MedPay

What MedPay does

Medway Technologies Private Limited, operating as MedPay and self-described as 'India's largest retail pharmacy network', is a Bangalore-based healthtech SaaS company incorporated in Karnataka in 2020. The company operates a mobile-first, Android-first platform targeting India's unorganized retail pharmacy segment with an all-in-one pharmacy management application covering digital payments, GST and non-GST billing, inventory management, compliance management, delivery services, customer engagement, and business reports. Its technology stack integrates multiple Indian payment rails — UPI (BHIM, Google Pay, PhonePe) and major wallets (Paytm, Amazon Pay, Mobikwik, Airtel Money, Freecharge, OlaMoney, JIO Money, MPESA) — routed through payment gateways Razorpay and PayU, with cloud data storage hosted in India. The company's legal entity is Medway Technologies Private Limited (CIN U 72900 KA 2020 PTC 133661), with co-founders Ravi Chandra Merugu (CEO and Board Member) and Arun Bhatia (CTO).

MedPay's business model combines subscription fees (with monthly and reduced-rate annual plans), service and onboarding fees, payment aggregation across the pharmacy network (transaction fees), and processing fees for insurance claims via the Corporate Card Program and Health Card. Distribution is predominantly product-led through the Google Play Store, with a complementary Calendly 'Book a Call' inside-sales motion for corporate and enterprise buyers; a separate medpay.store directory provides consumer-facing pharmacy discovery. Pricing is not publicly disclosed but is governed by individual service agreements, with a 30-day money-back guarantee on consumer-facing subscriptions.

Customers cited publicly are exclusively SMB neighborhood pharmacies in Bangalore (City Medicals, Ramdev Medical, Greeshma Pharma & Generals, Life Care Pharma, Maruthi Medical), consistent with a long-tail SMB GTM. The company has raised $1.2M in a July 2021 seed from Entrepreneurs First and growX ventures with Supermorpheus participation, plus a June 2024 Turbostart-led round of undisclosed size. The platform is positioning to move upmarket into corporates and insurance/claims flows while leveraging compliance with the Digital Personal Data Protection Act, 2023, GST, and the Drugs and Cosmetics Act as differentiation against horizontal SaaS competitors.

Name

MedPay

Legal name

Medway Technologies Private Limited

Website

https://medpay.in

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Medway Technologies Private Limited (dba MedPay) is a Bangalore-based healthtech SaaS company building a mobile-first pharmacy management and digital payments platform for India's neighborhood retail pharmacies, bundling GST billing, inventory, compliance, delivery, and insurance/claims processing into a single app.

Ownership category

akta.pro rank

Product category

Pharmacy Management Software

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

Medication Inventory, Procurement & Supply Chain (Pharmacy) (HLACAKAI)

akta.pro secondary industries

Medication Pricing, Copay Assistance & Patient Financial Support Tools (HLACAKAN), Telepharmacy & Prescription Fulfillment Marketplaces (HLALALAF)

Keywords

• Pharmacy management software
• Healthcare payments platform
• Pharmaceutical billing software
• Retail pharmacy digitization
• Medicine delivery platform

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Marketing or Sales, Personnel, Operations, Infrastructure

Revenue model

1. Subscription Fees: MedPay charges subscription fees for access to the MedPay Service package. Subscriptions automatically renew unless cancelled before the renewal date. Annual subscriptions offer reduced rate pricing compared to month-to-month billing. All fees are non-refundable and non-transferable.
2. Service and Onboarding Fees: Additional charges including listing fees, onboarding fees, and one-time value-added service activation charges as defined in the service agreement.
3. Payment Aggregation: MedPay acts as an aggregator of pharmacies and collects payments on behalf of respective pharmacies. The company facilitates digital payments through multiple channels including UPI, wallets, and cards.
4. Insurance Claims Processing: Processing fees for insurance claims management under the Corporate Card Program and health package features.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

MedPay is a mobile-first SaaS platform that helps Indian neighborhood retail pharmacies digitize their end-to-end operations. Through a single Android and web application, pharmacy owners can accept digital payments (UPI, wallets, cards) via QR codes, generate GST and non-GST invoices shareable over WhatsApp, track inventory with automated alerts, manage regulatory compliance under Indian pharmaceutical laws, run delivery services, engage customers with automated reminders, and access business reports. MedPay also operates medpay.store as a directory where end users can find local pharmacies and place orders.

Product overview

MedPay is a unified pharmacy management platform consisting of the MedPay Pharmacy Management App as the core product, integrated with modules for Digital Payments, Delivery Services, GST & Non-GST Billing, Compliance Management, Inventory Management, Customer Engagement, and Business Reports. The platform also includes Medpay.store as a pharmacy directory service and Corporate Card Program for business expense management. MedPay serves as India's largest retail pharmacy network, connecting neighborhood pharmacies with technology solutions for digitizing operations, processing payments through multiple gateways, and managing customer relationships.

