InnoVen Capital invests $1.6 million in ITTian’s co-founded start-up DocsApp

Key Highlights

InnoVen capital has invested $1.4 million as debt capital in DocsApp which is one of the most prominent doctor consultation platforms in India

The company plans to utilize this debt venture for increasing their presence in the Healthcare Industry in India

This is also the fifth investment for InnoVen so far this year.  They have also invested in companies like Bounce, Kargo technologies, Drums Food international and XpressBees.

InnoVen capital which is Asia’s venture lending firm has invested $1.4 million as debt capital in DocsApp which is one of the most prominent doctor consultation platforms in India.  The company plans to utilize this debt venture for increasing their presence in the Healthcare Industry in India. They also hope that the raised capital will help supplement their growth.

So far DocsApp has raised $10 million from various investors which include Paytm founder Vijay Shekhar Sharma, IIT Madras Incubation Centre, Anupam Mittal, the founder of Shaddi.com, GSF accelerator as well as SrikanthSundararajan, founder of Helicon Venture Partners.

This is also the fifth investment for InnoVen so far this year.  They have also invested in companies like Bounce, Kargo technologies, Drums Food international and XpressBees.

Commenting on their investment in DocsApp, Punit Shah,the Director of InnoVen Capital India said that DocsApp has been having a very positive impact on people who don’t have access to healthcare. They are hoping that the investment that have provided to DocsApp will help them accelerate their growth rate in the coming years.

Launched in 2015 with the aim of helping patients all across India connect with specialists. Theycan consult doctors via voice and video calls and by using the built-in chat application. There are over 5000 doctors registered with the app. Speciality consultations are provided in dermatology, general medicine, paediatrics, gynaecology and general medicine.

The users can also buy medicines and book tests via the app. DocsApp is an inclusive app and caters to urban as well as rural customers. Currently, there are about 6 million users using DocsApp for their health-related needs.

SatishKannan, the CEO of DocsApp commented on this investment saying that their company aims to make high-quality healthcare accessible to everyone. InnoVen is offering DocsApp strong networks via its presence in South Asia and China and flexible financial solutions.

DocsApp is also looking to launch its interface in other regional languages this year so as to reach a larger audience. Currently, their interface only supports English and Hindi. The company also has plans to provide the option of booking unlimited consultations with specialists.

The popularity of online consultation platforms is on the rise since the past few years. The reason for this surge, according to DocsApp is the lack of availability of time of the people to visit a physician in person. 70% of ailments can be solved without the physical presence of the doctor. Other factors for people moving towards online consultation platforms is the exorbitant healthcare costs, the growth of chronic diseases and advancement in technology. 

The telemedicine market around the world is estimated to be valued at $21.4 billion in 2018 and is expected to touch the $60.4 billion mark by 2024. The market is also rapidly growing in India at a steady GAGR rate of 22%. The valuation of the market is expected to reach $372 billion by 2022.

Investments in the telemedicine sector in India are pouring in with $504 million being invested in the health care start-ups with 69 deals being made in 2018.

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