DocsApp announced merger with cashless digital healthcare platform Medibuddy for an undisclosed amount.
Online doctor consultation provider DocsApp on June 4 said it has raised around $20 million in Series-B from venture capital (VC) investors in the US and Japan.
This investment also includes last month's fundraising of $9.6 million. In the latest fundraise, Bessemer Venture Partners, Fusion Capital, Mitsui Sumitomo and Beyond Next Ventures have invested, along with existing investors Rebright Partners and Milliways Ventures.
Bessemer Venture Partners and Fusion Capital pitched $5 million each in Series-B round of funding.
"We will be using the funds to strengthen doctor base, expand patient reach and invest on technologies and services," said Satish Kannan, Co-founder & CEO, DocsApp.
Kannan and Enbasekar Dinadayalane will maintain controlling stake post fundraising.
Merger with Medibuddy
DocsApp announced a merger with cashless digital healthcare platform Medibuddy for an undisclosed amount. The merger will be in a cash-and-stock deal. Both brands will continue to exist independently.
Kannan said the joint entity will cater to the needs of 3 crore consumers with 90,000 registered doctors, 7,000 hospitals, 3,000 labs and 2,500 pharmacies on the platform.
Kannan said post-merger, they will be able to service 95 percent of pin-codes. Currently, 50 percent of customers of DocsApp are from small towns and rural areas.
COVID-19 boost to telemedicine
DocsApp is one of the big beneficiaries of COVID-19, as more people are consulting doctors online.
Kannan said online consultations on his platform jumped 60 percent jump over the last two months.
It's not just patients, even doctors and hospitals are now coming on board to make themselves accessible to patients.
Kannan said the government announcement of telemedicine guidelines has given confidence to doctors and hospitals.
Telemedicine guidelines have clarified on consent and technology applications that constitute telemedicine. Telemedicine includes video calling, chat platforms like WhatsApp, Facebook Messenger, among others, or Mobile App or internet-based digital platforms like Skype, email and fax.
Every day DocsApp does about 25,000 consults. The company says about 70 percent of the traffic on its platform is related to consultation and the rest is for medicines and diagnostics.Bengaluru-based DocsApp was established by IITians, Kannan and Dinadayalane in 2015.