 percent of the total
Loss
Rs 97 crore before tax; Rs 49 crore deferred tax charge; Rs 146 crore total
EBITDA
Loss of Rs 92.4 crore, margin of minus 66.68 percent
Balance sheet
Current assets Rs 55 crore, of which cash and bank Rs 4.5 crore
Capital
Authorised Rs 50.2 crore, paid up Rs 48.02 crore, open charges Rs 35 crore

SEC EDGAR · no Regulation D filing

Form D
None for Orchard Healthcare Private Limited or for Orchard Healthcare Inc
Name match
Orange Health Solutions, Inc., CIK 0001604556, filed Apr 15, 2014. A different company, six years before this one existed.
Reading
The Indian company has a US parent on the register, yet the money is documented in Indian filings.

Reading the filings

  1. The round is priced and the arithmetic closes.45,79,270 shares at Rs 604.72 comes to Rs 276.9 crore, the Rs 277 crore headline. The seven named cheques add to Rs 277.8 crore. No unnamed pool is hiding here: every rupee has a name on it.
  2. The lead cheque sets the valuation.Rs 156 crore for 8.0 percent implies a post money of Rs 1,950 crore. That reported estimate is not really an estimate, it is division. Accel’s 15.49 percent is worth about Rs 302 crore on the same arithmetic.
  3. Cash was thin when the books closed.Rs 4.5 crore of cash and bank at March 31, 2026 against Rs 240.3 crore of annual expenses is under a week of spending, though total current assets were Rs 55 crore. The Series C landed about three months after that date.
  4. The old leads stepped back.Bertelsmann put in Rs 21.8 crore, Accel Rs 8 crore, General Catalyst Rs 1.8 crore. The 2022 co-leads together contributed under a tenth. New money from Iron Pillar, Crescent Enterprises and Paramark Frontier Fund made up Rs 230.7 crore of Rs 277.8 crore.
  5. Loss depends on which line you read.Entrackr, from the accounts, reports Rs 138.6 crore of operating revenue and a Rs 97 crore pre tax loss. Mint, from Tracxn, reports Rs 143 crore and Rs 146 crore. Both are right: the second pair is total income and loss after a Rs 49 crore deferred tax charge.

Commercial signals

Signal Detail Source type
Accreditation NABL accreditation under ISO 15189:2022 at five laboratories, each with its own scope annexure. Bengaluru lists 46 pages of tests; Gurgaon lists 7. Public record
Unit economics Rs 1.73 of spending per rupee of operating revenue in FY26. Independent
Network About 100 collection centres, 45 in Bengaluru, contributing roughly 20 percent of revenue. Thirty unmanned drop hubs feed a central laboratory. Over 2,000 clinics onboarded. Company-stated
City profitability Bengaluru claimed at 20 percent EBITDA profitability. Full company profitability targeted for the first half of 2028. Company-stated
Next capital sink A first radiology centre in Bengaluru this fiscal year, at least two more in FY28, plus device software integrations within six to eight months. Company-stated
Peer set FY26 revenue: Dr Lal PathLabs Rs 2,763 crore, Metropolis about Rs 1,646 crore, Thyrocare Rs 829 crore with Rs 163 crore profit. FY25: Redcliffe Labs Rs 419 crore, Healthians Rs 263 crore. Independent

What to watch

  • The FY27 accounts, the first to carry the Series C. They will show whether Rs 277 crore bought growth or absorbed losses.
  • Whether the Rs 35 crore of open charges grows, which would mean debt is doing work equity used to do.
  • Radiology capital expenditure per centre, since imaging is a different cost structure from phlebotomy.
  • Any Form D, which would signal the US parent raising directly rather than funding flowing through the Indian company.
  • Whether collection centres pass 20 percent of revenue, the threshold the company has set for the offline bet.

The Orange Health Labs story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Loop Health: Shared investor: General Catalyst. A Pune company that sells group health insurance as a licensed broker and employs its own doctors to deliver the everyday care those policies do not cover
  • Breathe Well-being: Shared investor: General Catalyst. A New Delhi area program that coaches people with Type 2 diabetes off medication by phone and through a mobile app
  • Inito: Shared investor: Bertelsmann India Investments. A smartphone connected urine test that reports four reproductive hormones as numbers instead of lines
  • Examedi: Shared investor: General Catalyst. A Chilean company that sends nurses to draw blood in patients’ homes and routes the samples to partner laboratories in Chile and Mexico

Sources

  1. Public recordSeries C special resolution and allotmentRegistrar of Companies · Jun 2026
  2. Public recordAnnual accounts to Mar 31, 2026Registrar of Companies · Aug 2026
  3. Public recordCIN history, capital and chargesRegistrar of Companies · Aug 2026
  4. Public recordNo Form D for the company or its parentSEC EDGAR · Sep 2026
  5. Public recordNABL certificates MC-6367, MC-6403, MC-8007, MC-6822, MC-6357NABL · 2024 to 2026
  6. IndependentOrange Health Labs to raise $30 Mn Series C led by Iron PillarEntrackr · Jun 22, 2026
  7. IndependentOrange Health posts Rs 139 Cr revenue in FY26Entrackr · Aug 20, 2026
  8. IndependentOrange Health bets on offline centres, plans radiologyMint · Sep 17, 2026
  9. IndependentOrange Health eyes profitability in early 2028Reuters · Jan 27, 2026
  10. IndependentOrange Health Labs raises $12M led by Amazon Smbhav Venture FundYourStory · Dec 2024
  11. CompanyNABL certificate listing for five laboratoriesorangehealth.in · Sep 2026

Compiled from Indian Registrar of Companies filings, NABL accreditation records, SEC EDGAR and published reports as of September 24, 2026. Rupee amounts are as filed; dollar equivalents follow the cited reports. Healthcare Venture Capital Fund holds no position in Orange Health Labs or Orchard Healthcare Private Limited. This page is not an offer to sell or a recommendation to buy any security.