The well-known healthcare startup Doceree, led by the Indian private equity firm Creaegis, has successfully received Rs 113.5 crore (about $13.6 million) in its Series B fundraising round. With this most recent investment, Doceree is demonstrating its increasing impact in the healthcare industry as well as its creative method of bringing healthcare professionals (HCPs) together via cutting-edge programmatic marketing solutions.
Funding Details
A special resolution to issue 10, equity and 24,300 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 4,672 per share, raising Rs 113.5 crore, was authorised by the Doceree board. Entrackr announced this financial milestone, referencing Registrar of Companies regulatory records obtained through access.
Cumulative Funding and Previous Investments
With this fresh round of fundraising, Doceree has raised more money than $50 million in total. Only the Series B round, led by Creaegis, brought around $35 million. In 2022, Doceree achieved a noteworthy milestone in its financial growth trajectory when it raised $11 million in its Series A fundraising round, which was spearheaded by Eight Road Ventures.
Doceree’s Mission and Platform
Harshit Jain founded Doceree in 2019 with the goal of strengthening healthcare media agencies, pharmaceutical and life sciences corporations, and both. By enabling connections between healthcare professionals within their networks, the business hopes to improve patient health outcomes. As the first worldwide network of physician-only platforms, Doceree’s platform distinguishes apart and provides a special way to enhance programmatic marketing in the healthcare sector.
Strategic Partnerships and Global Expansion
Through a partnership with Hello Health Group, Doceree increased its global presence in May of last year. Eight countries in Southeast Asia, including Vietnam, Indonesia, Malaysia, Cambodia, Myanmar, Singapore, Philippines, and Taiwan, were opened to Doceree through this strategic partnership. With this growth, Doceree has been able to reach a larger geographic area and improve services while also increasing its impact.
Financial Performance
Data from the startup data intelligence platform TheKredible indicates that Doceree’s operating revenue climbed significantly by 60%, from Rs 16.6 crore in FY22 to Rs 26.6 crore in FY23. Losses did, however, also climb throughout this time, going from Rs 38 lakh to Rs 1.53 crore. Notwithstanding the setbacks, the notable increase in earnings attests to the startup’s strong market position and the potency of its creative ideas.
Future Prospects
The main purpose of the latest finance is to help Doceree expand its business, both domestically in India and internationally. To further solidify its position in the market, the company intends to investigate new demand-side opportunities and grow its supply-side activities. This strategic goal seeks to use the extra funds to improve product offerings, expand internationally, and penetrate new markets.
Final Thoughts
With its most recent fundraising round, Doceree has reached a significant milestone in its development and has the potential to completely transform the healthcare marketing industry. Doceree has a strong growth strategy and strong support from well-known investors like Creaegis, which will allow it to maintain its current upward trajectory. The startup is dedicated to improving healthcare outcomes through creative, tech-driven solutions, even as it grows its operations and expands throughout the world.
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