Venture debt firm InnoVen Capital has invested $1.7 million (approximately Rs 12 crore at current exchange rates) in online medical consultation startup DocsApp, the investment firm said in a statement.
DocsApp – operated by Phasorz Technologies Pvt. Ltd –will use the capital for its growth requirements and to expand its presence across the country, the statement added.
The startup was founded in 2015 by IIT Madras alumni Satish Kannan and D Enbasekar. It reported revenues of Rs 73.7 lakh for the year ended March 2017. The company claims it has registered more than 5,000 medical practitioners across several specialties on its platform, and that over six million people have used its services. The company allowed people to interact with doctors over the phone or online and privately share reports and pictures with them.
In 2017, DocsApp raised $7.2 million (approximately Rs 46.4 crore then) in its Series A funding round from Bessemer Venture Partners and Japan-based TechMatrix Corporation and DeNA Networks. Its existing investors Anand Rajaraman, Venky Harinarayan and Japanese venture capital firm Rebright Partners had also participated in the round.
“Its solutions have had a positive impact on people from Tier 1, 2 and 3 cities, and also to those that do not have access to quality healthcare,” Punit Shah, director at InnoVen, said in the statement.
The investment firm, which is backed by Singapore state investment firm Temasek, usually invests debt capital in firms at the Series A level and mentors them through their early growth stages. Startups on its portfolio include OYO Rooms and Byju’s.
The firm invested approximately Rs 600 crore (approximately $85.14 million at current exchange rates) across 36 companies last year, registering a 28% increase in the amount of funding.
Last month, it invested $3 million (approximately Rs 20.8 crore) the Wickedride Adventure Services Private Limited, which runs scooter-sharing platform Bounce.