India-based teleconsultation startup MedTel raises pre-series A funding | Healthcare startup financing in India

healthcare startup financing in India

The latest developments in healthcare startup financing in India

Tired of visiting doctors, pharmacist and pathology labs? Try MedTel which provides all services at one place.

Healthcare startups are coming forward to solve big health-related problems. The government of different countries also support this cause as they believe individual is health is a prime factor in any situation. MedTel-a Bhubaneshwar based startup in India have got support from central government’s Technology Development Board and the startup raised the undisclosed amount in pre-series A funding.

The funding round was jointly organized by Department for International Development (DFID), United Kingdom, Innovative Ventures and Technologies for Development (INVENT), central government’s Technology Development Board (TDB).

The startup will use this money to expand their team along with improving company’s infrastructure and technology.

MedTel is based on AI and cloud-based mobile and web platform. The platform serves as a one-stop destination for pathology labs, doctors, pharmacies, and patients. Founders Lalit Ranjan Manik, Ajit Choudhary and Shashank Singhal takes pride in starting this company in 2017.

The core purpose of this startup is to provide eHealth services at reasonable cost. Until today, the company have facilitated 6,000 teleconsultations each month and aim to facilitate 1.20 lakh patients by the end of 2018.

The company has estimated plans to expand to different states. MedTel HealthCare Pvt. Ltd is progressing rapidly to provide health services through its Tier3-Tier6 centres considering a business-to-business-to-consumer model (B2B2C) model.

Manik said, “We hope this will help us to reach an underserved population not only in India and also other developing countries.”

Villgro- Social entrepreneurship support organization has taken the responsibility of creating a viable social enterprise(for profit) for this startup, thereby supporting low-income families of states such as MP, Bihar, UP, Jharkhand, Chhattisgarh, Rajasthan, West Bengal and Orissa. The startup has received help from various doctors and healthcare professionals. Almost 400 registered healthcare professionals in psychology, neurology, paediatrics and oncology have joined the online portal. The company has joined hands with 850 diagnostic centres and pharmacies.

With the help of this digital platform, MedTel aims at providing customized kits that includes Rs.300-400 for medicine, Rs 200-300 for diagnostics and Rs 90-400 as doctor’s consultation fees.

These kits will help patients in doing different diagnostic tests on a spot, which includes ECG, routine urine, blood pressure, lipid profile and blood sugar.

MedTel is currently incubated in Kalinga Institute of Industrial Technology ‘s Business Incubator (KIIT-TBI). This institute has taken initiative to support the start-ups and aspiring entrepreneurs by proving mentors and guides across various business niche.

The government of India, under the leadership of Prime Minister Narendra Modi, is progressing rapidly. Mr Modi believes India is a country, full of talent and opportunities. This is the reason that startups like MedTel are leaving a great impact on the healthcare sector as they incorporate innovative technologies such as AI and analytics to solve major health issues.

Other countries are supporting this startup as India is a land of opportunities and doing business in India will enhance the lives of people across India and globe.

The British Government is also incorporating Israel’s eHealth Technology for the betterment of their people. India-UK collaboration in health niche seems to be a great start for both the countries.

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