HealthcareMagic has secured $2.5 million in its first round of funding from venture capitalist Accel India, according to VCCircle. Accel India, formerly Erasmic Venture Funds, has also backed other healthcare firms such as Inbiopro and Perfint.
The website HealthcareMagic connects medical professionals with those seeking consultation and referral on fitness and health topics. Users can interact live with 34 doctors employed by the company – just by placing a call or by chatting with them online. It has tied up with BPL Mobile to charge Rs 8-10 per minute for consultations and is partnering with more operators. The company will expand its sales and marketing reach, set up call center and call recording. The company expects to break even in 3-4 months. They’ve also signed up with ICICI Lombard and Bajaj Allianz to include online consultation as part of insurance policies.
The Rise of Indian Online Medicare
Telemedicine has gained momentum in the country, fuelled by e-governance initiatives, and more companies offering services online for a fee are cropping up. Interestingly, Healthcare Magic’s website, though still in Beta, has clocked over half a million interactions since its launch. Proof enough that online medicare is gaining traction in the country.
Others in the domain include: India Heartbeat, which also connects the medical community with those seeking healthcare, is another Indian company competing in the domain. Promoted by DreamWeavers InfoCom, India Heartbeat employs over 100 and is headquartered at Mumbai. MedIndia also offers online consults with a panel of over 1000 doctors. It charges between Rs 600-1200 per consultation, and claims it can offer such low rates due to high volumes. MedIndia is promoted by a website hosting provider Frontpoint Systems and has offices in Chennai, Bangalore, Mumbai, Calcutta and New Jersey.