Phaneesh Murthy-promoted healthcare platform plans to raise $12 mn

Launches managed marketplace Zigy.com that connects chemists with consumers

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The Phaneesh Murthy-promoted PM Health & Life Care on Monday launched health exchange platform Zigy.com. It said it would raise $10-12 million in series ‘A’ funding by end of this year.

To start with, Zigy.com will act as an online marketplace, connecting chemists and druggists with consumers who can buy medicines and health products online. The service has been launched in five cities — Bengaluru, Chennai, Hyderabad, Mumbai and Delhi. The company plans to roll out the service across 50 cities within 18 months.

Zigy.com works as a managed marketplace, with the company selecting the druggists and chemists that meet certain criteria. Those seeking to buy medicines and other health care products from the marketplace have to register on the website or the app. The medicines will be delivered at their doorsteps by the logistics services providers roped in by the company. For medicines that require prescriptions from doctors, customers have to upload digital copies of the prescriptions.

“Zigy is committed to improving the quality of health care, affordability and accessibility for a large segment of the Indian population. This is our first step towards realising our dream of a Swastha Bharat,” said Murthy, former chief executive and president of information technology services company IGATE.

The company said the chemists and druggists who would sell medicines and other healthcare products are being selected after a rigorous selection process. The company has plans to have at least 50 chemists in each of the cities in operate. "With our business model which is a win-win for each stakeholder in the ecosystem, we anticipate achieving one million transactions within the first 12 months of our operations," said Hemant Bhardwaj, CEO, MD & Co-founder of PM Health & Life Care.

The company has so far raised the initial seed funding of around $5 million from Murthy himself as well as from few of his friends and family members. After rolling out the marketplace, PM Health and Life Care intends to launch various other health services which would connect consumers with doctors, clinics, hospitals, pharmacies, diagnostics labs and health insurers among others.