India is a developing country and the health facility is still poor. Lakhs of rural people are devoid of medical facilities due to the lack of medical stores and hospitals in their area. Medcords is one such company that aims to provide the best healthcare to all the people in this country at a minimal cost. The company has already created a strong support system for the healthcare sector across various states in India and they deliver medicines within minutes. Medcords services have also helped reduce the medical expenses of the people and they are getting the best treatment as well. So let us get into this article to read the success story of this amazing health tech company.
Medcords – Key Highlights
- Company Name – Medcords
- Founding Year – 2017
- Founders – Shreyans Mehta, Saida Dhanavath, Nikhil Baheti
- Company Type – Private
- Headquarters – Kota, Rajasthan, India
- Total Funding - $3.6 M
- Valuation - $15.2 M
- Number of employees – 100 – 120
- Website – www.medcords.com
Medcords – Founders
- Shreyans Mehta
- Saida Dhanavath
- Nikhil Baheti
Medcords – Brand Name, Logo, and Tagline
- Brand Name – The company works in the healthcare industry and the brand name ‘Medcords’, perfectly goes with the idea of the business. It is an appropriate name and easy to remember as well.
- Logo – The company’s logo is in a beautiful bright blue colour in the shape of a ‘plus’ sign. The colour blue is associated with health, understanding, and healing.
- Tagline – The company’s tagline is – ‘Sehat Saathi, Medical Store Ke Liye’
Medcords – Business Model
The company follows both B2B (Business to Business) and B2C (Business to Customer) models.
Medcords – Services Provided
- Online Doctor Consultation – The company provides free 7 days of follow-up, prescription and consultation on the app.
- Medicines Home Delivery – Medcords does the quickest medicine delivery (within 2 hours), and customers can also get cashback and discounts.
- Family Health Plan Subscription – The company provides free doctor consultations to the whole family throughout the year, which helps you in saving your medical expenses up to 5 times, they also provide multiple health plans based on the medical history and size of your family.
- Pharmacy Online With Sehat Sathi App – The medical stores can connect to hundreds of new customers daily, they also get a chance to earn an extra INR 50,000 per month.
Medcords – Growth
Some of the growth factors of the company are as follows:
- The company has more than 5000 specialists doctors on their platform.
- These doctors are across 33 specialities.
- They have reached more than 1000 villages and cities in India.
- They have reached thousands of villages and cities across 11 states.
- Medcords has also partnered with more than 20,000 medical stores across India.
Medcords – Aayu App
The details of the Aayu App are as follows:
- Customers can upload prescriptions and select the preferred pharmacy.
- They offer up to 50% cash back and a 20% discount on medicines.
- They deliver medicines within 2 hours.
- Customers can purchase the Aayu card subscription plans based on their medical history and family size.
- It helps in reducing medical health expenses.
- Customers get daily health tips on their phones.
- Customers can also watch Sehat ki Baat by Specialist Doctors for free.
- The app’s rating on Google Play Store is 4.6.
Medcords – Funding and Investors
Aayu by Medcords has risen $3.6 M in funding in total 3 rounds. Their recent funding got raised on Aug 17, 2021. Details of all the funding and investors of the company are as follows:
- INR 52.8 M – Seed Round, Info Edge, WaterBridge Ventures, Aug23, 2018
- INR 210 M – Series A round, Info Edge, Rajasthan Venture Capital Fund, Sep 7, 2020
- $954 K – Non-Equity Assitance, Google for Startups, Aug 17, 2021
Some of the other investors of the company are Astarc Ventures, Earlsfield Capital, etc.
Medcords – Competitors
Healthy competition in any industry is crucial to eliminating any kind of monopoly. It helps the customers in getting the best deal and the companies do their best to serve the top-notch quality to their customers. Medcords is a new venture in this industry and it has to face various competitors in the market. Some of the top competitors of the company are as follows:
- 1mg
- Netmeds
- Apollo 247
- DocsApp
- Eka.care
- Citizen
- Practo
- PharmEasy
- Mfine
- Phable
- Medibuddy
Medcords – Challenges Faced
Every new venture has to face various challenges in its entrepreneurial journey. Challenges are a part of life and it makes us strong to face many difficulties on the path of our success. Some of the main challenges faced by the company are as follows:
- Implementing Innovative Software – It is one of the biggest challenges for the company. Implementation of innovative software has always been a difficulty in this industry and thus Medcords had to face the same situation as well.
- Monetization – All the startups need to have a long-term goal, this helps in the smooth functioning of a lot of things. Medcords faces a challenge in monetizing the final product. It will help in various things such as how to make a profit, how to draw investors, etc.
- Competitors – Medcords is a newborn startup and already it has to face many competitors in the market to survive. Some of those competitors are well-established companies and some of them are performing well on several levels. It is overwhelming for Medcords to face so much competition in the market and it is not that easy to divert the customers towards their company.
Medcords – Future Plans
Medcords is a new startup and it has many exciting plans for the future. Some of the upcoming plans of the company are as follows:
- The company is looking to onboard more specialists doctors on their platform to provide the best facility to their customers.
- They are also aiming to reach cover all the Indian states as soon as possible. Because every person has the right to get the best healthcare facility.
- The company is also planning to increase the number of specialities to 50 on their platform.
- The startup wants to serve at least 15 lakh families by the end of FY 2023.
- They want to partner with more medical stores across India.
- Medcords is also going to hire more people as their business is growing at a rapid pace.
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Thanks to the Ishika Aggarwal for writing and sharing this article. I really enjoyed it while reading. Please keep writing.
Thanks to the Ishika Aggarwal for writing and sharing this article. I really enjoyed it while reading. Please keep writing.
Thanks to the Ishika Aggarwal for writing and sharing this article. I really enjoyed it while reading. Please keep writing.