After three months when it raised $200 million from SoftBank, the digital insurance company PolicyBazaar injects INR 362 crores ($50 Mn) in its new healthcare business. DocPrime lets users book consultants and schedule medical tests. Launched in August, the startup marks the entry of PolicyBazaar in the healthcare sector.
The healthcare-startup claims to host 14,000 doctors and 5,000 diagnostic test labs in Delhi NCR. With the recent funding, DocPrime is set to expand to major cities like Mumbai, Bengaluru, Hyderabad and Chennai. And within a year it plans to expand its reach to 100 cities across India and grow to a network of 1,50,000 doctors and 20,000 labs all over India.
However, established competitors like Practo and Lybrate will be a major challenge for the company. Practo raised $230 million from investors including Tencent and has boarded more than 2,00,000 health care providers. Practo has expanded its operations internationally. Lybrate has raised over $14 million. 1mg and Netmeds are some among others that are actively trying to capture the digital healthcare space in the country.
Ashish Gupta, CEO of DocPrime, said, “We intend to use the capital in providing seamless user experience and bringing innovation in the healthcare space. Our focus is to make the services more customer-friendly driven by transparency, trust and sustainability. We are bringing innovation through the use of various technology tools like AI, data science and deep analytics.”
The startup is actively looking forward to onboard OPD subscription-based products that can help users with unlimited consultations and diagnostic tests. DocPrime is targeting 1 million medical consultations by March 2019 and increasing that number to 5 million by 2020. Some other players in the industry include 3Hcare, PharmEasy, MedCords and Myra.
India’s digital healthcare industry is expected to touch $275 billion in the upcoming decade which will make it the fastest growing sector. The government of India is focusing on various programs to help the sector grow and make the country a global healthcare hub. Earlier this month, e-Pharmacy Myra raised fresh funds from Matrix Partners and Times Internet. Also, PharmEasy had raised ₹40 crores in debt funding from InnoVen Capital.