In the second episode of ‘TC Show Off’, a weekly video show that provides startups a platform to showcase themselves, their business models, the core USP etc., Labforth, a SaaS provider to hospitals and reference labs will be introducing their product offering.
The company claims to be aggregating the fragmented medical industry with its services like notifying the development of lab tests to the patient; comparing it with their previous results in a graphical manner to gauge the deterioration of their health; maintaining electronic records; passing them directly to the doctor; and enabling the labs to store all their data on cloud as opposed to servers. The aim is to have an ecosystem of lab, doctors, pharmaceuticals and hospitals so that all stakeholders perform in unison rather than operating in their small bubbles.
Bootstrapped a month ago, the company claims to have already clocked revenue of Rs 1 lakh through its annual and monthly plan of Rs 1,500 and Rs 14,999 respectively. It has about 26 paying customers. According to the founders Bhavishya Wadhawan and Udit Mahajan, their product is global. The size of the Indian market is valued at $100 million while the global market stands at $1.6 billion. With its offering, the company is targeting the four lakh small and medium labs in India.
However, Shailesh Vickram Singh of Seedfund is of the view that though the market for a SaaS product in this segment is large, B2B selling in India is complex as compared to a developed nation with sales cycle being as long as 3-6 months.
Watch the video for more.