Online marketplace is picking up fast in India. Soon an online exchange will make healthcare products and services available to consumers across India. A team of five professionals, including former IT honcho Phaneesh Murthy, announced the setting up of 'PM Health & Life Care' that will initially connect chemists and druggists with consumers through its online marketplace.
Murthy is the new company's co-founder and chairman. He was chief executive of the US-based global IT major IGate Corportion until May 2013 and director on the Infosys board 10 years ago. "Healthcare remains a fragmented market, beset with inefficiencies at multiple levels due to lack of scale and slack in technology adoption despite its importance for all. The exchange will meet needs of consumers, clinics, hospitals, diagnostic centers and doctors to make quality healthcare accessible and efficient to a large population," said Murthy.
The online health exchange will be fully operational in a year and will facilitate access to well-informed healthcare by leveraging on latest technology. "Consumers' needs will be routed through the exchange to the nearest service provider, who will ensure accessibility at all times. The company will enlist providers complying with regulatory and quality standards," Murthy said.
Chief executive Hemant Bhardwaj, CEO Umesh Naidu, CTO Anil Bajpai and CFO Harshit Singhal are the founding team members. With $3.2 million seed money from Murthy's family fund, the team plans to soon raise first round of capital to increase the paid-up capital to $8-10 million.