Policybazaar infuses $50 Mn into newly launched healthtech venture DocPrime

After receiving $236 million Series F round led by SoftBank, Policybazaar got the coveted status of Unicorn and announced to foray into healthtech venture with the launch of mobile app DocPrime, a marketplace for doctors connecting with patients.

Now the online insurance aggregator group has infused $50 million into the healthcare venture. The initial capital will be used by DocPrime to enhance UI/UX of the app with the deployment of the latest technology like AI, data science and deep analytics.

In an earlier interaction with media, Yashish Dahiya, co-founder and chief executive at Policybazaar had revealed that the group would invest $100 million in the new venture over the next two years.

DocPrime, which currently connects patients with doctors in real time, had appointed earlier CTO of Policybazaar Ashish Gupta as the Chief Executive Officer(CEO) and roped in Richit Ummat as the Chief Operating Officer (COO) of the new venture.

The platform has tied up with 14,000 doctors and 5,000 diagnostic labs. It further aims to expand its network to 150,000 doctors and 20,000 labs across over 100 cities.

Besides providing free consultation on chat and phone, it also facilitates the booking of doctor appointments and lab tests.

As far as monetising the platform, DocPrime plans to offer paid services in the form of OPD subscription packages which will give patients unlimited consultations and tests.

Anticipating a decent growth in future, DocPrime is targeting 1 million free medical consultations by March 2019 and up to 5 million by March 2020.

DocPrime must be eyeing the success of another Softbank-funded company Ping An Good Doctor, an Online-to-offline (O2O) healthcare servicing platform based out of Shenzhen, China. Like Ping An, PolicyBazaar aims for a bigger opportunity in the health-insuring segment.

In India, DocPrime will compete with Practo, Netmeds, 1mg, and others.

The development was reported by TOI.