DocsApp merges with MediBuddy, raises fund for joint entity

DocsApp  (founded in 2015 ) is a Bengaluru-based online doctor consultation platform has acquired MediBuddy,  (founded in 2000, )a cashless digital healthcare platform for an undisclosed amount in a cash-and-stock deal. The acquisition will not cause an impact in the running if the business entities and both the companies will continue to run as Independent Entities. The combined entity will together work towards serving 3 crore customers along with that they also have 90k registered doctors, 7K Hospitals, 3K Labs, and 2.5k pharmacies on their platform. Giving the data on the number of customers.

Kanan revealed that they have 50% of customers from Tier 2 and small towns and remaining from top-tier cities.DocsApp on May raised a sum of  $9.5 Mn (INR 72.5 Cr) from Bessemer Venture Partners India, Fusian Capital, Rebright Partners and Milliways Fund LLC. The company could also add to its bank account a sum of  $10.1 Mn from investors like InnoVen Capital, GSF Accelerator, IIT Madras Incubation Center, Paytm founder Vijay Shekhar Sharma, Shaadi.com founder Anupam Mittal and Srikanth Sundararajan of Helion Venture Partners. The company after its merger with MediBuddy has now announced that the joint entity has closed the round at $20 Mn Series B funding round led by Bessemer Venture Partners, Fusian Capital, Mitsui Sumitomo and Beyond Next Ventures.

Existing investors Milliways Ventures and Rebrights Partners also participated in the round. The company aims to provide high-level medical facilities to its customers and work towards strengthening the doctors’ network across the country as well as develop core technology products and services. DocsApp brings into use AI Technology to connect specialized doctors with their patients it connects specialized doctors to 20 departments and also it has a user base of 10Mn and assists with 200k Consultations. The period of Covid 19 saw an increment in business by 60% as mentioned by Kanan.

Kanan also explains the use of Telemedicine which can prove to be a change in the way how medical industry works and it will bridge the gap between the patients and the health workers, preferably in Rural places. The founder mentioned that still a lot of clarifications are required as per the guidelines mentioned for telemedicine and they have been working with the government for the same