medybiz.com's funding plans

HYDERABAD: The Bangalore-based medybiz.com Pvt. Ltd., which had taken Rs. 3 crores `angel' funding from Kashyap Radiant Systems in the first round, will finalise the next round of funding from `venture capital' funds within a few weeks. Mr. A. Suryanarayanan, CEO, said the understanding was for Rs. 9 crores in three tranches for a 51 per cent stake, with medybiz retaining the option to seek alternate funds. With its Internet and telephone health services launched in Chennai, Bangalore and Hyderabad, and valuations going up substantially, medybiz now prefers VC funding as it would have to forego lesser equity, he said.

- Our Staff Reporter

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Section  : Business
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