Halodoc in Indonesia raises $ 65 million to develop high-tech healthcare app
SINGAPORE – Halodoc, Indonesia’s largest telemedicine platform, has raised $ 65 million from investors in Singapore, South Korea and China, reflecting the growing healthcare needs of the world’s largest populated by Southeast Asia.
Halodoc, which counts Indonesian unicorn Go-Jek among its existing investors, said Monday it has received new funding from UOB Venture Management and Singtel Innov8, venture capital funds affiliated with United Overseas Bank and Singapore Telecommunications, among other investors.
The Halodoc app is an online platform that connects patients with doctors. Licensed physicians provide video call consultations, primarily for common illnesses. Founded in 2016, the startup already has more than 2 million users and 20,000 registered doctors. It also works with 1,300 pharmacies to deliver drugs to customers.
Halodoc said the $ 65 million fundraising would be used to develop its technology and infrastructure, as well as to expand partnerships with hospitals and healthcare providers across Indonesia. âThere is huge potential for us to use technology to extend the reach of conventional healthcare, providing better access to the archipelago’s large population,â Halodoc CEO Jonathan Sudharta said in a statement. .
The fundraiser comes as Ping An Good Doctor, a Chinese competitor with 265 million users last December, plans to enter Southeast Asian markets this year through its partnership with Grab, a Singapore-based carpooling. Grab CEO Anthony Tan told the Nikkei Asian Review in a February interview: âThis year we will be launching into the hands of customers across South East Asia.
Indonesia’s 260 million people are short of doctors as economic growth drives demand for health care. According to the World Health Organization, Indonesia had only 0.2 physicians per 1,000 population in 2012, the latest year for which data was available, compared to 2.56 per 1,000 population in the United States and 1 , 81 in China.
Digital technologies such as telemedicine are helping to alleviate this problem. Halodoc is an industry leader in Indonesia. The optimistic outlook for online healthcare has helped Halodoc attract new investors for the latest fundraiser, including Korea Investment Partners and Chinese healthcare technology company WuXi AppTec.
UOB, which was the largest investor in this cycle with an undisclosed investment, announced a regional alliance with Grab last November. Its investment in Halodoc, a subsidiary of Go-Jek, is a separate business, a UOB spokesperson said.
Online healthcare is booming in Southeast Asia due to lack of doctors and loose regulation. Large hospitals have also started partnering with startups, including the Singapore-listed Raffles Medical Group, which launched a 24-hour telemedicine platform in January through a partnership with local startup Doctor World.