Less than three months after it raised $200 million led by SoftBank’s mighty Vision Fund, Indian digital insurance startup PolicyBazaar beefed up its new healthcare business through a $50 million capital injection.
DocPrime, which lets visitors book consultations with doctors or schedule a range of medical tests, launched in August. Already, it claims to host 14,000 doctors and 5,000 diagnostic labs on its platform serving Delhi-NCR — the ‘capital region’ that surrounds the city.
With this investment — which is provided by PolicyBazaar — DocPrime will begin an expansion next month that is expected to take it into major cities such as Mumbai, Bangalore, Hyderabad and Chennai. That’s part of a wider goal to reach 100 cities across India and grow the network to 150,000 doctors and 20,000 labs.
DocPrime is up against established competitors, however.
Practo has raised $230 million from investors including China’s Tencent and it claims to work with 200,000 healthcare providers. Beyond India, Practo has already expanded overseas to four countries to tap the doctor-patient gap in other emerging markets. Lybrate, another doctor-patient matching service, has raised over $14 million although it has quieted down somewhat lately. 1mg and Netmeds are others that are active in the space in India.
To get an edge, DocPrime has pushed to work closely with China-based Ping An Good Doctor, a fellow Vision Fund company that claims over 30 million monthly active users.