Healthtech Startup oDoc raises $1M in Pre-Series A Funding
February, 24, 2021
The funding will be used to create a seamless customer experience across the healthcare and insurance verticals in the region.
oDoc, Sri Lanka s leading digital health company, announced it had closed USD 1 million in pre-series A funding at double its previous valuation.
Existing investor Techstars led the investment round along with leading Silicon Valley venture capital firms, Hustle Fund and Unpopular Ventures. Other notable investors included Cherif Habib (co-founder of Dialogue, a Canadian telemedicine start-up with over $50M in ARR), Vir Kashyap (co-founder of Babajob) and LPs Bill & Leonard Lynch. The investment will be used to expand operations and create a seamless customer experience across the healthcare and insurance verticals in the region.
Janaka Wickramasinghe (Chief Medical Officer)
, and Ashik Bari (COO), oDoc connects patients with doctors for video consultations and fulfils home diagnostics and medicine delivery.
Based in Sri Lanka, the app also provides a plug-and-play telemedicine solution for users. oDoc operates on two models:
pay as you go and
subscription. The subscription model starts at Rs 70 per user per month for corporate entities and the pay-as-you-go model starts at Rs 499 per consultation.
The company claims to have witnessed five times growth in revenues in 2020, while maintaining healthy unit economics. This growth was fuelled by the pandemic, which was a watershed for the global telemedicine industry, the founders said in a press release. oDoc saw mass adoption across both patients and practitioners, with telemedicine being the only option for non-urgent healthcare during the lockdown.