Active Stocks
Thu Mar 28 2024 13:39:23
  1. Tata Steel share price
  2. 155.45 1.70%
  1. HDFC Bank share price
  2. 1,454.45 0.95%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
  1. ITC share price
  2. 429.05 0.25%
  1. State Bank Of India share price
  2. 755.05 2.86%
Business News/ Companies / Start-ups/  DocsApp raises $1.7 million in venture debt from InnoVen
BackBack

DocsApp raises $1.7 million in venture debt from InnoVen

The startup claims to have on boarded more than 5,000 specialist doctors on its platform
  • DocsApp provides consultation across 15 specialties, including dermatology, gynecology, pediatrics and others
  •  (Reuters)Premium
    (Reuters)

    Bengaluru: Phasorz Technologies Pvt Ltd, which operates the doctor consultation app DocsApp, on Tuesday said it raised 12 crore ($1.7 million) in debt funding led by venture debt firm Innoven Capital, according to a statement issued by the company on Tuesday.

    Launched in 2015, DocsApp helps patients across India connect and talk to specialist doctors, for online consultations over video calls, voice call and an in-built chat application. Users log on to DocsApp’s mobile app and upload details of their symptoms as well as diagnostic reports. Soon after the payment of a consultation fee, a doctor is assigned for a one-on-one chat or call. DocsApp also allows users to order medicines and book diagnostic tests online.

    At present, the startup claims to have on boarded more than 5,000 specialist doctors on its platform, up from 2,000 doctors when it last raised its Series A round in 2017.

    DocsApp provides consultation across 15 specialties, including dermatology, gynecology, pediatrics and others. It also claims to have around 6 million registered users, including patients from Tier-1 cities as well as from smaller urban areas in Tier-2 towns.

    “DocsApp’s constant focus on bridging the existing gaps in India’s healthcare sector has led the company 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. We are pleased to be a part of DocsApp’s growth journey, and believe that our investment will provide the company with the fillip it requires to achieve unbridled growth in the years to come," Puneet Shah, director of InnoVen Capital, said in a statement.

    Satish Kannan and Enbasekar D., two graduates from the Indian Institute of Technology Madras, started Phasorz Technologies in 2013, and launched DocsApp in July 2015.

    DocsApp had earlier raised $7.2 million in a Series A round in 2017, and $1.2 million in seed funding in 2016. It is backed by investors, including Bessemer Venture Partners, GSF Accelerator, Paytm’s Vijay Shekhar Sharma, Anupam Mittal, founder of Shaadi.com and Srikanth Sundararajan from Helion Venture Partners.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 14 May 2019, 12:45 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie