Halodoc, an Indonesia-based health-tech platform, recently announced that it has raised $65M in a series B funding led by new investor UOB Venture Management. Other new investors in the financing round include Singtel Innov8, Korea Investment Partners and WuXi AppTec. Existing investors also participated.
The company said the $65M fundraising would be used to develop its technology and infrastructure, as well as to broaden partnerships with hospitals and health care providers across Indonesia.
Why it matters
Founded by CEO Jonathan Sudharta in 2016, Halodoc brings together two formerly separate businesses, one for tele-consultation with healthcare professionals and one for the delivery of pharmaceuticals in 30 cities across Indonesia, all through its mobile application. The two medical services were formally merged under the Halodoc brand name in May 2017.
In big cities like Jakarta, it can take hours to get the hospital and back due to traffic congestion and in many rural areas in Indonesia, it can be difficult for people to get quick and affordable access to medical care. With its aim to improve access to healthcare and medicine through its app, Halodoc currently has 20,000 doctors and 1,000 pharmacies in its partner network. It currently has about 2 million users.
Halodoc has teamed with more than 1,400 hospitals and healthcare providers in a nationwide partnership to improve the hospital visit experience. The partnership provides customers with shortened wait times at the pharmacy post appointment and a cashless hospital visit through linking of insurance benefits.
What’s the trend
The company raised US$13m in its series A funding in September 2016, which was led by Singapore-based VC Clermont Group, along with Indonesian transportation and payments giant Gojek, e-commerce platform Blibli.com, and NSI Ventures.
Ping An Good Doctor, a Chinese health-tech platform and Halodoc’s competitor, which has a base of 265 million registered users as of December 2018, has signaled its intensions to expand into the Southeast Asia market, through its partnership with Singapore-based ride-hailing company, Grab in August 2018.
According to an official statement by Grab, the joint venture will provide an array of integrated medical services such as AI-assisted online medical consultations, medicine delivery and appointment bookings through an online platform, and is slated to launch in select countries in Southeast Asia in the first-quarter of 2019.
On the record
"Today, we provide two million customers with convenient and reliable healthcare services monthly, of which half reside outside Java. There is a huge potential for technology to extend the reach of conventional healthcare, providing better access for the archipelago's large population. The strategic investments and partnerships will enable us to accelerate our efforts in building a platform that improves access and convenience to millions of Indonesian customers", said Halodoc CEO Jonathan Sudharta in a statement.