Differentiator

Problem solved

Functional benefit

Brands

• Medway Technologies: The parent/legal entity name of MedPay, used in copyright footer and legal documents.

Products and services

• MedPay Pharmacy Management Platform A unified mobile-first SaaS application that enables Indian neighborhood retail pharmacies to accept digital payments (UPI, wallets, cards via QR codes), generate GST and non-GST invoices with WhatsApp sharing, manage inventory with automated alerts, run regulatory compliance management, dispatch delivery services, engage customers via automated reminders and digital orders, and access business reports. Targeted at independent pharmacy owners competing with large organized retail pharmacy chains and online medicine platforms.
• Medpay.store Directory A standalone directory website at medpay.store that lists neighborhood medical stores and allows end users to discover, connect with, and place medicine orders at local pharmacies. MedPay is not a pharmacy itself and does not stock or distribute drugs.
• MedPay Corporate Card Program A B2B card-based payment program for corporate members allowing management of business healthcare expenses and processing of insurance claims through MedPay accounts, with revenue generated via processing fees.

Quantifiable outcome

• Increased sales reported by pharmacy partners using digital payments and online ordering
• +1 more outcomes

Named customers5 records

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core.

• RazorpaycoreTechnology or IntegrationRazorpay is the primary payment gateway integrated with MedPay for processing online fee payments. Mentioned in the payment policy section with support documentation available at razorpay.com/support.
• Google PaycoreTechnology or IntegrationDigital wallet and UPI payment method supported on the MedPay platform for pharmacy transactions.
• PhonePecoreTechnology or IntegrationDigital wallet and UPI payment method supported on the MedPay platform for pharmacy transactions.
• PaytmcoreTechnology or IntegrationDigital wallet payment method supported on the MedPay platform for pharmacy transactions.
• Amazon PaycoreTechnology or IntegrationDigital wallet payment method supported on the MedPay platform for pharmacy transactions.
• BHIM UPIcoreTechnology or IntegrationIndia's Unified Payments Interface (UPI) platform supported for processing real-time payments on MedPay.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Marg ERP Limited: Marg ERP is one of India's most widely used pharmacy billing and GST compliance software suites, sold into the same independent retail pharmacy customer base MedPay targets. It is a direct competitor on core pharmacy SaaS functionality.
• Visual Soft Technologies (PharmaPlus): Visual Soft's PharmaPlus is a packaged retail-pharmacy ERP covering billing, inventory and compliance for Indian chemists. It competes head-to-head with MedPay's pharmacy management app for the same SMB drugstore segment.
• Saral Software: Saral provides billing, GST and accounting software used widely by Indian retailers including pharmacies. It overlaps materially with MedPay's billing, inventory and compliance modules for retail chemist shops.

Broad incumbents

• Tata 1mg (1mg Technologies): Tata 1mg is a national e-pharmacy and broader healthcare platform that competes both for end-patient medicine orders (vs MedPay's medpay.store directory) and increasingly for digital tools sold to retail pharmacies.
• PharmEasy (API Holdings): PharmEasy is a large, well-funded Indian e-pharmacy platform serving consumers directly and partnering with offline pharmacies. It overlaps with MedPay's consumer-facing medicine-ordering vision and exerts competitive pressure on neighborhood retailers.
• Netmeds (Tata-owned): Netmeds, now part of the Tata group, is a national e-pharmacy competing for end-customer prescriptions. It is a broader incumbent competing with MedPay's pharmacy-discovery and medicine-ordering capabilities.
• Practo Technologies: Practo is a broader Indian digital-health platform offering appointments, telemedicine, and medicine delivery. While not a direct pharmacy SaaS competitor, it operates an adjacent consumer healthcare marketplace that overlaps with MedPay's online ordering vision.

Emerging players

• MediBuddy: MediBuddy is an Indian digital-health platform offering teleconsultations, lab bookings and medicine delivery. It is an emerging player in the broader online medicine ordering space, partially overlapping with MedPay's consumer-facing ambitions.

Others

• Razorpay: Razorpay is MedPay's primary payment gateway partner for online fee processing and is also an enabler/aggregator on the UPI rails MedPay relies on. It is an ecosystem partner and indirect competitor in payment aggregation for pharmacies.
• Tally Solutions: Tally is India's dominant SMB accounting/ERP software, including for retail pharmacies (Tally with GST compliance). It competes indirectly with MedPay's billing, GST and business-reporting modules and represents the incumbent stack MedPay displaces.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/medpay.in
• LinkedInlinkedin.com/company/medpay-ai

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MedPay