Medical consultation app developer DocsApp has merged with another India-based company, health insurance management service MediBuddy, and raised $20m in a series B round co-led by insurance provider Mitsui Sumitomo, YourStory has reported.
Bessemer Venture Partners (BVP) and Fusian Capital co-led the round, which also featured Beyond Next Ventures, Milliways Ventures and Rebright Partners.
DocsApp operates a mobile app that allows users to consult physicians, as well as specialists across 12 healthcare segments, remotely 24 hours a day within 30 minutes.
The company received $1.2m in funding from Rebright Partners, Anand Rajaraman and Venky Harinarayanan in 2016, before all three returned to provide $7.2m alongside internet company DeNA, IT consulting firm Techmatrix and BVP the following year.
MediBuddy runs an online platform that combines health insurance management with hospital search functionality, online medical appointment booking and healthcare payment services.
BVP invested $20m in the company in 2011 through a primary stake purchase and a secondary deal that involved it buying shares from Reliance Health Ventures, in order to take a majority stake. Private equity firm IDFC Alternatives invested a further $15.8m two years later.
The merged business, MediBuddy DocsApp, will offer a range of healthcare services through a network that includes more than 90,000 doctors, 7,000 hospitals and 2,500 pharmacies. The series B cash will fund technology and product development in addition to the expansion of its doctor base.
