JAKARTA (TheInsiderStories)– Halodoc, Indonesia’ leading healthcare platform, raised US$65 million in Series B funding from UOB Venture Management Private Ltd., existing and new investors, the company said on Monday (03/05). Other new investors in the financing round include Singtel Innov8, Korea Investment Partners Co. Ltd., and WuXi AppTec.
With the fresh funds, the producer aimed to develop technology and infrastructure as well as to broaden strategic partnerships with hospitals and healthcare providers across the nation.
This is the second major financing round for Halodoc since its establishment in April 2016. The provider is a digital healthcare platform that includes a mobile app and website allowing customers across Indonesia to have live consultations with more than 20,000 licensed doctors in the country, anywhere, anytime.
Jonathan Sudharta, Founder and Chief Executive Officer, Halodoc, said, “Today, we provide two million customers with convenient and reliable healthcare services monthly, of which half reside outside Java. There is a huge potential for us to use technology to extend the reach of conventional healthcare, providing better access for the archipelago’ large population.”
While, Kian-Wee Seah, Managing Director and CEO, UOB Venture Management, stated, “This investment in Halodoc is a reflection of our responsible investing approach to support economic and social development.”
Halodoc has joined forces with more than 1,400 hospitals and healthcare providers in a nationwide partnership to improve the hospital visit experience. The partnership has enabled customers to enjoy shortened wait times at the pharmacy post appointment and a cashless hospital visit through linking of insurance benefits.
Sudharta explained, the new funds use to perfect the online to offline healthcare experience with hospitals and insurance partners as its roll-out continues in 2019. At the end, he said, customers can order lab tests to be carried out in the comfort of their home. They can also use the app to order medication from 1,300 participating pharmacies, which can be delivered within an hour.
Currently, Halodoc’ platform usage grew by 2,500 percent in 2018, exceeding initial expectations, demonstrating robust demand for healthcare convenience. Despite Indonesia being the world’ fourth most populous country with a population of more than 260 million spread across some 17,000 islands, access to reliable healthcare remains one of notable issues in some parts.
According to estimates from Frost and Sullivan, the value of Indonesia’ healthcare market is expected to reach $21 billion in 2019, up from $7 billion in 2014. This is where Halodoc plays an important role, transforming the healthcare sector through innovative solutions and advanced technology.
Halodoc has worked closely with its existing investors, Openspace Ventures, Clermont Group, Blibli.com and InvestIdea who share a similar vision for the future of healthcare. Whilst Halodoc’ strategic partner GO-JEK Group, continues its commitment to Halodoc.
Andre Soelistyo, President GO-JEK said, “We worked together to create GO-MED, through which Halodoc’ services are made available to millions of our users through the GO-JEK app.”
UOB Venture is a wholly owned subsidiary of United Overseas Bank Ltd., (UOB)). Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. While, UOB Venture has provided financing to more than 100 privately held companies through direct equity investment, mainly in Southeast Asia and Greater China.
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