Medybiz.com, the first web-enabled health services site in India, today announced a second infusion of funds by the Nadathur Holding & Investments Pvt. Ltd. (NHIPL). NHIPL, the investments company of N.S. Raghavan, (co-founder of Infosys Technologies Ltd) has picked up a 10 percent stake in this venture.
Announcing the funding, A Suryanarayanan, Chief Executive Officer, Medybiz.com, said, "The response to our services since the launch in three southern states has been more than encouraging and we are now ready to roll out our services in the rest of the country."
The second round of fund infusion has been leveraged to maximise value for the initial investors and create room for further rounds of funding. Kaashyap Radiant Systems Limited (KRSL), the principal technology providers and incubators of the company, now have a 15 percent stake in the company. KRSL continue to assist Medybiz.com as a technical partner.
Medybiz.com is targeting a turnover of Rs15 crore in the first 12 months of operation. The recently acquired funds would be deployed toward launching various innovative initiatives such as a B2B module, a HealthCard and a unique NRI focussed section, apart from funding the expansion plans of the company. The company plans to roll out its service in 9 more cities in the country by the end of the current fiscal.