[Funding alert] Kerala startup BestDoc raises $2.1M to digitise healthcare sector
Healthtech startup, supported by Kerala Startup Mission (KSUM), has raised $2.1 million from two major venture capital firms, including a US-based investor behind Facebook and , giving an impetus to efforts for digitising the healthcare sector.
BestDoc, a fast-growing healthtech SaaS (Software-as-a-Service) startup, raised about Rs 16 crore from US-based Accel and Bengaluru-based Arkam Ventures in its Pre-Series A round, a press release said.
The firms existing investor SEA Fund from Bengaluru also participated.
BestDoc is an Intelligent Patient Relationship Management (PRM) system for hospitals and other healthcare providers in India.
Founded by Afsal Salu, Fayaz Bin Abdu, and Soudabi Neduvanchery in 2016, BestDoc started as a marketplace for doctor appointments for Tier-II cities and smaller towns.
Later, it embraced a B2B model, realising the potential of digital adoption in the healthcare system.
Since 2018, it has partnered with 120 healthcare providers in the country, including the Apollo Hospitals in Bengaluru, Dr. LH Hiranandani Hospital in Mumbai, Baby Memorial Hospital in Kozhikode, Aster Group, and KIMS Global Group, the release said.
The startup has built a slew of products which help hospitals save staffing costs and improve operational efficiency while keeping a patient-centric approach to care delivery.
"In the COVID-19 scenario, BestDoc has scaled up its telemedicine and contactless solutions across several states as healthcare digitisation is happening at an unprecedented pace, said Salu.
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Kerala startups have been successful in raising funds even during the times of COVID-19, and it showed the quality of startups emerging from the state and the confidence of investors in them, the release said.
Startups have raised around Rs 350 crore in equity investment during the pandemic, according to Sasi PM, CEO, KSUM, a nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.
BestDoc — which has raised $2.5 million so far, including a seed round from angel investors — plans to use the funds to expand across India and develop products for improving the in-patient admission and hospitalisation experience.
(Disclaimer: Additional background information has been added to this PTI copy for context)