DocsApp raises $7.2 million from Bessemer Venture Partners, others
DocsApp to use the funds for hiring, expanding operations, product development and an outreach to get more doctors to join its app
New Delhi: Phasorz Technologies Pvt. Ltd, which operates the doctor consultation app DocsApp, on Tuesday said it raised $7.2 million in a Series-A funding round from Bessemer Venture Partners and Japanese firms Techmatrix Corp. and DeNa Networks.
Follow-on investors Anand Rajaraman and Venky Harinarayanan, two angel investors known to be early backers of Facebook, and Japanese venture capital firm Rebright Partners also participated in this round. Investment bank Masterkey was the advisor to this deal.
The Bengaluru-based start-up will use the funds for hiring, expanding operations, product development and an outreach to get more doctors to join DocsApp.
“DocsApp has dramatically altered the patient and doctor experience in more ways than one—the platform on-boards only specialist doctors who are then connected with patients in under 30 minutes. The platform goes a step further in understanding the patient’s condition and, accordingly, connecting with the right doctor,” said Vishal Gupta, managing director at Bessemer, in a statement.
Satish Kannan and Enbasekar D., two graduates from Indian Institute of Technology Madras, started Phasorz Technologies in 2013, and launched DocsApp in July 2015.
Users log on to the app and upload details of their symptoms, including diagnostic reports. Soon after the payment of a consultation fee, a doctor is assigned for a one-on-one chat or a call. It also allows users to order medicines and book diagnostic tests online.
“We want to bridge the gap between patients and specialist doctors through this platform so that people can get expert and personalised consultations on demand,” said Kannan, chief executive officer of Phasorz.
DocsApp has over 2,000 doctors registered on the platform, in domains like dermatology, gynaecology, sexology, paediatrics, psychiatry, general medicine and weight management.
“We believe that the new round of funding will help us take specialized care downstream to more remote and under-penetrated areas across the country, and also help us to further strengthen our leadership position in the space,” Kannan said.
The app had earlier raised $1.2 million. It is backed by GSF Accelerator, IIT-M Incubation Center, Paytm’s Vijay Shekhar Sharma, Anupam Mittal, founder of Shaadi.com and Srikanth Sundararajan from Helion Venture Partners.
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