Investments, News

Unitus seed funds invests USD 400k in online healthcare marketplace Medypal

medypalAs per the recent predictions, the healthcare services in India will be a INR 6 lakhs crore (USD$100 billion) market by 2015 with 70% of people paying out-of-pocket for services. In order to tap this opportunity, Bangalore based Commerzpoint Networks will soon be launching an online healthcare focused marketplace, Medypal. The company has also recently raised USD 400k in seed funding from Unitus seed fund.

Commerzpoint was founded by serial entrepreneurs Mr. P. Rammohan and Dr. Brahmesh D. Jain. Previously the duo co-founded and successfully exited Healthsprint Networks, a health insurance exchange reaching 10 crore (100 million) people and 2,000+ hospitals. With this new venture, Commerzpoint aims at providing a convenient and cost effective platform for patients to ascertain cost and quality across healthcare service providers.

“At present there is no easy way to get objective information on service provider availability, quality and to compare pricing. This is especially challenging for low-income families who have even less information, education, connections, and financial reserves”, said Srikrishna Ramamoorthy, partner, Unitus Seed Fund.

On the supply side, healthcare service providers often struggle to keep their facility and staff utilization high which makes it challenging for them to manage cash flow and achieve and maintain profitability. home page search box for medical procedures

At Medypal’s online portal, consumers can get quick quotes for medical procedures from multiple health service providers. At the same time, medical service providers can also bid for their services thereby attracting customers more efficiently as well as improving their financial margins.

Medypal can thus help in better discovery and in providing matching benefits to both consumers and service providers. Initially, the services will be launched across South India serving customers at all income levels.

Last year, Gurgaon based Healthkart also launched its online marketplace, Healthkartplus, that allows users to search for and buy prescribed drugs. The company also raised USD 14 Mn from Intel Capital and Sequoia Capital.

Unitus Seed Fund is part of the Unitus Group and has offices in Bangalore and Seattle. As per the reports, the fund is planning to grow its portfolio of 9 companies to at least 30 more startups in sectors including skill development / livelihoods, agriculture, technology for development, healthcare, education, and access to basic necessities.

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