Total amount raised
$27.6 Million
Latest funding date
11/01/2020
Location
DocsApp, now rebranded as MediBuddy, has successfully raised significant funding to expand its comprehensive online healthcare services. The platform offers 24x7 online doctor consultations, medicine delivery, and lab tests, making healthcare accessible from the comfort of home.
Keep reading to explore the intricacies of DocsApp's fundraising journey and the investors backing this innovative platform.
What Is DocsApp?
DocsApp, now known as MediBuddy, operates in the healthcare industry, specifically focusing on telemedicine and online doctor consultations. The platform allows users to consult with MD doctors via chat or call, available 24x7, and offers additional services such as medicine delivery and lab tests at discounted rates.
Founded by Phasorz Tech Ltd., MediBuddy provides a subscription service called MediBuddy Gold, which offers unlimited consultations for the entire family. The platform covers a wide range of medical specialties, aiming to make healthcare more accessible and convenient for users.
How Much Funding Has DocsApp Raised?
- Seed Round
- Amount Raised: USD 1,200,000
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial services.
- Series A
- Amount Raised: USD 7,200,000
- Date: December 2017
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance the platform's capabilities.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and growth.
- Debt Financing
- Amount Raised: USD 1,600,000
- Date: May 2019
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for business operations.
- Series B
- Amount Raised: INR 725,000,000 (approx. USD 9,700,000)
- Date: May 2020
- Lead Investors: Fusian Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen the financial position and support strategic initiatives post-merger with MediBuddy.
- Series B (Additional Tranche)
- Amount Raised: USD 8,000,000
- Date: November 2020
- Lead Investors: JAFCO Asia, TEAMFund
- Valuation at Round: USD 150,000,000
- Motivation Behind the Round: To support growth and expansion plans post-merger with MediBuddy.
Total Amount Raised: USD 27,700,000
Current Valuation: USD 150,000,000
Key Investors
- JAFCO Asia
- Details: JAFCO Asia is a venture capital firm that focuses on investing in technology startups across Asia. They led the recent $8 million funding tranche for DocsApp.
- Investment Focus Areas: Technology, healthcare, fintech
- Notable Investments: Gojek, Appier, Carousell
- TEAMFund
- Details: TEAMFund is a venture capital firm that co-led the recent $8 million funding tranche for DocsApp. They focus on investments in technology and healthcare sectors.
- Investment Focus Areas: Technology, healthcare, medtech
- Notable Investments: Not publicly disclosed
- Fusian Capital
- Details: Fusian Capital is a private equity firm that led the Series B funding round for DocsApp in May 2020. They focus on high-growth sectors in emerging markets.
- Investment Focus Areas: Technology, healthcare, consumer goods
- Notable Investments: Not publicly disclosed
- InnoVen Capital
- Details: InnoVen Capital is a venture debt firm that provided $1.6 million in debt financing to DocsApp in May 2019. They specialize in providing debt capital to high-growth startups.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: Swiggy, Byju's, OYO Rooms
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a global venture capital firm that led the Series A funding round for DocsApp in December 2017. They have a long history of investing in innovative companies.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: LinkedIn, Shopify, Pinterest
What's Next for DocsApp?
DocsApp, now MediBuddy, stands at the cusp of significant growth opportunities. The merger with MediBuddy has expanded its reach, servicing over 30 million patients and partnering with 90,000 doctors, 7,000 hospitals, and 3,000 diagnostic centers. This vast network, coupled with the increasing demand for telemedicine, positions the platform to capitalize on the growing trend of online healthcare services.
Future fundraising appears promising, with potential for additional Series B rounds and interest from venture capital and private equity firms. The recent $8 million tranche led by JAFCO Asia and Team Fund underscores investor confidence. However, challenges such as competition, regulatory hurdles, and data privacy concerns remain. Successfully navigating these will be crucial for sustaining growth and achieving long-term success.
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