China-based online-to-offline health technology startup Shanghai Pharmaceutical Big Health Yunshang has raised RMB 1.11bn ($174m) in a round led by its parent company, Shanghai Pharmaceutical, China Money Network reported yesterday.
The publicly-listed pharmaceutical firm was joined in the round by e-commerce company JD.com and IDG Capital Partners, the Chinese venture capital affiliate of US-based media and data firm International Data Group.
Shanghai Pharmaceuticals invested $141m in stock and will retain a 75% share of Yunshang. JD is providing $23m of funding and resources and will take a 12.5% stake, while IDG Capital is committing $9.4m in return for a 5% share, according to a securities filing.
Founded in March this year with $100m of funding from Shanghai Pharmaceutical, Yunshang is an online platform that doctors can use to prescribe treatments and patients can use to buy drugs. Patients and practitioners can also use the platform to make medical appointments.
JD’s involvement in the round follows the formation of a strategic partnership with Shanghai Pharmaceuticals in May this year to cooperate on strategy and online businesses.