On Tuesday, online doctor consultation startup, DocsApp stated that it has raised $7.2 million as a part of its Series A round of funding from Bessemer Venture Partners (BVP), Japanese investors Techmatrix Corporation and DeNa networks. As a part of this round, existing angel investors Anand Rajaraman, Venky Harinarayanan, and Japanese VC Rebright partners also participated in this round.
Investment banking firm Masterkey acted as the financial advisor to DocsApp for the transaction.
According to the company, this fresh round of funding will be used to further develop its technology, expand its scale of operations, as well as recruit new talent.
Further, the company plans to scale the size of its team, strengthen its unique engineering solution, and enhance the workflow and information repository for doctors.
Founded in 2015 by IIT Madras Alumni – Satish Kannan and Enbasekar Dinadayalane, DocsApp empowers specialist doctors to provide high-quality consultation to patients via chat or call within 30 minutes with complete privacy.
The Bengaluru-based healthtech startup has raised a total of $8.4M till date and supports 18 specialties such as gynaecology, psychiatry, dermatology, cardiology, oncology, sexology, general medicine etc on the app.
The company eventually envisions to touch 100 million patients in the next five years across India and Southeast Asia.
Commenting on the fundraise, Satish Kannan, Co-Founder & 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. We believe that the new round of funding will help us take specialised care downstream to more remote and underpenetrated areas across the country.”
According to the founder, rural to urban usage of the platform has also witnessed a remarkable increase with 40 percent of the total consultations happening from rural parts of the country.
By the coming year, DocsApp aims to serve over 3,00,000 patients in a month.
Vishal Gupta, Managing Director - BVP India, Bessemer Venture Partners, 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 connects with the right doctor. We have been impressed by the founding team’s thought process and 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.”
At present, DocsApp caters to more than 50,000 consultations per month and is available to chat or talk in 17 regional languages and has 2000 doctors on the platform.