Bangalore based online doctor consultation app ‘DocsApp’ raises INR 120 million debt capital from venture debt firm ‘InnoVen capital’. Fund will be invested for the further expansion across India.
DocsApp was founded in 2015 by Satish Kannan and Enbasekar. Thw App was launched with an aim to connect patients with specialist doctor for better consultations over video calls, voice call and via in-built chat. Company has own AI powered digital platform and a network of over 5000 doctors. Apart form consultation, patent can order medicines. Their reach not only tire-1 cities but also from smaller urban areas patients can consult doctors via, video, voice, or chat network via DocsApp platform.
On the debt funding, Punit Shah, Director, InnoVen Capital India, said, “DocsApp’s constant focus on bridging the existing gaps in India’s healthcare sector has led the company to gain a massive scale in the country. Its solutions have had a positive impact on people from Tier 1, 2 3, and also to those that do not have access to quality healthcare. As a result of its targeted solutions and exceptional metrics, it has achieved a leadership position in the market. We are pleased to be a part of DocsApp’s growth journey, and believe that our investment will provide the company with the fillip it requires to achieve unbridled growth in the years to come.”
The population coupled with rising prevalence of chronic diseases, the dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, and need for affordable treatment options due to rising healthcare costs are some of the factors expected to propel the growth of telemedicine market in the coming years. Digitization and smartphones devices have also allowed people residing in rural and remote areas to can access good health care online services, can order medicines online.
Satish Kannan, Co-founder and CEO, DocsApp said, “DocsApp aims to make high-quality healthcare accessible to everyone across India. DocsApp has touched the lives of millions of patients across India, who have used our application to receive 360-degrees quality healthcare, which includes doctor consultations, medicines and labs test.
InnoVen shares our vision and understand our business well and are 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 & strong network through its presence in China & South East Asia.”