With Indian online healthcare sector gaining popularity, another startup Medicash.in has recently made its entry in the ecommerce landscape.
Launched in March 2013 by Ravitej Yadalam, MediCash.in is developed and run jointly by Pennyful Online Pvt. Ltd. and MDA Healthcare India Pvt Ltd. It aims at reducing the health care expenses of a consumer by offering a rebate in form of cash back, or an upfront discount while availing services or purchasing commodities with MediCash’s partners across India.
“More than 70% health expenses prove out of pocket for an average Indian and also many services such a dental, maternity, cosmetic surgery, etc. are usually not covered within the health insurance or any other healthcare policy.”, said Ravitej.
It is working on performance marketing dynamics to tap healthcare market. In such a business model, no money is charged from medicash.in members. However, for each completed transaction, it will charge an amount from associated partners and that will be shared between the company and the end user in form of discounts & cashbacks.
A consumer just need to register at medicash.in to get a free membership and medicash.in account. After identifying the healthcare partner, the user can avail its services and can avail the offer by showing the membership proof at the time of billing, which is a SMS received at registration. The upfront discount can be availed instataneously, however the cashback in form of real money, is refunded to member’s medicash.in account, acting as virtual piggy bank.
The company is currently having over 60 brand partners such as Fortis, Apollo, Religare, Thyrocare, etc all over India dealing with around 30 different specialities. The services are technically available across 7 cities viz. Hyderabad, Pune, Kolkata, New Delhi, Bangalore, Chennai and Mumbai.
The founders stick to marketing strategy such as SEO and social media. Also, the company is encashing the existing userbase of Pennyful.in and MDA healthcare created over last two years from their launch.
Since, this is first of its kind venture in India as claimed by the founder, as of now it does not feel any strong competition. Also, as per Ravi, companies such as National Health organization are charging high amount of fees in a range of INR 3000-10,000 for one year subscription with very less number of brands added with them. Thus, making available a much wider opportunity for to make a strong foothold in the segment.
In the last 3 months, the traction on the site have been decent. The startup is currently self funded and is planning to raise funds in the coming months.