DocsApp raises US$ 1.7 million in venture debt from InnoVen

Bengaluru: Phasorz Technologies Pvt Ltd, which operates the doctor consultation app DocsApp, on Tuesday said it raised ₹12 crore ($1.7 million) in debt funding led by venture debt firm Innoven Capital, according to a statement issued by the company on Tuesday.

Launched in 2015, DocsApp helps patients across India connect and talk to specialist doctors, for online consultations over video calls, voice call and an in-built chat application. Users log on to DocsApp’s mobile app and upload details of their symptoms as well as diagnostic reports. Soon after the payment of a consultation fee, a doctor is assigned for a one-on-one chat or call. DocsApp also allows users to order medicines and book diagnostic tests online.

At present, the startup claims to have on boarded more than 5,000 specialist doctors on its platform, up from 2,000 doctors when it last raised its Series A round in 2017.

DocsApp provides consultation across 15 specialties, including dermatology, gynecology, pediatrics and others. It also claims to have around 6 million registered users, including patients from Tier-1 cities as well as from smaller urban areas in Tier-2 towns.

“DocsApp’s constant focus on bridging the existing gaps in India’s healthcare sector has led the company gain a massive scale in the country. Its solutions have had a positive impact on people from Tier 1, 2 3, and also to those that do not have access to quality healthcare. We are pleased to be a part of DocsApp’s growth journey, and believe that our investment will provide the company with the fillip it requires to achieve unbridled growth in the years to come," Puneet Shah, director of InnoVen Capital, said in a statement.

Satish Kannan and Enbasekar D., two graduates from the Indian Institute of Technology Madras, started Phasorz Technologies in 2013, and launched DocsApp in July 2015.

DocsApp had earlier raised $7.2 million in a Series A round in 2017, and $1.2 million in seed funding in 2016. It is backed by investors, including Bessemer Venture Partners, GSF Accelerator, Paytm’s Vijay Shekhar Sharma, Anupam Mittal, founder of Shaadi.com and Srikanth Sundararajan from Helion Venture Partners.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.