Medical consultation platform DocsApp raises $1.7 mn from InnoVen Capital

Bengaluru-based DocsApp has raised Rs 12 crore ($1.7 million at current exchange rate) as debt capital from venture debt firm InnoVen Capital.

According to a statement by DocsApp, the fresh funds will be leveraged to meet growth requirements and expanding presence across India.

DocsApp, owned by Phasorz Technologies Pvt. Ltd, was launched in 2015 by Satish Kannan and D Enbasekar, both IIT Madras alumni, with an aim to help patients across the country to connect to specialist doctors, for consultations over video calls, voice calls and chat. 

The company currently has over 5,000 specialist doctors registered on its AI-powered digital platform. DocsApp provides consultation across 15 specialities, including dermatology, gynaecology, sexology, paediatrics, psychiatry, general medicine and weight management. The platform also allows the user to order medicines and book diagnostic tests online. 

According to the statement, more than six million Indians are using the DocsApp platform for their healthcare needs. Through this platform, not only patients from Tier-I cities but also those from smaller urban areas are able to access highly specialised doctors.

"InnoVen shares our vision and understands our business well and is aiding in the acceleration of our scaling plan. InnoVen is an excellent partner to have on-board, given its ability to offer flexible financing solutions and strong network through its presence in China and Southeast Asia,” said Kannan, co-founder and CEO of DocsApp.

In December 2017, DocsApp had raised $7.2 million in a Series A funding led by Bessemer Venture Partners. 

Recent deals in the sector

• March 2019: Delhi-based diabetes management platform BeatO raised Rs 11.75 crore as part of its pre-Series A funding.
• March 2019: Parenting-pregnancy social network app Healofy raised $10 million in a Series A funding round led by Alibaba-backed parenting network and e-commerce portal Babytree.
• February 2019: Breast cancer screening startup Niramai Health Analytix Pvt. Ltd raised $6 million in a Series A round of funding led by Tokyo-headquartered management consulting firm Dream Incubator.