MedySeva, a HealthTech platform focused on providing telemedicine and in-person medical consultations, has declared a major funding success. The company has been able to raise $480k in a seed round that was led by Unicorn India Ventures. This capital injection will help to rapidly achieve the core mission of MedySeva in the creation of a phygital healthcare ecosystem that would help mediate the current gap in healthcare in India and provide quality medical services, which are so badly needed in rural and semi-urban regions of the country.

Operational efficiency and capital fusion

The $480k raised during this financing round will be used strategically in deployment in various key areas of operation that are critical in the aggressive growth strategies the company intends to achieve. The primary focus of the fund utilisation will be the development of the network of hybrid healthcare clinics of MedySeva throughout India, with the specific focus on the Tier 2 and Tier 3 cities.

Some of the funds will be invested in technology improvement, which will help to develop the telemedicine platform of the company and enhance its overall digital infrastructure. This technological improvement is essential to facilitate higher size and operational productivity. The aim of the company is also to substantially increase the number of patients contacted and reached through specific awareness campaigns. The capital will be utilised to develop and train a strong clinical and operations team, which will equip the organization with an important second stage in its expansion.

The Founder and CEO of MedySeva, Vishesh Kasliwal, said, “At MedySeva, our mission is simple yet powerful to make quality healthcare accessible to every Indian, irrespective of location. The current round strengthens our ability to scale our hybrid healthcare model, enabling city-based specialists to reach patients in the most underserved regions. We are now ready to accelerate our next phase of growth by building an integrated doctor and hospital network that bridges India’s healthcare divide.”

Quotation Source: ibsintelligence 

Ambitious target and expansion strategy

MedySeva has shown a considerable achievement with regard to bridging the healthcare disparity in underserved areas. During the last year, the company has managed to enable over 100,000 consultations in rural and semi-urban India. This performance is supported by a high patient loyalty measure, with the company registering a repeat patient rate of 60%.

The HealthTech platform has established an objective in the short term that is quite clear and ambitious. It focuses on increasing its number of consultations to 200,000 consultations per annum in the next 18 months. MedySeva has also been on the frontline in its broader expansion agenda by partnering with major medical colleges to set up satellite clinics in strategic locations in rural peripheries. In order to offer complete service provision, the company has also managed to onboard not less than ten different medical fields, such as general practice, neurology, and gynaecology, among others, which have enhanced its clinical service offerings.

The Managing Partner at Unicorn India Ventures, Bhaskar Majumdar, said, “Healthcare access is a big gap in a country like India. We understand this market has several nuances that should be addressed, ranging from paying for healthcare and out-of-pocket expenses to insurance and access to quality doctors. The gap becomes bigger as we go deeper into India. The ratio of doctors to patients needs immediate attention. MedySeva is addressing this by using technology to deliver critical healthcare services to rural and semi-urban areas. Their ability to scale quickly with the help of the right partnerships and digital infrastructure is well thought out and has the potential to scale well.”

Quotation Source: ibsintelligence  

Conclusion

MedySeva raised a seed capital of $480k, by Unicorn India Ventures is the key to the aggressive execution of its mission of alleviating the deep rural healthcare disparity in India. The capital will be used to increase its physical clinic network in Tier 2 and Tier 3 cities, develop its telemedicine environment, and empower its working team. The phygital model of MedySeva, a combination of physical and digital, has a proven track record of more than 100,000 consultations and a simple goal of 200,000 consultations in the next 18 months. It is highly capable of using technology and strategic alliances to deliver quality specialist care to even the most remote areas of India and close the immediate healthcare gap that is so acute in the country.