Survo Ghosh of Lazoi says it is difficult to get funds in the online healthcare space.
Providing healthcare solutions online through SaaS (software as a service) solution solves two purposes; one, making it easier for hospitals, doctors, clinics and diagnostic centres, pharmacies and fitness centres to adopt technology and have a tool for larger engagement and two, making booking appointments, consultation, maintaining records and ordering medicines easier and more convenient for the customer.
Lazoi, among many other online healthcare start-ups such as Practo, Portea Medical, Lybrate, is focusing on the growth the healthcare industry is been witnessing in the last decade. According to IBEF, the healthcare market in India was worth close to $100 billion as of 2015 and is expected to touch $280 billion by 2020, clocking a CAGR of 22.9 percent. Lazoi.com is a health portal connecting patients to doctors, diagnostic centres and pharmacists by providing a convenient and hassle free experience with an option to pay online for all available services. Retailer had a chat with Survo Ghosh, Founder, Lazoi, to know more about the company’s business model and future plans.
How has Lazoi helped a customer managing health issues better?
The idea of Lazoi conceptualised when the problem of information and booking system was found missing. We have addressed the trouble in managing health issues like getting a confirmation from the doctors on appointment to save time and effort. We wanted to bring forward an integrated platform where a patient gets everything related to healthcare under one roof. So the end user doesn’t have to deal with multiple portals for different things and maintaining records in various places.
What does the name ‘Lazoi’ signify?
Lazoi is a combination of two words ‘La’ and ‘Zoi’: La is a French word that means ‘The’ and Zoi is a Greek word that means ‘Life’. Lazoi means ‘The Life’. We have a vision to bring all the healthcare services under one roof, so we are just not catering to the doctor-patient segment. We want to bring all healthcare service providers under one window through our website. Lazoi is a perfect name which aligns our identity with our vision.
What is your business model?
We are a SAAS model with service providers like doctors, clinics, hospitals, diagnostic centres and pharmacists. Their services are offered to the patients/customers at a deal price. We have online payment options to assist the customer in that the benefit of credit card and anytime payment options even if you don’t have cash available.
Who is your target consumer?
Other than the service providers, our customers are people who are suffering from lifestyle diseases or common illnesses.
Have you risen any funding so far?
Yes, we have raised funds through our close circle of known people.
What was it that attracted the investors to your business?
Our integrated model has attracted the investors. Initially, our idea of integrated play looked risky to them and we were not welcomed, but now investors have understood the importance of this unique integrated model which is need of the time. Overseas traffic and queries on our portal has been the most exciting thing since it makes us feel that our purpose of making this portal is fulfilled. Appointments are booked at odd hours from Tier 2 cities as well as overseas clients.
What has been your biggest challenge in scaling -up? How are you addressing it?
We are launching various schemes to increase our revenues so that we can rotate our own money till we get funded by an investor. So far we are successfully running the business with our own funds. But, getting funds are the biggest challenge right now.