Zigy.Com to raise USD 10-12 million by end of calendar year

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PM Health and Life Care (PMHLC) Founder Phaneesh Murthy today said Zigy.Com, the country's first health exchange, will raise a capital of USD 10 to 12 million by the end of this calendar year, to initiate expansion of multiple-city offerings.
"By the end of this calendar year, we hope to raise 10 to 12 million dollars to initiate expansion of our multiple-city offerings," he told reporters at the launch of Zigy.Com here.
The PMHLC earlier announced the creation of Zigy.Com, which is integrated with Zigy HealthVault, a first-of-its-kind patient-controlled electronic health record system. As the first offering, the startup will connect chemists and druggists with consumers.

On investors response, Murthy said, "We have barely got started ourselves, but raising capital in small companies is difficult because you got to have lot of meetings."
However, Murthy said they were successful in fulfilling the public commitment of launching the health exchange in quarter three, which they did. "Our goal was we wanted to launch the exchange in quarter three which we did successfully," he added.
The exchange will use technology to efficiently connect Indians needing health products and services with doctors, clinics, hospitals, pharmacies, diagnostic labs, and providers of wellness products and services, insurance, home-care services and alternative medicines, Murthy said.

On whether they would join hands with big players like Appollo hospitals, PMHLC CEO, MD and Co-Founder Hemant Bhardwaj said, "We are not planning to join hands with bigger chains because they enjoy a huge capital themselves, but we are keen on tying up with chemists and druggists wanting to be big.