An IIT-Madras incubated startup, DocsApp, which operates in the medical consultation space, is set to receive its Series A funding of about Rs. 36 crore ($5.5million). The funds are being pumped in by Bessemer Venture Partners and the deal is in its final stages of closure.
The newly infused funds could be used by DocsApp to embark on marketing activities to create better awareness of the app and also to expand its range of services offered.
As of now, DocsApp is a mobile-only app that can be downloaded and used for multiple purposes within the healthcare space. These include obtaining medical advice from doctors.
The customer can scan and transmit the test reports over the app for the DocsApp doctors to scrutinize and revert to you the best course of action. They can suggest the best treatment and also the choice of clinics or hospitals which could offer the best solutions to the condition diagnosed. The communication can be through a chat within the app or a telephone conversation.
According to the company, 1,600 persons are already doing these interactions every day on the app. It also allows the customers to book tests with diagnostic centers and labs and even order medicines online.
Though headquartered in Bangalore, Docsapp has a strong IIT-Madras connection. It is not only promoted by two alumni from the institution, but it was also incubated there before being launched into the real or virtual world.
As far as funding for this venture is concerned, Rebright Partners and its founding partner Takeshi Ebihara of Japan had participated in the initial funding of about Rs. 8 crore about a year back and the other investors to have taken a position in the startup include Venky Harinarayan and Anand Rajaraman, the angel investors who have made investments in Facebook.
A unique model DocsApp has developed is to tie-up with the telecom companies in India to charge their fees to their mobile bills and later reimbursed to DocsApp. The customers top-up their balances and an OTP authentication is used to debit the charges. This is particularly useful to the section of the population which is still unbanked or are not keen on using online payment channels.