[Updated] Indonesia’s Halodoc raises $80m in Series C round led by Astra International

Photo: Halodoc website

Editor’s Note: This article has been amended to include details from Astra International’s press release, which was issued hours after we published the report on Halodoc’s fundraising.

Indonesian health-tech platform Halodoc has closed an $80-million Series C round led by local conglomerate PT Astra International Tbk.

Astra has invested $35 million in Halodoc’s round that was closed in April 2021, according to its press statement.

Other new investors that joined the round include Temasek Holdings, Telkomsel Mitra Inovasi (TMI), Novo Holdings, Acrew Diversify Capital, and Bangkok Bank. Existing investors, including Openspace Ventures and UOB Venture Management, also participated in the round.

DealStreetAsia had earlier reported Halodoc’s fundraising talks with Astra International.

Astra International on Wednesday also announced a $5-million investment in e-commerce grocery platform Sayurbox, which is backed by Patamar Capital and Insignia Venture Partners.

“As a part of our strategic initiative to accelerate the digital transformation, the Group invested around $5 million in Sayurbox and $35 million in Halodoc,” Astra president director Djony Bunarto Tjondro said in the statement.

The diversified conglomerate has interests spanning agribusiness, infrastructure, heavy equipment, finance, mining, and digital. Astra’s most prominent tech bet was in ride-hailing major Gojek in which it invested $150 million in 2018.

Halodoc, founded by Sudharta and Doddy Lukito in 2016, has so far raised $180 million since its inception. Its investors include Allianz X, Bill & Melinda Gates Foundation, Prudential Financial, UOB Ventures, Korea Investment Partners, SingTel Innov8 and WuXi App Tec. It had last raised $5 million in a Series B+ round co-led by Indonesia’s Intudo Ventures and Taiwan-based conglomerate Uni-President in Jan 2020.

Halodoc’s solutions include 24/7 teleconsultations with doctors via chat, voice or video and lab services at home. It also enables users to book COVID-19 tests and hospital appointments.

Halodoc co-founder and CEO Jonathan Sudharta said the firm has recorded a 25-fold growth in active users and a 16-fold jump in transactions in the last three years.

Halodoc claims to work with 20,000 licensed doctors, 2,000 hospitals, clinics, and labs, and 4,000 registered pharmacies. It also offers B2B services in partnership with insurance providers.

The startup was forced to shut down one of its business units failing to cope up with the onslaught of the COVID-19 pandemic. The unit, Halodoc Goes to Hospital (HG2H), was engaged in the business of drug delivery. It partnered with private and public hospitals and delivered medicines at patients’ doorsteps.

Sudharta had earlier told DealStreetAsia the management took the decision to wind up the business as it got fewer drug orders at hospitals during the pandemic.

According to DealStreetAsia’s SE Asia’s Telemedicine Landscape 2020 report, despite the overarching trend of private investments picking up in the sector during the pandemic, valuations of telemedicine startups appear to have come down.

According to propriety data collated by DealStreetAsia, the median investment value for 2020 stood at $0.8 million in the region, the lowest since 2016.

“The fact that seed-stage transactions dominated most investment deals also contributed to the low median value. The average value of investments in telemedicine startups also declined to $3.7 million in the year [2020] from $16.7 million in 2019,” the report said.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.