Total amount raised
$27.6 Millions
Latest funding date
11/01/2020
Location
DocsApp has successfully raised funds through multiple rounds, with the last known round being a Series B on November 3, 2020. The platform offers online consultations with specialist MD doctors across various disciplines, ensuring timely and accessible healthcare services.
With significant financial interest from investors like JAFCO Asia and TEAMFund, DocsApp is poised for growth in the digital healthcare sector. 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, is a prominent online platform for medical consultations. Founded in 2015 by Enbasekar Dinadayalane and Satish Kannan, the company is headquartered in Bangalore, Karnataka, India. It operates in the healthcare, medical, mobile apps, and wellness industries.
The platform allows users to consult with specialist doctors via private chat and call, available 24x7. With a significant employee base of 1001-5000, DocsApp offers consultations in various specializations, including psychiatry, dermatology, sexology, trichology, and cardiology. The service ensures quick consultations within 30 minutes, making healthcare accessible and convenient.
How Much Funding Has DocsApp Raised?
- Seed Round
- Amount Raised: $1.2M
- 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: $7.2M
- Date: December 2017
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's reach and enhance service offerings.
- Venture Round
- 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: $1.6M
- Date: May 2019
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional financial support for business operations.
- Series B
- Amount Raised: ₹725M
- Date: May 2020
- Lead Investors: Fusian Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the integration and scaling of merged operations with MediBuddy.
- Series B
- Amount Raised: $8M
- Date: November 2020
- Lead Investors: JAFCO Asia, TEAMFund
- Valuation at Round: $150M
- Motivation Behind the Round: To enhance service offerings and expand reach post-merger with MediBuddy.
Total Amount Raised: $18M + ₹725M
Current Valuation: $150M
Key Investors
- JAFCO Asia
- Details: JAFCO Asia is a venture capital firm that invests in technology companies. It has a significant presence in the Asian market.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: DocsApp, Gojek, RedDoorz
- TEAMFund
- Details: TEAMFund is an investment fund focused on supporting innovative healthcare solutions. It aims to improve healthcare access and quality.
- Investment Focus Areas: Healthcare, medical technology, digital health
- Notable Investments: DocsApp, Zipline, mPharma
- Fusian Capital
- Details: Fusian Capital is a venture capital firm that invests in early-stage companies. It focuses on high-growth potential sectors.
- Investment Focus Areas: Technology, healthcare, fintech
- Notable Investments: Not publicly disclosed
- InnoVen Capital
- Details: InnoVen Capital is a venture debt firm that provides financing solutions to high-growth companies. It operates across Asia.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: DocsApp, Swiggy, OYO Rooms
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a global venture capital firm. It has a long history of investing in innovative companies.
- Investment Focus Areas: Technology, healthcare, enterprise software
- Notable Investments: LinkedIn, Pinterest, Shopify
What's Next for DocsApp?
DocsApp, now MediBuddy, stands at the cusp of significant growth opportunities. The integration with MediBuddy allows the platform to leverage a vast network of over 90,000 doctors, 7,000 hospitals, and 3,000 diagnostic centers, servicing more than 30 million patients. This expansive reach positions DocsApp to capitalize on the increasing demand for telemedicine and health benefits management.
Future fundraising appears promising, with plans already in place for a $20 million Series B round. This influx of capital could further scale operations and enhance service offerings. However, challenges such as post-merger integration, competition, and regulatory compliance remain hurdles that DocsApp must navigate to sustain its growth trajectory.
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