Hyderabad-based e Health Access Pvt Ltd, the company that owns and operates telemedicine portal eVaidya.com, has secured Rs 3.5 crore ($560,000) from a group of investors, including Venkat Vallabhaneni, former vice president, Bank of America. A major chunk of this capital would be used for technology development and growth.
The company was set up in 2011 by Reddy, along with Ram Kadambi. Reddy holds a B Pharm degree from Osmania University and previously worked at Aditya Multi Speciality Hospital and Glenmark Pharmaceuticals. An eCornell University alumnus, Kadambi had earlier held different roles at Bank of America.
eVaidya (formerly Dialurdoctor.com) provides hybrid (online and offline) healthcare services. It offers virtual doctor consultation to patients, in addition to providing free personal health record storage. eVaidya has also developed medical kiosks which are an ideal option for corporates to keep a tab on their employees' health at any given point of time. The firm is also in talks with several state governments to set up kiosks in rural areas, thus serving the poor and needy.
"Our focus is to make primary healthcare easy, quickly accessible and cost-effective by creating innovative consumer-driven healthcare solutions for individuals and employers, with the support of a multi-specialty group of doctors on our board," said Jayadeep Reddy, CEO, eVaidya.
The Indian healthcare sector has seen several deals of late. Recently, Bangalore-based Neurosynaptic Communications, a provider of telehealth technologies, received an undisclosed amount in funding from e-Zest Solutions Ltd. Late last month, Bangalore-based medical technology startup OneBreath, which manufactures low-cost ventilators, secured $3 million from Ventureast and a group of angel investors. Around the same time, India and Singapore-based online healthcare services provider OurHealthMate, also raised $440,000 in seed funding led by Bimal Shah, former CFO of Nomad Digital.
(Edited by Joby Puthuparampil Johnson)