About MedPay
MedPay is a company based in Bengaluru (India) founded in 2020 by Ravi Chandra Merugu and Arun Bhatia. MedPay has raised $1.85 million across 2 funding rounds from investors including Entrepreneur First and growX ventures. MedPay offers products and services including MedPay App, Digital Payments, Delivery Services, and Inventory Management. MedPay operates in a competitive market with competitors including Tata 1mg, Netmeds, Truemeds, PharmEasy and MedPlus, among others.
- Headquarter Bengaluru, India
- Founders Ravi Chandra Merugu, Arun Bhatia
- Stage Minicorn
- SectorsHealthcareFinancial Services
- Email••••••••
- Phone•••• ••••
- Website medpay.in
- Social LinkedIn Facebook
- Legal Name Medway Technologies Private Limited
- Date of Incorporation 04 Apr, 2020
- Jurisdiction Bangalore, Karnataka, India
- Annual Revenue₹2.53 Cr
FY 2024 · -68% YoY
- Net Loss-₹4.73 Cr
FY 2024 · -187% margin
- EBITDA-₹4.18 Cr
FY 2024 · -165% margin
- Total Equity Funding$1.85M (USD)
in 2 rounds
- Latest Funding Round$1.2M (USD), Seed
Jul 2021
- InvestorsEntrepreneur First
& 1 more
Associated legal entities of MedPay
MedPay operates through Medway Technologies Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Medway Technologies Private Limited CIN U72900KA2020PTC133661 | Active | 04 Apr 2020 | Bangalore, Karnataka | ₹2.5 Cr | – | 3 | View details |
Products & Services of MedPay
MedPay offers a comprehensive portfolio of products and services, including MedPay App, Digital Payments, Delivery Services, and Inventory Management.
App for digitizing operations and payments in retail pharmacies
Service for receiving and managing customer payments
Feature for timely medicine delivery to customers
Tool for monitoring and alerting on stock levels
Apps and channels of MedPay
MedPay publishes 1 mobile app with over 5K+ downloads.
Funding Insights of MedPay
MedPay has successfully raised a total of $1.85M across 2 strategic funding rounds. The most recent funding activity was a Seed round of $1.2 million completed in July 2021. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $1.85M
- Total Rounds 2
- Last Round Seed — $1.2M
- First Round $645,589
(Jul 2020)
- Investors Count 2
All 2 funding rounds of MedPay with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul 2021 | $1.2M | Seed | – | Entrepreneur First | |
| Jul 2020 | $645,589 | Seed | $3.52M | Entrepreneur First | – |
| Date | Valuation | Stage |
|---|---|---|
| Jul 2020 | $3.52M | •••••••• |
Last known valuation $3.52M (Jul 2020). 2 investors in total: 2 institutional.
Investors in MedPay
MedPay has secured backing from 2 investors, including venture fund investors. Prominent investors backing the company include Entrepreneur First and growX ventures.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Provider of a program turning individuals into funded technology company founders | – | joinef.com | London, United Kingdom | |
Early-stage investments are made in B2B and deep-tech startups. | – | growx.vc | Delhi, India |
Investor details for MedPay
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Board of directors of Medway Technologies Private Limited (MedPay)
Medway Technologies Private Limited is the primary company behind MedPay. The board of Medway Technologies Private Limited currently have 3 directors; the longest-serving is Ravi Chandra Merugu, appointed in 2020. 1 earlier director has ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Ravi Chandra Merugu DIN 08704297 | Director | 04 Apr 2020 | 6 yrs 6 mo | Medway Technologies Private Limited |
| Viswanathan Nelluvaya Subrahmanian Iyer DIN 08475342 | Additional Director | 15 Sep 2025 | 1 yr | Medway Technologies Private Limited |
| Abhijeet Ashok Kanetkar DIN 11520255 | Additional Director | 28 Jan 2026 | 8 mo | Medway Technologies Private Limited |
People of MedPay
6 people are tracked at MedPay (3 in leadership, 3 in team).
| Name | Role | Group |
|---|---|---|
| Co-Founder & CEO | Leadership | |
Arun Bhatia | Co-Founder & CTO | Leadership |
| Co-Founder & CEO | Leadership | |
John Calvin | Operations at Medpay | Team |
Shawak Shubham | Assistant Manager | Team |
Jai S. | Operations Lead | Team |
Complete people profiles for MedPay
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Financials of MedPay
Figures of Medway Technologies Private Limited, the primary company behind MedPay, for FY 2024. Revenue was ₹2.53 Cr (-68% year on year). Net loss was -₹4.73 Cr (-187% margin). EBITDA was -₹4.18 Cr (-165% margin). Revenue has grown at a compounded annual rate of +479% over three years.
- ₹2.53 CrRevenue · FY 2024 · -68% YoY
- -₹4.73 CrNet loss · -187% margin
- -₹4.18 CrEBITDA · -165% margin
- ₹1.6 LakhPaid-up capital
- +479%Revenue CAGR, 3 years
Balance sheet, profit and loss, cash flow and ratios of Medway Technologies Private Limited are on its company page.
