DocsApp, the leader in the online doctor consultation space has closed its Series A round of funding, and raised $7.2 million from Bessemer Venture Partners (BVP), Japanese investors TechMatrix Corporation and DeNA networks. Existing Facebook angel investors Anand Rajaraman, Venky Harinarayan and Japanese VC Rebright partners also participated in this round. Investment banking firm, Masterkey Holdings acted as the sole financial advisor to DocsApp for the transaction.
DocsApp is a platform that empowers specialist doctors to provide high quality consultations, for patients, via chat or call through the mobile app within 30 minutes. Patients can talk with specialist doctors across 18 different specialities with complete privacy at the comfort of their home. With the fresh round of capital raised, DocsApp is poised to further develop and expand its scale of operations, recruit talent, and continue to break barriers through technology in the medical space; thereby pushing the envelope of excellence in user experience. The company plans to scale the size of its team, strengthen its unique technology solution, workflow and information repository for doctors, empowering them in efficient consultations and disease diagnosis.
Commenting on the fundraise and talking about the gap in the healthcare space in India, Satish Kannan, cofounder and CEO, DocsApp said, “We want to bridge the gap between patients and specialist doctors through this platform so that people can get expert and personalised consultations on demand. The patient doesn't need to book appointments or travel to receive medical consultation. We believe that the new round of funding will help us take specialised care downstream to more remote and underpenetrated areas across the country and also help us to further strengthen our leadership position in the space. The urban to rural usage of the platform has also witnessed a remarkable increase with 40 percent of the total consultations happening from rural parts of the country. Today we serve over 50,000 patients every month, by the coming year we aim to serve over 300,000 patients in a month and our overall vision is to make DocsApp synonymous as a trusted platform to get authentic medical advice easily over the mobile for patients.”
Speaking about the $7.2 million investment in DocsApp, led by Bessemer Venture Partners, Vishal Gupta, managing director of BVP India said, “DocsApp has dramatically altered the patient and doctor experience in more ways than one – the platform on-boards only specialist doctors who are then connected with patients under 30 minutes. The platform goes a step further in understanding the patient’s condition and accordingly, connecting with the right doctor. We have been impressed by the founding team’s thought process & execution so far, and are excited to partner with them.”
Takeshi Ebihara, founding general partner of Rebright Partners said, “In the era of digital transformation, the healthcare sector is poised for major transformation and we believe DocsApp is the leading company achieving this by enabling healthcare accessibility for people across India in a phenomenally innovative way.”
Founded in 2015 by IIT Madras alumni, Satish Kannan and Enbasekar Dinadayalane, DocsApp ranks as the number one medical app in India according to GooglePlaystore rankings. It has maintained the top spot consistently for over a year now. It empowers specialist doctors to provide high-quality consultations, for patients, via chat or call within 30 minutes coupled with complete privacy. The app has been praised for its exemplary contribution to the field of healthcare and its capital efficiency and continues to focus on creating cutting-edge services to make world-class quality healthcare accessible across the country. Even before closing its series A round, DocsApp was declared as the app of the year 2017, in the medical category, by Amazon in association with Facebook. The founders, Satish and Enbasekar, are a part of the prestigious Forbes Top 30 entrepreneurs under the age of 30 in Asia, for the year 2017. These achievements stand as a testimony for the trust that the users have placed in DocsApp.
The Bangalore based health-tech startup has raised a total of $8.4 million till date and supports 18 specialities such as Gynaecology, Psychiatry, Dermatology, Cardiology, Oncology, Sexology, and General Medicine on the app. DocsApp eventually envisions to touch lives of 100 million patients in the next five years across India and Southeast Asia.
