Health-tech startup DocsApp raises $9.6 mn

Health-tech startup DocsApp raises $9.6 mn
Photo Credit: 123RF.com
7 May, 2020

Bengaluru-based Phasorz Technologies, which owns online doctor consultation platform DocsApp, has raised $9.6 million (around Rs 72.60 crore) in a growth funding round from Fusian Capital and returning investors Bessemer Venture Partners, Rebright Partners and Milliways Ventures. 

Of the total, Fusian Capital invested $4.5 million. San Francisco-based venture capital firm Bessemer invested $3 million. Tokyo headquartered Rebright Partners and Palo Alto, California-based Milliways Ventures chipped in with $1 million each.

Details on Fusian Capital could not be immediately ascertained. 

On April 30,  Phasorz Technologies approved issuing 1.86 million series E preference shares at Rs 391.03 per share to the investors totalling to Rs 72.6 crore, regulatory filings showed.

In May last year, DocsApp raised $1.7 million in debt from InnoVen Capital and the last equity funding was in 2017 when it raised $7.2 million in a Series A funding round led by Bessemer along with Milliway Ventures and Rebright Partners, according to data on VCCEdge. 

DocsApp early investors include angel investors Anand Rajaraman and Venky Harinarayan and Rebright partners. The company raised $1.2 million in a seed round from these investors.

In August 2019, DocsApp acquired patient-doctor engagement platform DocWise adding more than 1,000 senior doctors from top hospitals.

Founded in 2015 by IIT Madras alumni Satish Kannan and D Enbasekar, the platform provides online consultation services for patients by connecting them with doctors with specialisations in dermatology, gynaecology, sexology, paediatrics, general medicine, psychiatry, weight management. The patients, after consultations, can order medicines online and also book tests.

Health-tech startups have emerged among the favoured investments for investors in the recent past. On TuesdayHealthcare platform Phable raised $1 million in an ongoing bridge round of funding, dubbed as pre-series A, led by venture capital firm Inflection Point Ventures (IPV). 

In April, Mindhouse, set up by co-founder of food delivery platform Zomato Pankaj Chaddah, raised $676,113 in a debt funding round. In the same month, healthcare supply chain platform Akna Medical closed the first tranche of its Series A funding round, with a $7 million investment from LGT Lightstone Aspada.