Healthtech Medyseva Raises INR 15 Mn to Roll Out Nationwide Patient Care

The start-up 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

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Medyseva, a Madhya Pradesh-based telemedicine health care startup, has raised INR 15 million in pre-series funding under the Startup India Seed Fund Scheme from AIC RNTU Bhopal. The company also received funds from a group of angel investors, including Mohit Gulati, Mandar Joshi, Yamika Mehra, Ankita Vashistha, Aarti Gupta and Dr. Vivek Bindra, said a statement.

Company handout

The start-up claims to be working 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 also working towards empowering existing healthcare offerings in tier 2 and tier 3 regions with a sustainable regional outreach.

The healthtech startup focuses on telemedicine in rural India and has set up Medyseva Kendras offering consultation and services in pathology, radiology, hospitalization, ambulance and homecare services. 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, added the statement.

"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," said Dr. Vishesh Kasliwal, founder and CEO, Medyseva.

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 per cent by 2025.

"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," said Rachita Kasliwal, Co-Founder, Medyseva.

According to Medyseva, it is now preparing for the next round of funding, which can be as early as next year. The company states that it will be adding more services to their portfolio such as 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.