InnoVen Capital, Asia’s leading venture debt and speciality lending firm, has invested Rs 120 million as debt capital in DocsApp, India’s leading online doctor consultation platform.
The growing population coupled with rising prevalence of chronic diseases, the dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, and need for affordable treatment options due to rising healthcare costs are some of the factors expected to propel the growth of telemedicine market in the coming years. Penetration of the internet and smartphones have also allowed people residing in rural and remote areas to have access to online healthcare. The prominent reason why people are moving towards online consultation platforms is the lack of availability of time and the fact that 70% of primary healthcare issues can be solved without the physical presence of the doctor.
Commenting on the investment announcement, Satish Kannan, Co-founder and CEO, DocsApp, said, “DocsApp aims to make high-quality healthcare accessible to everyone across India. DocsApp has touched the lives of millions of patients across India, who have used our application to receive 360-degrees quality healthcare, which includes doctor consultations, medicines and labs test.
InnoVen shares our vision and understand our business well and are aiding in the acceleration of our scaling plan. InnoVen is an excellent partner to have on-board, given its ability to offer flexible financing solutions & strong network through its presence in China & South East Asia.”