[Funding Alert] DocsApp raises Rs 12 Cr debt capital led by InnoVen Capital
DocsApp, has raised Rs 12 crore led by InnoVen Capital, a debt and speciality firm. It is an online doctor consultation platform. The capital will primarily be used to expand Docsapp presence across India and also for its growth efforts.
Founded in 2015, DocsApp aims to help patients connect and talk with different specialist doctors. The app gives the patients choice of video calls and voice calls. It also has an in-built chat application. The team currently claims to have over 5000 specialist doctors registered on the platform. DocsApp provides consultations across 15 specialities, including gynaecology, paediatrics, dermatology, psychiatry, sexology, weight management, and general medicine to name a few.
It lets the user also order medicines and book diagnostic tests online. The team claims to have a user base of over six million people across metro cities and smaller towns. Commenting on the investment announcement, Satish Kannan, Co-founder and CEO, DocsApp, said in a press statement,
"DocsApp aims to make high-quality healthcare accessible to everyone across India. DocsApp has touched the lives of millions of patients across India, who have used our application to receive 360-degrees quality healthcare, which includes doctor consultations, medicines, and labs test. InnoVen shares our vision and understands our business well and are aiding in the acceleration of our scaling plan. InnoVen is an excellent partner to have on-board, given its ability to offer flexible financing solutions and strong network through its presence in China and South East Asia.”
The team believes currently there is a dearth of healthcare professions. Improvements in telecommunication and the need for affordable treatment have helped in the growth of telemedicine. Apart from this, the penetration of smartphones and internet has also allowed people from rural India access online healthcare.
"The prominent reason why people are moving towards online consultation platforms is the lack of time and the fact that 70 percent of primary healthcare issues can be solved without the physical presence of the doctor," said Satish.
Elaborating on this recent investment, Punit Shah, Director, InnoVen Capital India, said in a press statement, “DocsApp’s constant focus on bridging the existing gaps in India’s healthcare sector has led the company to gain a massive scale in the country. Its solutions have had a positive impact on people from Tier 1, 2, and 3, and also to those that do not have access to quality healthcare. As a result of its targeted solutions and exceptional metrics, it has achieved a leadership position in the market. We are pleased to be a part of DocsApp’s growth journey, and believe that our investment will provide the company with the fillip it requires to achieve unbridled growth in the years to come.”