DocsApp Secures $18.59M Debt Financing to Expand Its Online Doctor Consultation Platform in India

VCBeat (WeChat Official Account: vcbeat) recently learned that the online doctor consultation platform DocsApp has completed a debt financing round of approximately $18.59 million (1.2 billion Indian rupees). This round of financing was supported by InnoVen Capital and will be used to expand DocsApp’s user base in India.

DocsApp, founded in 2015, aims to help patients remotely connect with specialists across various disciplines through its online physician consultation platform. DocsApp offers both video and voice call options for patients and physicians. Additionally, patients and physicians can communicate via text chat within the app.

DocsApp is currently India’s most comprehensive app-based personal healthcare platform. It addresses a critical pain point: enabling users to connect with doctors and access necessary medical services anytime, anywhere.

Since its launch on the Android app store, DocsApp has achieved over 5 million downloads, ranking fourth among “Medical” apps on Google Play. In 2017, Amazon and Facebook recognized DocsApp as their top-ranked medical application of the year. Approximately 2,000 users book doctor consultations via DocsApp daily. Notably, more than 40% of its paying users come from tier-2 and tier-3 cities as well as remote villages in India. Furthermore, DocsApp is the only mobile application in India to have obtained ISO quality certification.

In 2017, DocsApp completed a $7.2 million Series A financing round, supported by Bessemer Venture Partners, TechMatrix, and DeNA Networks.

To date, more than 5,000 specialists have registered on the DocsApp platform. The platform offers patients access to 15 medical specialties, including gynecology, pediatrics, dermatology, and mental health.

Satish Kannan, Co-founder and CEO of DocsApp, stated that the platform currently boasts a user base of over 6 million. Through this application, users can easily order medications online and access remote diagnostic consultations.

Satish Kannan stated, “DocsApp aims to provide high-quality healthcare services to every Indian. Currently, the development of mobile communications is driving advancements in telemedicine, and the widespread adoption of the internet enables people in remote rural areas of India to access remote diagnostic services through online doctor consultation platforms.”

Punit Shah, Director of InnoVen Capital in India, said, “DocsApp has been committed to bridging the gap in healthcare resource distribution across different regions of India, helping people in remote areas access high-quality healthcare services. We are delighted to partner with DocsApp and support the company’s rapid growth through our investment.”

InnoVen Capital, backed by Temasek and UOB Group, is a leading venture debt firm in Asia with offices in Mumbai, Singapore, and Beijing.

(Compiled by: Zhang Yujie)