Seeking to provide better price and quality health services to millions of people across all income levels in India
8 January 2014 – Bangalore, India. Unitus Ventures (formerly Unitus Seed Fund), India’s most active seed-stage impact venture investor, has invested in Commerzpoint Networks, creators of Medypal.com, a new online India healthcare marketplace. Medypal provides a new way for medical consumers to quickly get quotes for medical procedures from multiple health service providers who “bid” for their business. Medypal will soon go live with healthcare service providers across South India serving customers at all income levels
|Unitus Seed invests in healthcare company Commerzpoint||Medypal Raises $400K In Seed Round To Help Patients Buy Affordable Healthcare In India|
Better discovery and matching benefits both consumers and providers
Healthcare services in India will be a INR 6 lakhs crore (USD$100 billion) market by 2015 with 70% of people paying out-of-pocket for services. Right now, consumers rely on friends, family and advertisements to select their service provider. There is no easy way to get objective information on service provider availability, quality and to compare pricing. This is especially challenging for low-income families who have even less information, education, connections, and financial reserves.
On the supply side, healthcare service providers often struggle to keep their facility and staff utilization high which makes it challenging for them to manage cash flow and achieve and maintain profitability. Some medical facilities are even experimenting with medical service “happy hours” to generate demand for slow periods.
Medypal creates a marketplace which (a) helps consumers find the right medical service provider at the right price; and (b) helps quality medical services providers attract customers more efficiently to improve their financial margins.
Experienced healthcare services team
Commerzpoint was founded by serial entrepreneurs Mr. P. Rammohan and Dr. Brahmesh D. Jain. Previously they co-founded and successfully exited Healthsprint Networks, India’s first and largest health insurance exchange reaching 10 crore (100 million) people and 2,000+ hospitals. The vision of the founders is to build India’s first healthcare marketplace with direct impact and touching lives across the globe.
“We are investing in a team which has demonstrated success in scaling healthcare services to the masses in India,” said Dave Richards, Managing Partner, Unitus Ventures (formerly Unitus Seed Fund). “They bring many relationships, networks and experience to developing a compelling solution for both patients and healthcare service providers.”
Unitus Capital was the financial advisor and Impact Law Ventures was the legal advisor on this transaction, advising Unitus Ventures (formerly Unitus Seed Fund). Tathva Management Advisors, a boutique investment bank with offices in Chennai & Bangalore and Aarna Law were the financial and legal advisors respectively, working with Commerzpoint Networks.
Commerzpoint Networks Pvt. Ltd was founded by serial entrepreneurs P. Rammohan and Brahmesh D. Jain with a vision to bring accessibility and transparency in healthcare services. Commerzpoint’s Medypal.com online service offers a convenient and cost effective platform for patients to ascertain cost and quality across healthcare service providers. Commerzpoint believes in empowering consumers to take informed decision while choosing their healthcare service providers across geographies for both minor planned procedures and planned lifesaving treatments. Commerzpoint is based out of Bangalore, India. More about Commerzpoint >
About Unitus Ventures (formerly Unitus Seed Fund)
Unitus Ventures (formerly Unitus Seed Fund) (USF) is India’s most active impact investor, funding BoP startups that serve large low-income populations. USF plans to grow its portfolio of 9 companies to at least 30 more startups in sectors including skill development / livelihoods, agriculture, technology for development, healthcare, education, and access to basic necessities. Unitus Ventures (formerly Unitus Seed Fund) is part of the Unitus Group, a successful financial services group operating in multiple emerging markets since 2000. USF has offices in Bangalore and Seattle. More about Unitus Ventures (formerly Unitus Seed Fund) >