Online doctor consultation startup DocsApp has merged with MediBuddy, a cashless digital healthcare platform, for an undisclosed amount.
While DocsApp founders Satish Kannan and Enbasekar Dinadayalane would be leading the charge of the merged entity as CEO and CTO, post the acquisition, the merged entity has also scored $20 million worth Series B funding round.
The latest funding round was led by Bessemer Venture, Fusian Capital, Mitsui Sumitomo, and Beyond Next Ventures. Existing investors Milliways & Rebright Partners also participated in the round.
Last month, DocsApp had also secured $9.5 million in its Series B round from Bessemer, Fusian Capital, Rebright Partners, and Milliways Fund.
“The joint entity will utilize the fresh capital to further strengthen its doctor base, patient reach, and develop its product to provide high-quality healthcare to a billion people,” said Satish Kannan, CEO & co-founder of DocsApp via a tweet.
Both companies are looking to cater to the healthcare needs of a 3 crore consumer base. MediBuddy is the second acquisition made by DocsApp. In August last year, it had acquired the doctor-patient engagement platform DocWise.
The development comes in the backdrop of health-tech startups in India witnessing 2X growth in the number of consultations on their platforms, with a majority of them related to cough, fever, and other Covid-19 related symptoms. A recent media report said DocsApp has seen an overall increase of 64% in consultations related to mental health since the onset of the pandemic.
DocsApp has over 5000 specialized doctors registered on its platform in domains including dermatology, sexology, psychiatry, and pediatrics. MediBuddy offers a one-stop health benefits management platform and provides insurance benefits, enrollment of beneficiaries, and preventive care services offered by a curated network of health partners.