[Funding alert] Rural health-tech startup Medyseva raises INR 15 million to roll-out nationwide patient care, eyes penetration in rural Bharat market

Medyseva, MP based telemedicine health care startup has raised INR 15 Million in pre-series funding under Startup India Seed Fund Scheme from AIC RNTU Bhopal. The company also received funds from a group of angel investors like Mohit Gulati, Mandar Joshi, Yamika Mehra, Ankita Vashistha, Aarti Gupta and Dr.Vivek Bindra which was led by Horses Stable for building a robust network of its flagship initiative of Medyseva Kendra’s in rural India.

The pandemic showcased the large gap in India’s healthcare services, especially in rural and remote villages of India. The start-up thus aims to ensure that every rural citizen of India has access to high quality doctors and medical services at their convenience and at affordable prices. It is working towards empowering existing healthcare offerings in tier 2 and tier 3 regions with a sustainable regional outreach.

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The health-tech start-up focusing on telemedicine in rural India has set up Medyseva Kendras offering Consultation and services like Pathology, Radiology, Hospitalization, Ambulance and Home Care Services. Thus, it covers the entire spectrum of services from having virtual consultations to getting surgeries, from booking diagnostic tests to digitizing medical records. The start-up plans to utilise the funds for expanding and strengthening its IT infrastructure, adding more services to its portfolio for providing holistic patient care under one roof and onboarding specialist doctors to ensure smooth delivery of services for the rural sector. 

Based in Indore (Madhya Pradesh), the startup isgradually increasing its presence across India with franchising model alongwith increasing its global footprint in neighbouring countries.

"Currently Medyseva has 20 clinics under its flagship model of Medyseva Kendras and we soon plan to set-up around 250 clinics by end of this fiscal year. The telemedicine market has the maximum potential in e-Health segment in India. Medyseva is gradually moving ahead increasing its presence in other states like UP, Rajasthan, Chhattisgarh, Assam and more.  The first global clinic in Nepal will also be functional by October this year", shared Dr. Vishesh Kasliwal(M.B.B.S), Founder& CEO, Medyseva.

He holds a Masters Degree in Hospital Administration from England and has also assisted in research projects under Indian Council of Medical Research with a decade of experience in healthcare industry.

The telemedicine market has the maximum potential in eHealth segment in India. The NITI Aayog has projected that the Indian telemedicine market size is set to increase from $830 million to $5.5 billion by 2025 growing at a CAGR of 31% by 2025. With the government releasing Telemedicine Practice Guidelines in March 2020, this industry is heading towards boom.

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Sharing her views, Rachita Kasliwal, Co-Founder, Medyseva shared, "Medyseva’s journey began during the pandemic. We realized that our friends and relatives living in rural areas did not have access to good doctors and were unaware or uncomfortable with mobile apps. That is when Medyseva was born.We thus started small by bringing on board our own friends and acquaintances who were doctors. We also took the support of the gram panchayat, which plays an integral part of village life and this also ensured faith in our brand and our services amongst the villagers".

AI, Automation, and digital technology isalso bringing a paradigm shift in the industry. “At Medyseva, we plan to use Predictive Analysis to identify risk factors and recommend the right treatment by comparing patient data with data from thousands of other patients, while also reducing costs. Our intent is to identify diseases which are prevalent in certain regions of rural India and provide preventive care for the community towards building a healthy society", Dr. Vishesh further adds.

The start-up is now preparing for the next round of funding which can be as early as next year.The company will be adding more services to their portfolio like introducing mobile apps for service providers, bringing more medical equipment into the Kendras and putting a system in place whereby the doctors can enlist themselves to join hands with Medyseva and the cause. Medyseva is also on a hiring spree – it is now recruiting several people under IT and Sales departments and isalso inviting doctors to be a part of this fast-growing telemedicine universe.

About Medyseva

Medyseva is a healthcare start-up focusing on Telemedicine. It seeks to become the ultimate healthcare partner of all citizens such that they can get access to high quality healthcare services with ease and at affordable prices.