[Funding alert] Medpho raises $1M from Cygnus Medicare Group, others

Medpho, a Noida-based healthcare technology startup, Monday raised $1 million in an angel round led by Cygnus Medicare Group, Probal Ghoshal (Chairman, Amar Ujala), Shuchin Bajaj (Founder and Director of Ujala Cygnus), and Raghavendra Prasad (Founder, Project StepOne).

The healthcare startup will use the funds to focus on strengthening its position in the market, expanding, innovating, and providing complete healthcare services to rural and urban consumers.

Shashank Saini, Founder, Medpho, said,

“We are fortunate to find investors who believe in Medpho’s vision, and backed us on this novel project. We will be utilising the investments to expand our team and scale up our technologies and product innovations. Through our strategic alliances, technological advancements, and offerings, we want to create a value-based healthcare brand for communities with an emphasis on affordability and convenience.” 

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Founded by Shashank Saini in October 2020, Medpho aims to disrupt the current healthcare industry by being a one-point solution for all essential healthcare needs for consumers. The startup provides unlimited telephonic consultation for a lifetime, with zero wait time to all the communities. 

Medpho claims to have impacted over one lakh lives so far. With its online and offline services, the startup offers an integrated solution for connecting to doctors, pharmacies, ambulances, medical equipment, and diagnostic services. Medpho has partnered with 600+ doctors and 100+ supply partners to facilitate medical services, medicine delivery, and diagnostic services. 

Medpho’s customers include Sequoia Capital India LLP, British High Commission, Midland Credit Management India, Crown Plaza Hotel & Resorts, Shoppers Stop Ltd, etc. The startup also works with government bodies in providing last-mile healthcare services, such as teleconsultation, medicine delivery, and building COVID-19 care centres and manpower supply (paramedics and nurses).

 “We believe Medpho, with its affordable and quality healthcare services, will create a high impact on the Indian healthcare ecosystem,” said Dr Shuchin Bajaj, Founder Director, Cygnus Medicare Group.

He added, “To transform the healthcare industry, it is important to identify grassroots changemakers and back them with sufficient resources. Medpho is one of the key players in the foundation of a robust healthcare system in India, with its nucleus of providing affordable and accessible medical care across the country.”