Indonesian health tech company Halodoc has raised $100 million in a Series D funding round led by Astra Digital, a subsidiary of diversified conglomerate Astra International. The round was also joined by Openspace and Novo Holdings.
Established in 2016, Halodoc provides online integrated health services, which include telemedicine, medicine ordering, lab test and doctor appointment booking, third-party health insurance purchase and at-home health testing. It helps connect patients with more than 20,000 medical practitioners, 3,300 hospitals, and 4,900 pharmacies.
With over 20 million monthly active users on its platform, Halodoc is also available on iOS and Android mobile devices.
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WHAT IT’S FOR
Halodoc and its investors are capitalising on the growing demand for virtual health services. In 2022 alone, there were 17.9 million health consulting activities carried out by 19 telemedicine companies, according to data from the Indonesian Telemedicine Alliance.
Astra President Director Djony Bunarto Tjondro sees this area as having “good growth prospects in the long term.” “This is also supported by the government’s efforts to advance the health service sector in the country,” he added.
The overall digital health market in Indonesia was projected by Statista to grow to $3.96 billion in value by 2027, growing at 13.6% CAGR.
MARKET SNAPSHOT
Halodoc’s previous funding round in 2021 was also led by Astra, receiving $80 million for the expansion of its services across Indonesia.
Its local competitor, Alodokter, also recently obtained undisclosed investment from Japanese conglomerate Marubeni. In turn, the latter’s pregnancy app Diary Bunda was integrated into Alodokter.
Investments in Asia-Pacific telehealth startups seemed hard to come by this year. Aside from the abovementioned Indonesian companies, Singapore-based telehealth firm Ora was also the other fortunate recipient, having bagged $10 million in Series A funding despite a challenging investment environment.
