DocsApp Merges With MediBuddy, Raises $20 Mn In Series B Funding Both the companies will operate separately providing comprehensive digital healthcare solutions.
By Debarghya Sil •
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DocsApp, a Bengaluru-based online doctor consultation platform, on Thursday announced its merger with MediBuddy, a digital consumer health firm for enterprises. The merged entity will be a comprehensive digital healthcare platform.
The combined entity will be providing healthcare services to over 30 million Indians, with a partner network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies covering almost 95 per cent of the PIN codes in India, the companies said.
Both companies will continue to exist independently.
In a press conference, Satish Kannan, chief executive officer of the merged entity who has been leading DocsApp since its inception in 2015, said, "This combined entity will offer a comprehensive platform to our customers that delivers on the promise of a digital healthcare future. As first-movers, we are confident that we will establish market leadership and fulfil our mission to provide quality healthcare to every Indian."
According to him, the merged entity will have 50 per cent customers from tier-II cities and towns. DocsApp has witnessed 60 per cent growth in consultations in the past two months due to the Coronavirus outbreak.
Satish Gidugu, chief executive officer, Medi Assist, the parent company of MediBuddy, added, "We are excited to join forces and set a bold new vision for the digital healthcare ecosystem in India. Combining the capabilities of DocsApp and MediBuddy will deliver an on-demand healthcare platform providing exceptional customer experience for both enterprise and retail users."
The joint entity has also raised a funding of $20 million in Series B round led by Bessemer Venture Partners, Fusian Captial, Mitsui Sumitomo (MSIVC) and Beyond Next Ventures. Existing investors, including Milliways Ventures and Rebright Partners, also participated in this round. This funding includes $9.5 million that DocsApp won earlier in May.
The company claimed that the joint entity will utilize the funding to further strengthen its doctor base, patient reach, product and technology to move a step closer to its mission of providing high-quality healthcare to a billion people.
Last year, DocsApp acquired DocWise, another Bengaluru-based doctor-patient engagement platform. The move helped DocsApp's doctor network and enriched its engagement with the community.
