InnoVen Capital invests Rs 120 million in DocsApp
The growing population coupled with rising danger of chronic diseases and need for affordable treatment options due to rising healthcare costs are some of the factors expected to push the growth of telemedicine market in the coming years.
The growing population coupled with rising danger of chronic diseases and need for affordable treatment options due to rising healthcare costs are some of the factors expected to push the growth of telemedicine market in the coming years. InnoVen Capital, venture debt and lending firm, recently invested Rs 120 million (12 crore) as debt capital in DocsApp, an online doctor consultation platform. DocsApp was launched in 2015 to helps patients across India connect and talk to specialist doctors with the help of video calls, voice call and an in-built chat application.
The company has over 5,000 specialist doctors registered on their AI-powered digital platform. DocsApp provides consultation across 15 specialties including dermatology, gynaecology, sexology, paediatrics, psychiatry, general medicine and weight management among others. The platform also allows the user to order medicines and book diagnostic tests online. More than 6 million Indians are using the DocsApp platform for their healthcare needs.
Commenting on the investment announcement, 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.''
Elaborating on this recent investment, 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.''
Penetration of the internet and smartphones have also allowed people residing in rural and remote areas to have access to online healthcare. The prominent reason why people are moving towards online consultation platforms is the lack of availability of time and the fact that 70% of primary healthcare issues can be solved without the physical presence of the doctor.