Raises $ 1.2 million seed funding from UK-based talent investor Entrepreneur First (EF) and GrowX Ventures
Bengaluru-based B2B tech startup MedPay has built an API infrastructure that connects healthcare service providers – standalone clinics, pharmacies and labs – to insurance companies through its innovative MEDPAY Connected Care Network (CCN). With its AI-powered platform, MedPay aspires to build India’s largest integrated primary healthcare network and enable healthcare centres to accept insurance payments in real-time, while facilitating a cashless claim process for the insured.
MedPay’s (API) approach and CCN aims to connect the primary healthcare centres, pharmacies with a cashless insurance network, thus bringing them into the digital economy. So far, MedPay has successfully raised $1.2 million in seed funding, led by UK-based talent tech investor firm, Entrepreneur First (EF); GrowX Ventures also participated in the seed round.
Currently, MedPay CCN has access to 50,000+ health centres spread across 450 cities covering 4000+ pin codes. In other words, every neighbourhood in India has a MedPay CCN-enabled pharmacy, clinic and diagnostic lab (pathology and radiology). MedPay does not compete with e-pharmacy companies; the company acts as an enabler of local pharmacies to better serve their neighbourhoods.
Multiple players (client segments) can avail of MedPay’s Connected Care Network’s API-as-a-Service to offer their services – Insurance companies to offer OPD cashless services; corporates and online platforms for hyperlocal care delivery and so on. India’s top-rated healthcare platform, MFine, leverages MedPay’s CCN for hyperlocal fulfilments of various health services
Ravi Chandra, Co-Founder and CEO, MedPay said, “MedPay is empowering insurers by giving them access to a large OPD network with a cashless claims facility. We are also enabling stand-alone clinics, pharmacies and labs to accept insurance payments without any friction. In a short time, there has been a significant volume of demand aggregated by MedPay for small pharmacies. We have processed OPD transactional payment volume of Rs 14 crore+ in one year.”
