JAFCO Asia, Team Fund infuse fresh capital into med-tech startup DocsApp

JAFCO Asia, Team Fund infuse fresh capital into med-tech startup DocsApp
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4 Nov, 2020

Bengaluru-based Phasorz Technologies, which operates online doctor consultation platform DocsApp, has raised Rs 58.63 crore ($7.8 million as per current exchange rates) in a funding round led by JAFCO Asia Tech Fund and Team Fund.

Palo Alto-based venture capital firm FinSight I Ventures participated in the round.

Singapore-based venture capital firm JAFCO Asia Tech Fund and Delaware-based non-profit organisation Team Fund have infused around Rs 22 crore each, while FinSight I LP has invested Rs 14.7 crore in the round, according to regulatory filings.

The development comes months after the company announced its merger with MediBuddy in a mixed cash and equity deal in June. The merged entity had also announced raising $20 million in a Series B funding round at the time to strengthen its doctor base, patient reach, product and technology.

In response to TechCircle's request for additional details on the round, a MediBuddy-DocsApp spokesperson said, "As a healthcare platform, we have always strived to take decisions that help us as a brand to provide high-quality healthcare to all in the best way possible. As for the recent reports coming in, we are currently in the process of finalising certain things with a few decisions in development. We will be the first to announce anything substantial in the near future.”

DocsApp was founded in 2015 by IIT Madras alumni Satish Kannan and D Enbasekar for online doctor consultation. In August last year, it acquired patient-doctor engagement platform DocWise to add more doctors to its database.

Other health-tech startups that have recently raised funding include Dozee, ConnectedH and Recordent.

In July, Gurugram-based 1mg Technologies was set to raise $17.8 million (Rs 133 crore) debt from MPOF Mauritius, MAF Mauritius and Swiss healthcare-focused firm HBM Healthcare Investment.