Mobile Payment Gateway startup PayTm has invested an undisclosed amount of funding in a healthcare startup QorQI. The startup will utilize their new funding in developing AI and big data to improve Productivity & Care Quality of doctors and help patients manage their health and existing ailments better.
The Noida-Based startup was founded in the year 2014 by Sanjay Singh. QorOi works on AI and big data to help doctors improve their productivity and quality of care, and enables patients to manage their health better.
Sanjay Singh, founder and chief executive of QorQi, “QorQL is pursuing the vision to democratize healthcare access. Our connected health applications are leveraging AI and Big Data to collect, integrate and interpret data for all users. This not only helps us solve tough problems but helps our users to stay healthy.”
QorQI has been praised by 100+ doctors offering services to over 60,000 consumers. The service is currently available in Delhi NCR, Aligarh and expanding to several Tier II markets across India.
Commenting on the investment, Sudhanshu Gupta, Vice President of Paytm said: “QorQL is pursuing the vision to democratize healthcare access. Our connected health applications are leveraging AI and Big Data to collect, integrate and interpret data for all users. This not only helps us solve tough problems but also helps our users stay healthy. Paytm’s investment in QorQl is a huge endorsement of our Product Vision, Technology & Markets.”
Paytm has been backed by Chinese Internet giant Alibaba. Paytm has been making investments in startups like Little, LogiNext, Jugnoo among others. Read more about Alibaba buying stakes at Paytm.
Healthcare has become one of India’s largest sectors – both in terms of revenue and employment. During 2008-20, the market is expected to record a CAGR of 16.5 %.The overall Indian healthcare market is worth around US$ 100 Billion and is expected to grow to US$ 280 Billion by 2020, a Compound Annual Growth Rate (CAGR) of 22.9%.
Healthcare startups, which includes hospitals, nursing homes, and diagnostics centers, and pharmaceuticals, constitutes 65 percent of the overall market. The Healthcare Information Technology (IT) market which is valued at US$ 1 billion currently is expected to grow 1.5 times by 2020. Read more about Indian Startup Ecosystem.