Zigy.com to raise $10-12 million

Former iGate CEO Phaneesh Murthy-founded PM Health and Life Care is planning to raise $10-12 million in Series A round of funding by the end of the calendar year. The fresh capital raised will be used to expand the reach of the new venture to around 50 Indian cities.

The plans were disclosed by Mr. Murthy during the unveiling of the new brand of his proposed health exchange. Earlier, in March, Mr. Murthy along with four others, including two senior leaders from iGate, had launched PM Health and Life Care. The company has so far raised around $5 million from founders and others.

Mr. Murthy, Co-Founder and Executive Chairman of PMHLC, said, “Our family fund has pumped in around $5 million. The initial fund raised was used for the launch. Now, for the growth to smaller towns we need an additional capital of $10-12 million.”

On Monday PMHLC unveiled its new brand Zigy.com, a marketplace to connect chemists and druggists with consumers. It also offers ‘Zigy HealthVault’, a patient-controlled electronic health record system.

In the first phase, Zigy will be available in Delhi, Mumbai, Bengaluru, Chennai and Hyderabad. The services will be expanded to around 50 cities within 18 months.

PMLC is looking to target a million transactions within 12 months after the launch.

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Printable version | Apr 21, 2021 9:53:17 PM | https://www.thehindu.com/news/national/karnataka/phaneesh-murthys-zigycom-to-raise-1012-million/article7578636.ece

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