DocPrime gets ₹362 crores from Policybazaar Group

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Policybazaar Group’s latest healthcare venture DocPrime has received initial internal funding of around ₹362 crores from the parent company.

DocPrime was recently launched in June 2018, marking Policybazaar Group’s entry into the healthcare segment.

Ashish Gupta, CEO of DocPrime, said, “We intend to use the capital in providing seamless user experience and bringing innovation in the healthcare space. Our focus is to make the services more customer-friendly driven by transparency, trust and sustainability. We are bringing innovation through use of various technology tools like AI, data science and deep analytics.”

DocPrime provides a platform for its users to book appointments and labs. It also offers free medical consultations through chats and phone from its in-house doctors

Currently, the appointments can be booked with doctors and labs in the Delhi-NCR, but the facility is expected to be available across major cities like Mumbai, Bengaluru, Hyderabad, and Chennai, from the next month.

DocPrime has tied-up with around 14,000 doctors and about 5,000 diagnostic labs, it also plans to expand its coverage to 1,50,000 doctors and 20,000 labs across more than 100 cities.

The platform is looking to bring in an OPD subscription-based product to offer unlimited consultations and diagnostic tests. The company is targetting 1 million free medical consultations by March 2019 and bringing that number up to 5 million by 2020.

Other players in the healthtech segment competing with DocPrime include 3Hcare, PharmEasy, Netmeds, MedCords, Myra, and 1mg, among many others.

India’s healthcare industry is expected to touch $275 billion in the coming ten years, making it one of the fastest growing sectors. The sector is also expected to generate around 40 million by 2030. The government of India is also driving this growth through its various programs, in order to make India a global healthcare hub.

Earlier this month, e-Pharmacy Myra raised fresh funds from Matrix Partners and Times Internet. Also, PharmEasy had raised ₹40 crores in debt funding from InnoVen Capital.

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