Dingdang Kuaoyao Secures $220 Million in New Funding to Advance Integrated 'Medical Care + Pharmacy + Insurance' Ecosystem

VCBeat (WeChat ID: vcbeat) has learned that on June 8, 2021, Dingdang Kuaiyao, a leading Chinese internet-based “healthcare + pharmaceutical” home delivery service platform, announced the closing of a new funding round totaling USD 220 million. The round was co-led by TPG Capital Asia, OrbiMed, and Redview Capital, with participation from Valliance, Ascentium Capital, CHIYUAN CAPITAL MANAGEMENT COMPANY LIMITED, Fujian Yingke Venture Capital Co., Ltd., and other investors. CICC, CMB International, and China Renaissance served as financial advisors.

“With this round of financing, Dingdang Medicine will advance its ‘Healthcare + Pharmaceuticals + Insurance’ home-delivered health strategy, keeping pace with new trends in internet-based medical and pharmaceutical services in the post-pandemic era. Through continuous product iteration and technological innovation, we will provide multi-scenario, one-stop online healthcare services, including consultations, medication purchases, chronic disease management, and psychological counseling,” said Mr. Yang Wenlong, Founder and Chairman of Dingdang Medicine. “We extend our gratitude to both existing and new shareholders for their continued recognition of Dingdang Medicine’s development. As leading private equity investment firms, TPG, OrbiMed, and Hongwei possess extensive investment experience in the healthcare sector. Moving forward, we will continue to work together with full commitment to accelerate the digitalization of healthcare and pharmaceuticals, delivering one-stop services to safeguard public health.”

Dingdang Medicine has consistently invested in product upgrades and R&D, achieving rapid business growth by deeply understanding industry dynamics and user insights. As the pioneer of a new retail pharmaceutical model integrating online and offline operations, Dingdang Medicine has innovatively met users’ precise medication needs across diverse scenarios—characterized by urgency, convenience, nighttime access, specialization, and privacy—through its O2O “online order, store delivery” model since its inception. By closely linking and continuously upgrading services such as Quick Doctor and Quick Medicine, it has gradually built a comprehensive service chain encompassing medical care, pharmaceuticals, and insurance. Amidst fierce market competition, Dingdang Medicine has consistently ranked among the top players in China’s digital health market.

Cai Li, Managing Director at TPG Asia, stated, “Against the backdrop of normalized COVID-19 prevention and control, public demand for digital lifestyles and healthcare services has become increasingly pronounced. Dingdang Medicine serves as a prime example of the effective integration of these two sectors. Leveraging big data and new internet technologies, Dingdang Medicine has pioneered a self-operated service model that delivers internet-based medical care, pharmaceuticals, and health products directly to consumers’ homes. By providing a one-stop connection among pharmaceutical manufacturers, pharmacies, and users, it offers timely and considerate services across various scenarios and is further expanding into the comprehensive healthcare services sector. TPG is optimistic about Dingdang Medicine’s technology, business model, and growth potential, and will fully support its rapid development to benefit a broader user base.”

TPG, founded in 1992, is a global leading alternative asset management firm with over $91 billion in assets under management. It is one of the earliest international private equity giants to establish a dedicated healthcare investment team and possesses extensive healthcare investment experience worldwide.

Wang Ting, Partner at OrbiMed, stated, “Dingdang Medicine empowers the healthcare system with advanced information technologies such as AI, big data, 5G, and the Internet of Things, injecting new momentum into industry development. Its outstanding technological innovation capabilities and professional health services enable consumers to conveniently consult doctors and purchase medications without leaving home. We are delighted to partner with the company at this critical stage of its growth, continuously creating value for public health and driving industry progress.”

OrbiMed has specialized in global healthcare investments for over two decades, with assets under management exceeding $17 billion. The team possesses deep insights into China’s primary healthcare market and consistently focuses on outstanding enterprises in China that understand the essence of primary care and deliver professional services.

