[Funding alert] Healthtech startup oDoc raises $1 Mn in pre-Series A funding round
Business-to-business telemedicine app Pre-series A funding.on Tuesday announced it has raised $1 million in
Existing investor Techstarsled the investment round, along with Silicon Valley Bankcapital firms Hustle Fund and Unpopular Ventures. Other notable investors included Cherif Habib, Co-founder of Dialogue, a Canadian telemedicine startup with over $50 million in ARR; Vir Kashyap, Co-founder of Babajob; and LPs Bill and Leonard Lynch.
The investment will be used to expand operations and create a seamless customer experience across the healthcare and insurance verticals.
Founded in 2017 by Heshan Fernando (CEO), Nare Bandaranayake (Chief Growth Officer), Janaka Wickramasinghe (Chief Medical Officer), and Ashik Bari (COO), oDoc connects patients with doctors for video consultations and fulfils home diagnostics and medicine delivery.
Based in Sri Lanka, the app also provides a plug-and-play telemedicine solution for users. oDoc operates on two models: pay as you go and subscription. The subscription model starts at Rs 70 per user per month for corporate entities and the pay-as-you-go model starts at Rs 499 per consultation.
The company claims to have witnessed five times growth in revenues in 2020, while maintaining healthy unit economics.
"This growth was fuelled by the pandemic, which was a watershed for the global telemedicine industry," the founders said in a press release. "oDoc saw mass adoption across both patients and practitioners, with telemedicine being the only option for non-urgent healthcare during the lockdown."
The company also launched the Sri Lankan National Telemedicine Platform during the pandemic on behalf of the country's health ministry as a corporate social responsibility project, enabling Sri Lankans to obtain free medical advice from any corner of the country.
"At oDoc, we strive to make high-quality healthcare universally accessible, affordable and personal," Fernando said. "We are excited to transition to the next phase of growth, moving from a startup to a scale-up, and are thrilled to have some of Silicon Valley's best venture builders backing us.”
Currently, the company has a network of more than 1,000 partner doctors, reaching out to 200,000 people, and over 65 corporate entities in Sri Lanka, India, the Maldives, and Cambodia.
“We are pleased to back Heshan and the oDoc team as they have demonstrated grit and capital efficiency," said Shiyan Koh, Managing Partner at Hustle Fund. "oDoc is taking on one of the most important problems we face — timely and affordable access to healthcare. Consumers' willingness to use digital health solutions has only accelerated during the COVID-19 pandemic and we see multiple paths to growth here.”