SUMMARY
MediBuddy said it aims to facilitate a smooth transition for all DocsApp subscribers to the new consolidated entity
The merger will enable all DocsApp members to easily transfer the existing benefits to the MediBuddy app, including the money in their e-wallets
This comes nearly two years after DocsApp announced the acquisition of MediBuddy for an undisclosed amount in a cash-and-stock deal
Nearly two years after announcing a merger, healthtech platform MediBuddy has finally concluded its merger with DocsApp, a doctor consultation platform.
As part of the transaction, DocsApp will cease its operations, paving the way for a single entity providing end-to-end healthcare services. In a statement, MediBuddy said that it aims to facilitate a smooth transition for all DocsApp subscribers to the new consolidated entity.
The deal will likely enable the combined entity to strengthen its network of doctors and develop core technology products and services to boost its offerings.
“The transition is a significant step as it entails that DocsApp subscribers gain additional, accessible and holistic healthcare benefits on a single platform. We’re glad to be onboarding some of our most valued DocsApp customers onto the new MediBuddy platform,” said Satish Kannan, chief executive officer (CEO) and cofounder, MediBuddy.
This comes nearly two years after DocsApp announced the acquisition of MediBuddy for an undisclosed amount in a cash-and-stock deal. At the time, Kannan said that both brands would exist independently; however, it now seems to be that the DocsApp brand will completely cease to exist.
Since 2020, the two companies have been operating under their parent company Phasorz Technologies.
Founded in 2000, MediBuddy allows users to book lab tests, consult doctors and order medicines on its platform.
The company claims to have the largest healthcare network in the country, with 90K doctors, 7K hospitals and 3K diagnostic centers. MediBuddy’s partner network also includes more than 2,500 pharmacies and a 2,400-member end-to-end surgery care team.
Earlier, in June, MediBuddy acquired rural India-focused online consultation platform Clinix for an undisclosed amount. In February, the Bengaluru-based startup bagged $125 Mn in Series C funding from Quadria Capital and Lightrock India.
MediBuddy primarily competes with homegrown players such as Practo, Lybrate, mFine, Tata’s 1Mg, and Reliance-backed NedMeds, among others.
The merger has concluded at a time when the overall Indian healthtech space is undergoing a massive upheaval. On Monday, nutrition-based healthtech startup HealthKart bagged $135 Mn in funding from Temasek and other investors. Last month, PharmEasy secured an undisclosed amount of debt funding from EvolutionX Debt Capital.
Meanwhile, layoffs continue unabated in this space. In September, healthtech player Innovaccer fired 120 employees citing ‘adverse economic conditions’, while another healthtech player MFine laid off around 75% of its total workforce, 800 people, in May.
