Early stage venture fund, WaterBridge Ventures, announced today that it along with Infoedge has invested an undisclosed amount in MedCords, a startup based in Kota, Rajasthan with a technology center in Pune. MedCords is working predominantly in Rural India taking a patient first approach with a vision of making healthcare accessible, affordable and efficient for all by leveraging cutting edge Artificial Intelligence (AI) and Data Science technologies.
The company aims to become the “real time” healthcare decision making tool for citizens, organizations and state governments to eradicate problems and implement efficient healthcare processes. The funds will be used to expand the team, further develop the technology platform and to expand the scope of operations to new geographies.
More than 85% people in India do not have their medical records organized and at one place. 80% people living in villages have to travel 60 kms for the consultation and out-of-pocket expense on healthcare in India is close to 60% of total spends. The founders have seen the healthcare scenario first hand and after extensive research of 3 years across 800 villages of Rajasthan, MP, UP & Bihar and 2 pilots, they began developing MedCords in late 2016 and we went live in May 2017.
MedCords is founded by Nikhil Baheti, Saida Dhanavath & Shreyans Mehta. The startup is currently operational in Kota and Jhalawar districts with a technology center in Pune. They are a digital health partner for the Smart City Kota project and are a recipient of prestigious Bhamashah Technofund funding under Rajasthan Government’s Istart Program.
MedCords’s co-founder Nikhil Baheti, explaining the product said, “MedCords is a cloud-based, ML powered ecosystem that connects and enables various stakeholders of the healthcare ecosystem. The ecosystem facilitates, amongst other things, remote consultations and follow-up consultations with doctors and intelligent digitization of users’ medical records and on-demand availability of such records. The venture aims to create IP out of medical data and advanced analytics to create efficient healthcare decision systems for doctors, hospitals and the government.”
Shreyans spoke about the journey and said, “The biggest challenges initially which we faced was that there was no benchmark which we had to follow, most of the people in rural areas either did not have smartphones or they had a very limited know how of how to operate them- but they were in dire need of a solution. So, we had to build a solution which was ultra-simple and addressed to 80% of India’s Population.”
Saida added that “The healthcare ecosystem is extremely fragmented and to stitch it together for the users is an exciting challenge that we wake up to solve every day”.
“The challenge of providing effective health care to India’s rural population is a massive one. We are impressed by the MedCords team’s passion and technology driven approach to solving this problem. We are privileged to partner with Shreyans, Nikhil and Saida on their journey”, said Sarbvir Singh, Managing Partner, WaterBridge Ventures.
In March this year, Waterbridge led ₹3.5 crore funding of Gurgaon-based Doubtnut, a multi lingual online learning platform for students.
Founded in 2016, by investment veterans Manish Kheterpal (ex Providence, Actis, Rho Ventures) and Sarbvir Singh (ex Capital18, Citi), WaterBridge Ventures is an early stage venture fund with a founders first philosophy. The first fund with a corpus of $40M has a portfolio of 15 start-ups and tends to be the first institutional investor backing strong and persistent founders leading technology disruption across sectors. WaterBridge has invested in several market leading companies such as Unacademy, Chalo, ZipLoan, MagicPin, Social Cops and Dataweave.