DocsApp secures $8 Mn in fresh tranche; valuation crosses $150 Mn

Online doctor consultation startup DocsApp has raised $8 million in a new funding tranche led by JAFCO Asia Tech Fund and Team Fund LP.

The development has come a couple of months after the company had announced its merger with MediBuddy for an undisclosed amount. At that time, the merged entity had announced that it would be raising a $20 million Series B funding round and issued preference shares worth $5.2 million or Rs 38.2 crore to investors including Bessemer India, Rebright Partners and Milliways Fund.

In this fresh tranche, DocsApp has allotted 14,99,437 Series E CCPS at an issue price of Rs 391.03 per share to raise the aforementioned amount, show regulatory filings. JAFCO Asia Tech Fund and Team Fund have infused Rs 22 crore each, while Insight LP poured in Rs 14.7 crore in the round. 

Fintrackr’s calculations estimate that post this round, DocsApp valuation has crossed $150 million or nearly Rs 1100 crore (post-money). Promoters’ equity in the merged entity has also been diluted from 22.8% to 21.58%. New investors JAFCO and Team Fund have acquired 2.02% stake each and FinSight Ventures will now control 1.35% capital after allotment of shares.

Last month, the platform had also raked in Rs 17.5 crore in a debt round from its existing backer Bessemer Venture Partners Trust. Incubated at IIT Madras and set up by IIT-Madras alumni Satish Kannan and Enbasekar D, the five-year-old DocsApp has over 5000 specialized doctors registered on its platform in domains including dermatology, sexology, psychiatry, and paediatrics. 

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.

Prior to the consolidation, MediBuddy had raised around Rs 23.82 crore in equity funding from the likes of Bessemer India, IDFC Private Equity Fund III, and Vikram Jit Chhatwal among others. 

At the time of the merger, the joint entity claimed to service over 30 million patients with a partner network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres. It also facilitates home delivery of medicines with 2,500 pharmacies covering more than 95% of pin codes in the country.