Medypal bags $400K in seed funding for more affordable healthcare in India

January 8
8:17 PM 2014

Indian startup Commerzpoint Networks, the owner of healthcare marketplace Medypal, has secured about $400,000 in seed funding. The new capital was provided by Unitus Seed Fund, according to TechCrunch.

With the amount raised, Medypal will help patients in the country look for healthcare service providers who will bid for the cost of medical procedures. The startup will use a "reverse auction" method to make sure that the services are cost-affordable and the patients will be able to choose the provider they want. The firm's wervice will go live at the beginning of February, the report detailed.

The startup plans to raise revenue through leads generated and sent to service providers. With over 160 million users using mobile Internet in India, the opportunity in healthcare services delivery is ripe. Medypal will be launching a free mobile app for healthcare clients, the report explained.

Commerzpoint co-founder P Rammohan said of the app: "Using the app, patients can search for healthcare procedures, go through the list of hospitals offering those procedures, browse through the profiles of the doctors, and check the facilities offered by hospitals before finally shortlisting the hospitals. The app will also allow patients to ask for proposals from the hospitals and book appointments while on the move."

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