API Platform Startup MedPay Raises Funding $ 1.2M From UK-Based EF And GrowX Ventures
- BySheetal Sidhu | July 15, 2021
API platform startup MedPay has raised $1.2 million in seed funding from UK-based Talent Investor Entrepreneur First (EF) and GrowX Ventures. MedPay Connected Care Network (CCN) of clinics, pharmacies and diagnostic centers enables healthcare centres to accept insurance payments in real-time and facilitates a cashless claims process for the insured. The company will utilise the investment to serve increasing demand, as well as expand its existing product offerings.
“There is an immense need for OPD insurance in India. IRDAI, the regulatory body, is encouraging insurers to cover OPD and most insurers are experimenting with a variety of OPD insurance products. We as a disruptor in this space are empowering insurers by giving them access to a large OPD network with a cashless claims facility. Thus, also enabling stand-alone Clinics, Pharmacies and Labs with ability to accept insurance payments without friction,” said Ravi Chandra, Co-founder and CEO of MedPay.
Venkat Raju, Venture Partner at Entrepreneur First said about the investment, “MedPay is a truly disruptive InsureTech / HealthTech startup. We have seen Fintech unicorns propelled by UPI and the India Stack. MedPay benefits from the same; in addition, as a first mover in this space, it is poised for similar success propelled by UHI (Universal Health Interface), the Health Stack and the National Digital Health Mission.”
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