Wang Xin, Partner at Redview Capital, stated, “Redview Capital is committed to collaborating with industry leaders that possess innovative capabilities. Dingdang Medicine has been deeply engaged in the internet healthcare and pharmaceutical sectors for many years, establishing a comprehensive layout that integrates its online consultation and medication purchasing platform with offline Dingdang Smart Pharmacies. This enables end-to-end health services, including online consultations, medication guidance, home delivery of medicines, and health management, demonstrating strong innovation, technological prowess, and competitiveness. We will fully support Dingdang Medicine’s sustained development to jointly serve the health of the Chinese population.”

Redview Capital is a private equity investment fund focused on the Chinese market, primarily investing in emerging consumer goods and services, healthcare, new materials, clean energy, and high-end manufacturing.

Dingdang Medicine, founded in 2015, is an internet-based “healthcare + pharmaceuticals” home delivery service platform. It pioneered an integrated online-to-offline (O2O) business model of “online ordering and store delivery,” operating its own offline Dingdang Smart Pharmacies and building professional teams of doctors, licensed pharmacists, and pharmaceutical delivery personnel. The company provides users with 24/7 online consultations, medication guidance, and 28-minute medicine delivery to homes in core areas, addressing pain points in medical consultations and drug purchases related to urgency, convenience, nighttime needs, specialization, and privacy. It has received multiple rounds of investment from renowned institutions, including SoftBank China Capital, CMB International Capital, CICC Zhide, Sinopharm CICC, Taikang Life Insurance, Longmen Investment, and Haier Healthcare.

TPG, founded in 1992, is a global leading alternative asset management firm with over $91 billion in assets under management. TPG maintains offices in Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Mumbai, New York, San Francisco, Seoul, Singapore, and Washington, D.C. TPG’s investment platforms span multiple asset classes, including private equity, growth capital, impact investing, real estate, secondary markets, and public equities, offering diversified investment products and options to its investors while enhancing the value of its portfolio companies through rigorous and effective management.

OrbiMed is dedicated to identifying and supporting biopharmaceutical and life sciences companies that advance human health. With approximately $17 billion in assets under management, OrbiMed has specialized in global healthcare investments for over two decades. Its investment portfolio spans biopharmaceuticals, life sciences technologies, medical devices, healthcare services, and diagnostics, covering stages from early-stage startups and growth-phase companies to mature enterprises and post-IPO entities. The firm’s investment team comprises more than 80 distinguished professionals worldwide, with expertise spanning life sciences, medicine, finance, and law.

Redview Capital is a private equity investment fund focused on the Chinese market. Officially established in January 2016, it primarily invests in emerging consumer products and services, healthcare, new materials, clean energy, and high-end manufacturing in China.

Pulin Capital is a fund dedicated to long-term and value investing, employing a bottom-up investment approach with a focus on growth-oriented opportunities. It has successfully invested in several high-quality enterprises in China’s healthcare sector. The fund’s founder and Chief Investment Officer, Mr. Li Lin, brings over 20 years of investment experience and possesses profound insights into the markets of the Greater China region.

Lanxin Asia Investment Group has 28 years of investment experience in Greater China, with assets under management exceeding USD 8 billion.

CHIYUAN CAPITAL is a multi-strategy investment firm that brings together seasoned financial professionals from the industry. Focused on global investment opportunities, it makes precise investments and strategic allocations primarily in the healthcare, consumer, education, logistics, and fintech sectors. As a multi-strategy investor with a global perspective, CHIYUAN CAPITAL employs a top-down research approach to identify companies undergoing transformation—particularly those whose value realization can be facilitated by CHIYUAN CAPITAL and which may become targets for strategic investment or mergers and acquisitions by Chinese institutions.

Yingke Capital is a top-six Chinese venture capital and private equity firm, with assets under management nearing RMB 50 billion. Committed to building a leading biomedical investment and industrial holding group, it implements a dual strategy of “biomedical industry investment + life sciences industrial holdings.” The firm focuses on core asset sectors such as biomedicine, hard technology, and new energy, and has invested in more than 200 niche market leaders.