Updated: Doceree receives $13.6 Mn from Creaegis

Update: Doceree has reached out to us and said that this funding is a part of its Series B round which was announced in September last year.

Original story follows:

Healthcare startup Doceree has raised Rs 113.5 crore (approximately $13.6 million) from Indian private equity firm Creaegis.

The board at Doceree has passed a special resolution to issue 10 equity and 2,4300 CCPS at an issue price of Rs 4,672 per share to raise Rs 113.5 crore, its regulatory filing accessed from the Registrar of Companies shows.

Importantly, Doceree has received its investments in its local India entity for the first time. Prior to this round, the company had used its holding entity in the US to receive all fundings.

Doceree has raised over $50 million to date including $35 million in its Series B round led by Creaegis. Previously, it raised $11 million in a Series A round led by Eight Road Ventures in 2022.

Four-year-old Doceree aims to empower pharmaceutical and life-sciences companies and healthcare media agencies with solutions that reach HCPs (healthcare professionals) on their networks to achieve better patient health outcomes.

In May last year, Doceree collaborated with Hello Health Group to foray into eight Southeast Asian countries including Vietnam, Indonesia, Malaysia, Cambodia, Myanmar, Singapore, Philippines and Taiwan.

As per startup data intelligence platform TheKredible, Doceree registered 60% surge in its operating revenue to Rs 26.6 crore in FY23 from Rs 16.6 crore in FY22. During the period, its losses increase to only Rs 1.53 crore from Rs 38 lakh.

Creaegis closed its maiden fund at about $426 million (Rs 3,500 crore) last year. Its portfolio includes Medikabazaar, Zopper, and Kale Logistics among others. Creaegis also has made its major investments in Third Wave Coffee and Zopper.