Detailed financial statements for MedPay
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Timeline of MedPay
4 dated milestones of MedPay across 1 years, from founding to its latest funding, stage changes and deals.
- Founded MedPay is founded.
- Funding First funding round of $646K.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Seed, of $1.2M.
Competitors of MedPay
MedPay operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Tata 1mg, Netmeds, Truemeds, PharmEasy and MedPlus, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| 1mg.com | 2015 | Delhi, India | $194M | 4,419 | Provider of an online pharmacy with doctor listing and teleconsultation services | |
| netmeds.com | 2015 | Chennai, India | $109M | 988 | Provider of an online store for medicines and healthcare products | |
| truemeds.in | 2019 | Mumbai, India | $112.97M | 345 | Provider of an online pharmacy and telehealth platform | |
| pharmeasy.in | 2015 | Mumbai, India | $688.41M | 493 | Provider of an online pharmacy and healthcare platforms | |
| medplusindia.com | 2006 | Hyderabad, India | $268.78M | 8,729 | Medicines and health products are retailed through pharmacy outlets. | |
| sastasundar.com | 2011 | Kolkata, India | $38.26M | 1,344 | An online marketplace for healthcare products is operated. | |
| medlife.com | 2014 | Bengaluru, India | – | 46 | Provider of an online pharmacy for medications | |
| healspan.com | 2022 | Bengaluru, India | $440,587 | 41 | Insurance policies and claims are managed via an automated platform. | |
| coverself.com | 2020 | San Francisco, United States | $8.95M | 69 | Healthcare payment integrity platform provided for payers and providers. |
Detailed competitors of MedPay
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Web traffic of MedPay
The website of MedPay (medpay.in) receives about 1.2K visits a month.
- Monthly visits1.2K
▼ 49.2% vs previous month
Latest news on Medpay
Complete news archive for MedPay
Full article history, source details, and older brand coverage require an active premium plan.
- Full article archive
- Source and publication date
- Older coverage
- Brand-specific news history
Verified entity values are shown only after access is granted.
Similar companies to MedPay
10 companies that operate in the same segment as MedPay (Clinical IT & Data Platforms), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Provider of fitness memberships encompassing group classes, gyms, and at-home workouts | 2016 | Bengaluru, Karnataka, India | USD 713.57 M | – | – | |
Employee health benefits are facilitated via a cloud-based platform. | 2007 | Plymouth Meeting, Pennsylvania, United States | USD 228.3 M | – | – | |
Healthcare appointments are booked online via Zocdoc's platform. | 2007 | New York, New York, United States | USD 425.97 M | USD 4.66 M | 233 | |
Virtual physical therapy and digital pain care solutions are provided. | 2015 | San Francisco, California, United States | USD 854.44 M | – | – | |
Tech-enabled mental health solutions for employers are provided. | 2016 | New York, New York, United States | USD 508.73 M | – | – | |
App-based health insurance is offered to individuals and businesses. | 2016 | Paris, France | USD 863.12 M | – | – | |
Virtual care programs for managing chronic diseases are provided. | 2011 | San Francisco, California, United States | USD 450.12 M | USD 260.21 M | – | |
AI-driven EMR and practice management software is delivered for clinics. | 2010 | Boca Raton, Florida, United States | USD 329.17 M | – | – | |
Cloud-based administrative tools for healthcare providers are offered. | 1997 | Watertown, United States | USD 40 M | – | – | |
Membership-based primary care platform is offered for employees and consumers. | 2007 | San Francisco, California, United States | USD 402.56 M | – | – |
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Frequently Asked Questions about MedPay
MedPay was founded in 2020.
MedPay is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Ravi Chandra Merugu is the current CEO of MedPay. They have also founded this company.
MedPay is a funded company, having raised a total of $1.85M across 2 funding rounds to date. The company's 1st funding round was a Seed of $645.59K, raised on Jul 2020.
The primary company behind MedPay, Medway Technologies Private Limited, reported revenue of ₹2.53 Cr for FY 2024, down 68% year on year.
MedPay was established in 2020 in Bengaluru, India, within the healthcare technology sector. An API platform is developed to integrate service providers, including doctors, pharmacies, and diagnostic centers, with insurers. Real-time insurance payments are enabled, and cashless claims processes are facilitated for policyholders. Operations focus on streamlining transactions in the Indian healthcare ecosystem.
MedPay's top competitors include Tata 1mg, SastaSundar and PharmEasy.
MedPay offers MedPay App, Digital Payments, Delivery Services, and Inventory Management.
MedPay has 2 investors. Key investors include Entrepreneur First, and growX ventures.
The valuation of MedPay is $3.52M as of Jul 2020.
MedPay operates through Medway Technologies Private Limited.
The legal entities of MedPay currently have 3 directors, including Ravi Chandra Merugu, Abhijeet Ashok Kanetkar, Viswanathan Nelluvaya Subrahmanian Iyer.