Astra leads Series D for Indonesia health-tech player Halodoc
Indonesia-based healthcare technology platform Halodoc has completed its Series D round with USD 100m in commitments. It comes more than two years after the company raised USD 80m in Series C funding.
Astra Digital Internasional, a subsidiary of local conglomerate Astra International, led the round. It also led the Series C. Halodoc indicated in a statement that Openspace Ventures and Novo Holdings also participated. Openspace was one of the company’s earliest backers, joining a USD 10m Series A in 2016. Novo, which manages the wealth of Denmark’s Novo Nordisk Foundation, came into the Series C round.
Halodoc was established in 2016 by Jonathan Sudharta as an offshoot of Mensa Group, an integrated pharmaceutical products provider founded by his father. Leveraging decades-old ties the company had on the distribution side, he signed up 18,000 doctors. Sudharta then partnered with Gojek – now GoTo – to launch drug delivery services before establishing the online consultation platform.
Today, the company is a digital healthcare platform – available online and via mobile app – that allows patients to have live consultations with more than 20,000 licensed doctors. In addition, patients can also book in-person consultations at hospitals, clinics, and laboratories. Halodoc claims to serve 20m users through a network that also comprises 3,300 hospitals and 4,900 pharmacies.
The company noted in a statement that COVID-19 deepened telemedicine penetration in Indonesia, with 40% of patients utilising such services. Of that 40%, 24 in 25 redeemed e-prescriptions digitally.
Halodoc’s is looking to leverage this trend by expanding its suite of services. Recent additions include a service that enables users to conduct health tests at home as well as an insurance offering – launched in conjunction with domestic insurance companies – that facilitates cashless outpatient services. It is also participating in a regulatory sandbox programme launched by the Minister of Health to explore further innovations.
“High demand for access to quality healthcare services has boosted the increasing adoption of digital technology in healthcare. Astra believes that the health sector in Indonesia has good growth prospects in the long term. This is also supported by the government’s efforts to advance the healthcare sector in the country,” said Djony Bunarto Tjondro, president director of Astra.
“We hope that Astra’s investment in Halodoc can accelerate the transformation of health services in Indonesia which are increasingly innovative, accessible and providing quality service.”
Halodoc’s other investors include Acrew Capital, Argor (formerly Go-Ventures), Allianz X, Bangkok Bank, Bill & Melinda Gates Foundation, Heal Partners, Intudo Ventures, Korea Investment Partners, Prudential, the VC arm of Telkomsel, Singtel Innov8, UOB Venture Management, Uni-President, Global Investama Andalan, and InvestIdea.
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