Dingdang Health, a China-based drug delivery service backed by telecommunications and internet conglomerate SoftBank, insurance group Taikang, medical equipment maker Haier Biomedical and pharmaceutical group Sinopharm, secured $220m in funding today.
The round was co-led by TPG Capital Asia, a regional subsidiary of private equity firm TPG, with investment firms OrbiMed and Redview Capital. It included investment group Orchid Asia’s Travis Global affiliate, Summer Capital, Valliance and Yingke PE.
Founded in 2014 and also known as Dingdang Kuaiyao in Chinese, Dingdang runs a mobile app that allows users to order medicines to be delivered from local pharmacies within half an hour.
The company will use the cash to accelerate its online-to-offline model and expand into related areas including medical consultation, chronic illness management, psychological counselling and health insurance.
SoftBank and Sinopharm took part in DingDang’s $150m series B-plus round in October 2020 through SoftBank China Venture Capital (SBCVC) and Sinopharm-CICC Capital, investing with Taikang, Haier Biomedical, financial services firm China Merchants Bank’s CMB International subsidiary and Longmen Investment.
Dingdang had collected $89m in an early 2019 series B round featuring SBCVC, Sinopharm-CICC Capital and CMB International, after closing a $44.6m series A round three years earlier that included Tongdao Capital. Its earlier backers include HuNan Hi-Tech Investment Group and Skycus Capital.
