Online advice platform DocsApp closes and merges with its parent company MediBuddy
In a time when the much-discussed funding winter is forcing Indian startups to restructure and renew strategies in order to survive, online consultation platform DocsApp shuts down and merges with parent MediBuddy Healthcare platform MediBuddy announced on December 6 that it will shut down online doctor consultation brand DocsApp and merge it completely with the company.
The cash and equity trade was originally disclosed in June 2020. The business said at the time that both brands had agreed to continue existing separately.
The move for all DocsApp subscribers to MediBuddy’s platform will be facilitated, according to a statement released today. IIT graduates Satish Kannan and Enbasekar Dinadayalane created the DocsApp company in Bengaluru in 2015.
They are thrilled to be transferring some of our most beloved DocsApp users to the new MediBuddy platform. Our cutting-edge technology and broad network especially donate to our ability to provide a wider section of the population with high-quality healthcare solutions, according to Kannan, MediBuddy’s co-founder and CEO.
In addition to providing door-to-door medication delivery, at-home lab testing, mental health assistance, and other integrated healthcare services on its platform, Medibuddy was founded in 2000.
More recently, in July, MediBuddy bought Clinix, another online platform for doctor consultations with a focus on rural India. According to MediBuddy, acquiring Clinix will allow it to scale up operations and extend services to rural India’s interior.
Additionally, in February of this year, the company received $125 million from Quadria Capital and Light rock India as part of its series C fundraising round.
The digital healthcare revolution in India has always been led by MediBuddy. In order to give its customers hassle-free, end-to-end surgery care through a Care Buddy, from matching them with the appropriate surgeon to post-operative recovery care, the digital healthcare platform has a partner network of over 90,000 doctors, 7,000 hospitals, 3000 diagnostic centres, 2,500 pharmacies, and 2400 team members.
MediBuddy’s surgery care provides expert care in a number of other specialities, including proctology, ophthalmology, gynaecology, vascular, ENT, orthopaedics, and more. MediBuddy proposes a variety of solutions for all medical, financial, insurance, and rehabilitation needs of their customers the following surgery by delivering full-stack surgery care management services.
In order to facilitate user-friendly consultations, it has developed an integrated ecosystem that provides patients with a variety of healthcare services in 16 Indian languages. A medical education programme called Medibuddy seeks to simplify the application process for junior doctors seeking training positions.
They have put together a group of medical professionals who have all successfully applied for some of the most sought-after positions in their fields and who are keen about sharing the advice and tactics they used to get ready for interviews.
Modern speciality interviews are nearly reviews, thus in order to perform at your best, you need to study like you would for an exam. You will receive the information you need from Medibuddy to answer interview questions as best you can.
They are trying to address some of the other issues related to finding a training job by leveraging technology and the internet. The challenging and time-consuming chore of rating foundation positions has been greatly simplified and made more effective by our foundation job ranker.
They will always make an effort to keep the core components of our medical student materials free, or at the very least as affordable as possible, as they are aware of how expensive medical school is.
People in tier two and tier three cities can easily reach whenever and whenever. With a CAGR of 40.14% from 2020 to 2025, the Online Doctor Consultation market revenue increased from 1851 million USD in 2019 to 14023 million USD in 2025.
The Online Doctor Consultation Market is being driven by factors such as rising consumer goods demand, Online Doctor Consultation’s corrosion resistance, high toughness and flexibility, and low maintenance requirements. The market is comprehensively assessed in the study on the global online doctor consultation industry.
Key market features, trends, drivers, restraints, the competitive landscape, and other crucial factors are all thoroughly examined. According to regulatory filings, DocsApp distributed 14,99,437 Series E CCPS at an issue price of Rs 391.03 per share to raise the aforementioned sum. JAFCO Asia Tech Fund, Team Fund, and Insight LP each contributed Rs 22 crore, and Insight LP contributed Rs 14.7 crore.
The value of DocsApp has surpassed $150 million, or roughly Rs 1100 crore (post-money). Additionally, the stock held by promoters in the combined company was reduced from 22.8% to 21.58%. Following the allocation of shares, FinSight Ventures will now control 1.35% capital, with new investors JAFCO and Team Fund each owning 2.02% stakes.
The platform also received Rs 17.5 crore in a debt round from its longtime supporter Bessemer Venture Partners Trust last month. The five-year-old DocsApp has over 5000 specialist doctors enrolled on its platform in fields like dermatology, sexology, psychiatry, and paediatrics. It was founded at IIT Madras by IIT-Madras alumni Satish Kannan and Enbasekar D.
A curated web of health partners through MediBuddy’s one-stop health benefits management platform offers insurance benefits, beneficiary enrollment, and preventative care services.
Prior to the amalgamation, Bessemer India, IDFC Private Equity Fund III, and Vikram Jit Chhatwal, among others, contributed around Rs 23.82 crore in equity capital to MediBuddy.
The combined company claimed to serve over 30 million people at the time of the merger with a partner network of over 90,000 doctors, 7,000 hospitals, and 3,000 testing facilities. With 2,500 pharmacies serving more than 95% of the country’s pin codes, it also makes it easier to get medications delivered to your home.
edited and proofread by nikita sharma