Bessemer leads $20m Series B for India's DocsApp
Bessemer Venture Partners has led an INR1.5 billion ($20 million) Series B round for teleconsultation health platform DocsApp.
The company also announced that it had acquired a similar digital healthcare platform, MediBuddy, in a cash and stock transaction, facilitating an exit for IDFC Private Equity and an angel investor. Bessemer is also an investor in MediBuddy.
Other participants in the Series B round include Fusian Capital, Mitsui Sumitomo (MSIVC), and Beyond Next ventures. DocsApp also counts Milliways Ventures, Rebright Partners, InnoVen Capital India, and TechMatrix as investors.
Founded in 2015, DocsApp is a mobile-based doctor consultation app. MediBuddy was launched in 2000, initially as a tool for scheduling hospital visits, tracking health insurance claims, and searching for insurance-covered hospitals. It later started offering online consultations with doctors and home-based blood tests.
The combined entity will have a partner network of over 90,000 doctors, 3,000 diagnostic centers and 2,500 pharmacies. DocsApp co-founder Satish Kannan will serve as CEO of both companies, which are expected to maintain separate operations for the time being.
Due to the COVID-19 pandemic, DocsApp stated there had been a surge in requests for consultations for all types of illnesses and health concerns. “We have witnessed a growth of over 60% in the last two months backed by consumer awareness about digital health platforms and rising demand from doctors, pharmacies and hospitals. We hope to grow by over three times in the next 18-24 months,” Kannan told The Hindu Business Line.
At present, 50% of customers are based in top-tier cities. The increased availability and affordability of smart phones and rising internet penetration are expected to help the company reach more people in remote locations.
Other internet portals and apps offering similar services in India include Practo, Doctor24X7, Curofy, Ask Apollo and Lybrate. Practo claims to have the widest network, facilitating more than 50 million appointments every year across 15 countries.
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