Policybazaar Group injects $50 mn in its healthcare venture docprime.com

Docprime.com, the latest healthcare venture by Policybazaar Group, Monday said it has received an initial internal funding of $50 million (about Rs 3.62 billion) from the parent company.

Docprime.com, which allows users to book appointments with doctors and labs through its platform, has partnered with 14,000 doctors and 5,000 diagnostic labs. It aims to expand its network to 150,000 doctors and 20,000 labs across over 100 cities.

While docprime.com allows users to book appointments in Delhi-NCR, it also plans to make the facility available across all major cities, including Mumbai, Bangalore, Hyderabad and Chennai, the company said in a statement.

"We intend to use the capital in providing seamless user experience and bringing innovation in the healthcare space. Our focus is to make the services more customer-friendly driven by transparency, trust, and sustainability," docprime.com CEO Ashish Gupta said.

He added that the company is bringing in innovation through the use of various new-age technology tools like artificial intelligence (AI), data science and deep analytics.

"Healthcare sector has a lot of untapped potential and currently, the services are not affordable and accessible for all. With rising out-of-pocket expenses, there's a need to provide quality healthcare at competitive prices that can be accessed by anyone, anywhere," Yashish Dahiya, CEO and co-founder of Policybazaar Group of Companies, said.

It also plans to bring in an OPD subscription-based product, which will cover unlimited consultations and diagnostic tests. The company is targeting 1 million free medical consultations by March 2019 and up to 5 million by March 2020.

Earlier this year, Policybazaar had received a $238 million funding, led by Japan's SoftBank Group and its existing investors.