Jakarta-based heath information portal Alodokter and online healthcare firm Halodoc are in talks with international players to secure Series B round of funding, according to three people aware of the development.
Founded in 2014 by CEO Nathanael Faibis, Alodokter.com is the leading health and medical website in Indonesia with over 12 million monthly active users. It offers content about health, well-being and family. The startup launched the Alodokter app in March 2016 that claims to be the leading telemedicine app in Indonesia with over 150,000 users’ questions answered every month by doctors via its chat platform.
Faibis said Alodokter now plans to launch a hospital comparison app soon. According to industry insiders, the startup is looking at raising $5-6 million in its Series B round although the company did not confirm its fundraising plans.
Alodokter closed its $2.5 million Series A round led by Golden Gate Ventures in 2016. The Series A round had also seen participation from existing investors 500 Startups and entrepreneur Lim Dershing. All three investors had also participated in its seed round in April 2015.
Halodoc, one of Indonesia’s leading online healthcare applications, is looking at raising more than $15 million by early next year, according to people aware of its plans. It had secured a $13 million Series A round led by Singapore-based VC firm Clermont Group in 2016. Ride-hailing app Go-Jek, e-commerce platform blibli.com and NSI Ventures had also participated in the round.
While Halodoc did not confirm its fundraising plans, founder and CEO Jonathan Sudharta told DEALSTREETASIA that it aims to grow in the area of connected healthcare. Currently offering doctor consultation and medicine delivery, the startup plans to add laboratory testing services in the near future.
Launched in April 2016, Halodoc connects users to a network of 20,000 licensed doctors and 1,000 certified partner pharmacies. Users have the flexibility to choose doctors according to their needs, specialty and specified tariffs. Halodoc was launched by Jakarta-based MHealthTech, which also owns other healthcare-focused mobile applications including LinkDokter, a digital social media platform designed for doctors.
Indonesia’s healthcare expenditure is expected to grow from $26 billion in 2014 to $51 billion by 2020 according to industry experts. The sector is currently dominated by out-of-pocket spending that constitutes about 75 per cent of total transactions.With such low insurance-covered expenditures, there is opportunity for direct-to-consumer play to optimize the value chain in healthcare. Many international investors are excited at this opportunity, given that such problems could be solved through technology as more entrepreneurs have started tackling such spaces.
Indonesia’s healthcare market is already seeing growing interest from global and local investors. In October last year, private equity firm Saratoga Capital entered the space with an investment in hospital operator FABS. Other healthtech firms have also expanded to Indonesia, including the Philippines’ mClinica, a platform connecting pharmacies and collecting healthcare data, and India’s fastest growing healthcare startup Practo.