Bengaluru, March 23 (IANS): A team of five professionals, including former IT honcho Phaneesh Murthy, on Monday announced the setting up of an online exchange to provide healthcare products and services to consumers across India.

Touted as the first-of-its-kind in India, PM Health & Life Care Ltd. will initially connect chemists and druggists with consumers through its online marketplace (exchange).

With $3.2-million seed money from Murthy's family fund, the venture plans to soon raise first round of capital to increase the paid-up capital to $8-10 million.

"Healthcare remains a fragmented market, beset with inefficiencies at multiple levels due to lack of scale and slack in technology adoption despite its importance for all," Murthy, the new company's co-founder and chairman, told reporters here.

"The exchange will meet needs of consumers, clinics, hospitals, diagnostic centres and doctors to make quality healthcare accessible and efficient to a large population," Murthy said.

Murthy was chief executive of the US-based global IT major IGate Corportion till May 2013 and director on global software major Infosys board over a decade ago (2002).

Chief executive Hemant Bhardwaj, chief operating officer Umesh Naidu, chief technology officer Anil Bajpai and chief finance officer Harshit Singhal are the founding team members of the start-up with Murthy as co-founder.

The health exchange will facilitate access to well-informed healthcare by leveraging on latest technology.

"Consumers' needs will be routed through the exchange to the nearest service provider, who will ensure accessibility at all times," Murthy said.

The company will enlist providers complying with regulatory and quality standards.

Bhardwaj said the exchange will be fully operational in a year, with the first solution connecting chemists and druggists to consumers across the country.