The Indian startup will be using the funds to expand the operations of the company and enhance the back-end technology
HelpingDoc, an online health-care services provider, has raised US$1.6 million (INR 10 crore) in Series A funding from Senior Marketing Systems (SMS), a Singapore-based investment company. The funds will be used to expand the operations of the company and enhance the technology back-end.
The company plans to grow beyond the Delhi-NCR area into other major cities of like Mumbai, Bangalore, Kolkata and Chennai over the next 18-24 months. It also aims to scale up by four to five times and enroll over 20,000 doctors in the next two years.
On the investment Jo Hatakeyama, Director SMS, Singapore, said, “We have been looking to invest in India, and have found HelpingDoc to be well-positioned for growth in this market. The online healthcare industry in India is still in a nascent stage, and has the potential to grow rapidly over the next three to five years. The team at HelpingDoc has a strong vision and is likely to develop the platform into a key player in this nascent industry.”
HelpingDoc service provides a gateway for healthcare providers to connect to their patients. Patients can book instant appointments with their chosen healthcare provider based on their needs and preferences. The service is accessible through the website, and is supported by the option of telephone bookings via the HelpingDoc call centre.
The combination of advancements in technology, the growth of social media and increased internet penetration has created an unparalleled opportunity for healthcare visibility and accessibility.
It is interesting to note that there has been a rapid increase in the number of investments from Singapore in India. Singapore’s sovereign wealth fund GIC was part of Flipkart’s US$1 billion fund raise, the online travel portal Yatra raised US$23M from Singapore-based Vertex Venture and Snapdeal secured US$100 million from Singapore-based Temasek and others. This clearly signifies that the Indian market is attracting the attention of Southeast Asian investors due to the emerging nature of the economy, rapid adoption of smartphones, growing internet penetration and disruptive local ideas.